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CALGARY, AB, Oct. 2, 2020 /CNW/ - Sylogist Ltd.
(TSXV: SYZ) ("Sylogist" or the "Company"), is pleased
to announce that effective September 30,
2020, it has entered into a series of agreements, through
its principal operating subsidiary, Serenic Software, with
Microsoft Corp. These agreements renew Serenic's Microsoft
ISV Embed partner status and expand its commitment to SaaS by
making Serenic's ERP solution (Navigator) available to customers on
Microsoft Appsource for Dynamics 365 Business
Central. These arrangements provide a clear path to the
cloud for existing and new customers, with the benefits of complete
integration and modern technology, enabled by an investment in
marketing and transition support. Serenic's NaviPayroll solution
was made available in Microsoft Appsource earlier this
year.
Sylogist announced the engagement of Shea & Co., a
San Francisco and Boston based boutique advisory firm in
March 2020, as part of the Company's
consideration of strategic alternatives. After a comprehensive
review of its options, including discussions with a number of
public and private enterprises, the Board has deemed the market
opportunities for growth present better shareholder value creation
potential than a sale of the business. The Board of the Company has
determined to move aggressively forward with business
expansion.
A significant component of its strategic review of the business,
has been the Board's pursuit of a new Chief Executive
Officer. With the assistance of a highly, regarded
professional recruitment firm, the Board participated in a robust,
thorough and North America wide
search. The Board expects to have a new CEO in place by the
end of the month. The new CEO will be charged with a growth
mandate, building on the solid and high profitable foundation in
place.
Effective September 30, 2020,
Sylogist's Chief Executive Officer, Jim
Wilson retired that office and as a director of the
Company. Jim resurrected Sylogist following the dot.com
bust in the early 2000's, with an unwavering commitment to
strategically driven, profitable growth resulting in tremendous
success for all Sylogist stakeholders. Through Jim's vision
and direction, Sylogist technology has become broadly recognized as
the modern platform of choice for a wide array of mid-market
customers, spanning the globe. Sylogist's leadership team
comprises individuals who came to the Company through one of the
many acquisitions completed during this period. Those
individuals, and their acquired operations, have been mentored,
integrated, revitalized and encouraged to succeed by Jim, and their
foundation for continued success is well in place.
"It is difficult to put into words, or to give real meaning, to
the breadth and scale of Jim's leadership talents, the success he
has driven, and the gratitude we as stakeholders in Sylogist have
for all his efforts. Personally, I have owned Sylogist
shares since 2005, and have had the privilege of watching and
learning from Jim, while we have all benefited from his passion and
business insights. We are grateful for everything he
has done and know he has laid a very solid foundation for the
future growth and success of the Company. We wish him
all the best and a healthy, happy and highly deserved retirement"
stated Barry Foster, Chairman.
Mr. Foster will serve as interim CEO pending announcement of the
Company's new Chief Executive.
About Sylogist
Sylogist is a software company that, through strategic
acquisitions, investments and operations management, provides
comprehensive, mission-critical ERP and CRM solutions, including
fund accounting, case management, grant management and payroll, to
public service organizations. Sylogist's public service
customers include all levels of government, nonprofit
organizations, non-governmental organizations, educational
institutions as well as public compliance driven and funded
companies. Our Company delivers highly scalable, multi-language,
multi-currency software solutions, which serve the needs of an
international clientele.
Full financial statements together with Management's Discussion
and Analysis are available on SEDAR at www.sedar.com.
The Company's stock is traded on the TSX Venture Exchange under
the symbol SYZ. Information about Sylogist can be found at
http://www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements
typically use words such as expect, believe, estimate, project,
anticipate, plan, may, should, could and would, or the negative of
these terms, variations thereof or similar terminology.
Forward-looking information in this news release includes
statements with respect to the Company's intention to move
aggressively forward with business expansion, to
announce the appointment of a new chief by the end of the
month and that a very solid foundation for future
growth and success of the Company has been laid. By
their very nature, forward-looking statements are
based on assumptions and involve inherent risks and
uncertainties, both general and specific in nature. It is
therefore possible that the beliefs and plans and other
forward-looking expectations expressed herein will not be achieved
or will prove inaccurate. Although Sylogist believes that the
expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Additional information regarding some of these risks,
uncertainties and other factors may be found in the management's
discussion and analysis for the quarter ended June 30, 2020 and other documents available on
the Company's profile at www.sedar.com. Material assumptions
and factors that could cause actual results to differ materially
from such forward-looking information include
Sylogist's ability to move aggressively with expansion and to
succeed in hiring a CEO. Although Sylogist believes that the
material assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur. Sylogist disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Certain information set out herein may be considered as
"financial outlook" within the meaning of applicable securities
laws. The purpose of this financial outlook is to provide readers
with disclosure regarding Sylogist's reasonable expectations as to
the anticipated results of its proposed business activities for the
periods indicated. Readers are cautioned that the financial outlook
may not be appropriate for other purposes.
- Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release-
SOURCE Sylogist Ltd.