Texada Software Inc. Announces William Swisher Appointment as CEO and Nabil Kassam Appointment as Director
October 22 2010 - 5:16PM
Marketwired
Texada Software Inc. (TSX VENTURE: TXS), the premier provider of
equipment rental and mobile asset management software, is pleased
to announce that William Swisher, a director of the Company, has
been appointed as Chief Executive Officer of the Company effective
today. The Company and Mr. Swisher intend to complete an employment
agreement in the near term.
In connection with his appointment as CEO, Mr. Swisher will
purchase from the Company 2,000,000 common shares at a price of
$0.10 per share and has been granted 1,000,000 options to purchase
common shares of the Company at a price of $0.10 per share for a
period of 10 years from the date of grant, subject to all required
regulatory, stock exchange and shareholder approvals. Concurrently
with the placement of common shares of the company to Mr. Swisher,
Brian Spilak, the President and a director of the Company, will
purchase 350,000 common shares at a price of $0.10 per share. The
issuance of all such securities to Mr. Swisher and Mr. Spilak is
subject to the receipt of all required regulatory, shareholder and
TSX Venture Exchange ("TSXVE") approvals.
The Board of Directors of the Company has approved amendments to
its stock option plan to provide for a fixed number of options
available to be granted under the plan equal to 20% of the then
issued and outstanding common shares after the completion of the
private placement to Mr. Swisher and Mr. Spilak noted above. The
amended stock option plan shall be in effect after such private
placement (the "Effective Date"); however the plan is also subject
to shareholder approval and will be put before the shareholders for
consideration at the next annual meeting of the Company.
In addition, the Company is pleased to announce that Nabil
Kassam has been appointed as a director. Mr. Kassam is Managing
Director of Zynik Capital Corporation a Vancouver, Canada based
private equity firm. Contemporaneously with his appointment as a
director, Mr. Kassam has been retained on a consultancy basis and
granted 500,000 options to purchase common shares of the Company at
a price of $0.10 per share for a period of 10 years from the date
of grant, subject to all required regulatory and stock exchange
approvals to assist the Company with its expansion plans.
In addition to the option grants above, the Corporation has
granted 175,000 options to a director of the Company at a price of
$0.10 per share for a period of 10 years from the date of grant,
subject to all required regulatory, stock exchange and shareholder
approvals. All grants of stock options described in this press
release will be effective on the Effective Date and shall be
subject to the receipt of required shareholder, regulatory and
TSXVE approvals.
In addition, the Company is pleased to announce that it will
amend its currently issued and outstanding stock options to
increase the maximum term of all such existing outstanding stock
options to a total of 10 years from the date of grant from the
current 5 years, subject to the receipt of the required approvals
by the shareholders and the TSX Venture Exchange.
"I am pleased to be expanding my role from Chairman to include
the position of Chief Executive Officer. With the tremendous
success that Brian and the team have achieved over the past two
years, I hope only to complement their efforts. Brian remains
President and will continue to have full authority on running day
to day operations, customer relations and product development. My
focus will be on long term business expansion opportunities and
improving shareholder value. We believe the Company's current share
price is undervalued by the marketplace when looking at several
metrics of the business that I hope to highlight in the coming
months and quarters. Additionally, the Board has encouraged
management to investigate business expansion opportunities,
including the potential acquisition of related businesses. We
believe the pursuit of both of these objectives will provide our
existing and future customers with enhanced services and product
offerings", said Mr. Swisher.
Brian Spilak added, "I look forward to having Willie on the
Texada team assisting me in building a world class company and
improving shareholder values. Working with both Willie and Nabil in
their new capacities will be exciting and provide the Company, its
employees and customers a strong value proposition. The dedicated
Texada team will continue to focus on providing value based
products and services to our industry leading customer base."
About Texada Software (TSX VENTURE: TXS)
Texada Software Inc. is the premier provider of enterprise
software solutions for equipment rental and mobile equipment.
Texada's solutions are fully flexible and scalable to meet the
unique needs of any sized operation and are backed by proven
implementation, services and support.
Texada's market-driven software products combine knowledge and
best practices from over 5,000 users worldwide, resulting in
solutions that manage the complete asset life-cycle from
acquisition through to disposal. The Company's customers enjoy the
benefits of enhanced efficiency through better asset utilization,
effective location tracking, and optimized scheduling.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or on
the internet at www.texadasoftware.com.
This news release may contain forward-looking statements which
reflect the Company's current expectations regarding future events.
The forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate", "plan,
"estimate", "expect", "intend" and statements that an event or
result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking
statements involve risk and uncertainties, including the difficulty
in predicting acceptance of and demands for new products, the
impact of the products and pricing strategies of competitors,
delays in developing and launching new products, fluctuations in
operating results and other risks, any of which could cause
results, performance, or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
Many risks are inherent in the industry; others are more specific
to the Company. Investors Texada's ongoing quarterly filings should
be consulted for additional information on risks and uncertainties
relating to these forward-looking statements. Investors should not
place undue reliance on any forward-looking statements. Management
assumes no obligation to update or alter any forward-looking
statements whether as a result of new information, further events
or otherwise.
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.
Contacts: Corporate communications contact: Texada Software Inc.
Jim McInnis Chief Financial Officer 1-800-361-1233 x- 2104
jmcinnis@texadasoftware.com www.texadasoftware.com
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