In-Touch Survey Systems Ltd. announces changes to its Board and Senior Officers
OTTAWA, Aug. 15, 2013 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch") (TSXV: INX) today announced that Neil Milton, the current Chair of the Board of Directors, has resigned from the Board effective immediately.
Michael Gaffney was appointed Executive Chair of the Board and continues his role of Chief Executive Officer ("CEO"). Eric Beutel was newly-appointed as an independent Director to the Board contingent upon final approval from regulators. Rainer Paduch continues on the Board. The Company announced that it intends to add two additional Board members over the next twelve months.
Mr. Beutel is a Vice President of Oakwest Corporation Limited, a private investment holding company based in Toronto. He is currently on the Board of Directors of The Equitable Group, a TSX listed company whose wholly owned subsidiary, The Equitable Bank, is a Canadian Chartered Bank. Eric is also a member of the Board of Directors of NexGen Financial, a TSX Venture listed mutual fund corporation. Eric has a Masters of Business Administration degree from the University of Ottawa.
Mr. Gaffney also announced his plans to step down as CEO in November 2013 and continue in the Executive Chair role. Cameron Watt, currently a V.P. and General Manager, will become the new CEO of In-Touch at that time.
Mr. Watt has extensive management experience with Mars, Unilever and Pepsico. His management success across a broad range of consumer-oriented companies provides him with a unique insight to the technology challenges and opportunities critical to the growth of In-Touch products and services. Mr. Watt holds a Bachelor of Commerce from the University of Alberta and a Master of Business Administration from the Richard Ivey School of Business at the University Western Ontario. Mr. Watt and Mr. Milton have also committed to complete a share purchase and sale transaction where Mr. Watt will purchase approximately 1,000,000 shares of In-Touch from Mr. Milton as soon as possible - making Mr. Watt one of the largest shareholders in the Company.
"Neil Milton was instrumental in the restructuring and refinancing of In-Touch in 2004 and he was a key advisor to the Company during the turnaround of the Company. His positive impact on the Company was significant", said Michael Gaffney, Executive Chair and CEO.
"In November, as Executive Chair, my role will focus on Corporate Governance, Investor Relations, Corporate Product Strategy, Acquisitions and Monetization of Technology. Over the past several years we have developed several innovative technologies in the data analytics and mobile web application space. We believe that some of these technologies have broader application in other markets and have the potential to be further leveraged outside of core In-Touch markets and lines of business. We hope to unlock significant shareholder value by commercializing some of these technologies as standalone offerings", said Mr. Gaffney.
This press release may contain forward-looking statements regarding potential management changes, commercialization of technology, acquisitions and related activities based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR www.sedar.com. In-Touch does not intend, and disclaims any obligation, except as required by law, to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release
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