Heiniger to Focus on Core Agricultural Business, Sustainable
Profitability and Market-Driven Innovation
CALGARY, Sept. 5, 2012 /CNW/ - (TSX: HEM) The Board of Directors of Hemisphere GPS Inc. today announced that Mr.
Rick Heiniger will resign his position as Vice Chairman of the Board to
accept the appointment as President and Chief Executive Officer of
Hemisphere GPS, effective immediately. Mr. Heiniger has been appointed
to lead the thrust to a more profitable, focused, streamlined and
market-driven innovation company.
With 30 years in senior leadership positions, Rick Heiniger is a
high-caliber executive whose strategic, technical and operational
skills are complemented by his proven track-record of leadership with
successful agricultural technology companies. He is the founder of
Outback Guidance® which was acquired by the predecessor of Hemisphere
GPS in 2005. Mr. Heiniger has been an active board member of Hemisphere
GPS since 2005. "Rick knows the business, the industry and the Company
well," said Michael Lang, Hemisphere GPS's Chairman. "Rick and our
Board are aligned on a clear path forward. We are encouraged that
under Rick's leadership Hemisphere GPS can return to profitability and
provide increased shareholder value."
Mr. Heiniger stated: "I believe Hemisphere GPS can return to
profitability by focusing on three priorities: our core agricultural
business, streamlining and simplifying our business, and market-driven
innovation for our customers. We intend to leverage our
industry-leading technology and service capabilities to provide our
customers with best-in-class solutions, building on the valuable
Hemisphere GPS platform. I look forward to working with Hemisphere
GPS's strong leadership team and talented employees."
Mr. Heiniger replaces outgoing CEO Steven Koles, who has resigned his
position from the Board of Directors. "We appreciate Steve's many
accomplishments during his career at Hemisphere GPS. Under his
leadership, our offering of products and services has grown
significantly. We thank Steve for his contribution to the Company,"
said Mr. Lang.
To assist the Company, the Board has retained the Business Performance
Optimization™ (BPO) team of Farber Financial Group. "We believe in the
leadership and the Board's strategy for steering the Company towards
enhanced profitability," said BPO Leader, Lewis Rose. "Hemisphere GPS
has a strong competitive position with a valuable technology portfolio
to pursue the upside opportunity within its chosen markets. We are
excited to work with the company to restore long term sustainable
profitability, growth and shareholder value."
Rick Heiniger, 59, has deep roots in the agricultural industry, both in
production services and machinery. Under Heiniger's leadership,
Hemisphere GPS successfully completed the integration of the Outback
Guidance®, Satloc and DEL NORTE acquisitions making Hemisphere GPS a
world leader in agricultural positioning guidance and steering.
Mr. Heiniger is the inventor or co-inventor of more than 20 patents, all
leading to greater precision in agriculture. He is a past President of
the North American-wide Farm Equipment Manufacturers Association, and
is the founder and principal of Bestway Inc., a leading specialty
agricultural equipment manufacturer and marketer in the U.S. Heiniger
earned his Bachelor of Science Degree in Agricultural Technologies
Management from Kansas State University, with a minor in Agronomy.
Heiniger is a Charter Board Director of the GO Project, a
not-for-profit organization which is a global orphan ministry that
provides holistic care for 3,500 vulnerable children in 13 countries.
Hemisphere GPS designs and manufactures innovative, cost-effective GPS
(GNSS) products for positioning, guidance, and machine control
applications in agriculture, marine, survey, construction, and other markets. The Company holds numerous patents and other
intellectual property and owns several leading brand names, including Outback Guidance®, a leading brand in precision GPS for agriculture. The Company is
headquartered in Calgary, Alberta, with major product development,
sales, and marketing facilities in Arizona, Kansas, and Australia.
Hemisphere GPS is listed on the Toronto Stock Exchange (TSX) trading
under the symbol "HEM" and is one of the TSX Cleantech designated companies. For more
information about Hemisphere GPS, please go to www.hemispheregps.com.
The above disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond Hemisphere GPS' control,
including: the impact of general economic conditions, industry
conditions, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or
interest rates, stock market volatility and market valuations of
companies with respect to the announced transactions and the final
valuations thereof, and obtaining required approvals of regulatory
authorities. Hemisphere GPS' actual results, performance or achievement
could differ materially from those expressed in, or implied by these
forward-looking statements and, accordingly, no assurances can be given
that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits,
including the amount of proceed, that Hemisphere GPS will derive
SOURCE: Hemisphere GPS Inc.
For further information:
President and Chief Executive Officer
Hemisphere GPS Inc.
E.vestor Communications Inc.