VANCOUVER, Dec. 16 /CNW/ - Monexa Technologies Corp. (TSX-Venture: MXA) ("Monexa" or the "Company") is pleased to announce that Mr. Garth Albright has been appointed to the Monexa board of directors effective December 14, 2009. The appointment is subject to the approval of the TSX Venture Exchange.
Garth has over 30 years of corporate leadership experience as a finance executive in both public and private companies. He joined Gemcom Software International Inc. as Chief Financial Officer in 2003. At Gemcom he was part of the executive team that transformed the near-insolvent company into a profitable venture that achieved CAGR revenue growth of 36% from 2003 to 2009. Gemcom was acquired for $189 million in an all-cash transaction in July 2008. Garth was responsible for financial reporting, accounting, regulatory compliance, equity capital markets, investor relations, IT operations and legal matters. Garth also led the legal, due diligence and post-implementation elements of all of Gemcom's M&A transactions. He is a certified management accountant and a director of the B.C. Technology Industry Association.
Before joining Gemcom, Garth gained wide experience in different industries as the Chief Financial Officer of Waterfront Pictures Inc., Peace Arch Entertainment Ltd. and Cannect Communications Inc.
"We are pleased to welcome Garth to Monexa's board of directors. Garth's considerable experience as a financial executive and his knowledge of the financial markets will be invaluable to us. Monexa Billing is aimed at a large and growing market providing monetization services to SaaS and Cloud Computing companies, as well as other vertical markets. Garth's expertise will help the company prepare for accelerated growth." said John Jacobson, President and CEO of Monexa.
Garth Albright said "I'm excited about joining Monexa. Monexa Billing is a capable and competitive monetization platform for subscription businesses and the Company is demonstrating success winning new customers in 2009. Monetization for subscriptions is a significant and growing market that is cost effective, efficient and a reliable process for Monexa's customers and represents a significant revenue growth opportunity for Monexa. Monexa is poised for growth and I look forward to contributing to their success."
Monexa also announced today that Mr. David Roberts has resigned from the board of directors, effective immediately. Mr. Roberts, President and CEO of CloudBench Applications, Inc. (TSX-Venture: CBH), will continue with Monexa as a paid advisor to management and to the board of directors. He will retain the stock options he was granted as a director of the Company.
The Company will be granting Mr. Albright 200,000 incentive stock options under its existing fixed stock option plan (the "Stock Option Plan"), which are exercisable at a price of $0.12 per share, for a period of 5 years and vest in stages over a period of not less than 18 months. This grant is subject to regulatory approval. The Company also cancelled 325,000 stock options previously issued to employees and insiders at a strike price of $0.12 under its Stock Option Plan.
The Company also announces that it has issued 365,000 new stock options to certain employees and insiders of the Company which are exercisable at a price of $0.12 per share for a period of 5 years and will vest in stages over a period of not less than 18 months. This grant of the 365,000 options is subject to approval of the TSX Venture Exchange and to approval of the shareholders at the Company's 2010 AGM. Such options are not exercisable and will not vest until shareholder approval is received.
Monexa Technologies Corp. (www.monexa.com) delivers subscription billing and recurring payments for online subscription businesses. The Company's billing software, recurring payments processing and technical support services support SaaS and Cloud Computing businesses as well as internet service providers. Established in 1998, the Company's client roster includes Sprint Nextel, Bell Mobility, Amway Corporation and AOL Canada. For more information on the Company and its services, see www.Monexa.com.
This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.
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 MONEXA TECHNOLOGIES CORP.
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