CALGARY, July 17 /CNW/ - WellPoint Systems Inc, (WPS:TSX-V) today
announced that it has appointed Mr. Bharat Mahajan, CA as its new Chief
Financial Officer effective July 21, 2008.
"Bharat brings a significant range of financial and operational expertise
to the role through assignments in the energy, manufacturing and technology
sectors," said Frank Stanford, CEO of WellPoint Systems. "We expect he will
play a disciplined and integral role in the execution of our long-term
strategic growth and capital markets initiatives."
Mr. Mahajan has more than 15 years of experience in progressively senior
financial and operational roles, focusing on business performance, finance,
taxation and reporting. Most recently he was Director of Business Development
for Cosma International, a wholly owned group of Magna International. Prior to
that he was Chief Financial Officer and Vice President, Finance with
Calgary-based Norex Exploration Services Inc., a public company providing 2D,
3D and 4D land seismic data acquisition services in Canada and the U.S. Mr.
Mahajan previously held positions with Arthur Andersen & Co., KPMG,
TravelClick, Vantis International and GTR Group Inc. He holds a Bachelor of
Arts Degree from the University of Toronto and is a Chartered Accountant.
Mr. Mahajan recently independently acquired approximately 2.3 million
shares of WellPoint in a private transaction.
The Board of Directors of WellPoint has also approved the issuance of
250,000 stock options to Mr. Mahajan. The options have an exercise price of
$0.275 per common share, and vest over three years.
About WellPoint Systems Inc.
WellPoint Systems provides premier software and related services for
managing critical operations within the energy industry. Aligning tightly with
Microsoft Corporation, WellPoint is the only Independent Software Vendor (ISV)
and Microsoft Dynamics partner dedicated to the energy sector. It is breaking
new ground with the creation of a more comprehensive, integrated energy
software suite based on existing Microsoft ERP technology that utilizes
state-of-the-art Dynamics AX(R) and .NET architectures. WellPoint became a
Microsoft Gold Certified Partner in 2005. Founded in 1997, Calgary-based
WellPoint Systems also has major operations in Houston, TX, Denver, CO,
Bogota, Colombia and London, England. WellPoint is publicly traded on the TSX
Venture Exchange under the symbol WPS.
This document contains forward-looking statements. Some forward looking
statements may be identified by words like "expects", "anticipates", "plans",
"intends", "indicates" or similar expressions. The statements are not a
guarantee of future performance and are inherently subject to risks and
uncertainties. The Company's actual results could differ materially from those
currently anticipated due to a number of factors, including, but not limited
to, successful integration of structural changes, including restructuring
plans, acquisitions, technical or manufacturing or distribution issues, the
competitive environment for the Company's products, the degree of market
penetration of the Company's products, and other factors set forth in reports
and other documents filed by the Company with Canadian securities regulatory
authorities from time to time.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: WellPoint Systems Inc.: Frank Stanford, Chief
Executive Officer, (403) 538-3604, firstname.lastname@example.org,
www.wellpointsystems.com; The Equicom Group Inc., Nick Hurst, Investor
Relations, (403) 538-4845, email@example.com, www.equicomgroup.com