TORONTO, June 28, 2016 /CNW/ - BSM Technologies Inc. ("BSM" or the "Company") (TSX: GPS), a leading provider of remote monitoring, fleet management, and fleet diagnostics today announced that it has entered into an agreement (the "Agreement") with Crescendo Partners II LP, Series R2 and Crescendo Partners III LP, two funds that Crescendo Advisors II LLC manages (collectively, "Crescendo"), and its joint actor, Jamarant Capital, L.P. (the "Significant Shareholders") pursuant to which the Company has agreed to appoint three nominees of the Significant Shareholders (the "Nominees") to the board of directors of BSM (the "Board"). Pursuant to the Agreement, Pierre Bélanger and John Gildner have each tendered their resignations as directors of the Company and the Board has determined to increase the size of the Board to seven directors. Kelly Edmison, Greg Monahan and David Sgro have each been appointed to fill the resulting vacancies on the Board. Following these changes, the Board is comprised of Messrs. Andrew Gutman, Aly Rahemtulla, Frank Maw, Leonard Metcalfe, Kelly Edmison, Greg Monahan and David Sgro.
"Kelly, Greg and David bring unique skill-sets and expertise that will be invaluable to our Board," said Andrew Gutman, Chairman of the Board, "With a combination of significant capital markets experience and industry specific acumen, they are welcomed additions. The Board is committed to ensuring that BSM continues to build a strong operational foundation that will position the Company for growth in 2017. I look forward to working with Kelly, Greg and David to drive further value for our shareholders."
Mr. Gutman continued: "On behalf of the Board, I would like to thank Pierre Bélanger and John Gildner for their years of service and wish them well in their future endeavors."
The new directors' biographies follow:
Kelly Edmison is Chairman of Penderfund Capital Management Ltd., which manages a venture fund and variety of value-based mutual funds. In 2002, Mr. Edmison founded Pender Financial and PenderFund Capital which he led until recently. For over 20 years, Mr. Edmison has been an officer and director of many public and private technology companies. Mr. Edmison is a graduate of the University of Toronto and Queen's University.
Gregory Monahan is a Senior Managing Director of Crescendo Partners, L.P. and has held various positions at Crescendo Partners since May 2005. He is also a Managing Member and Portfolio Manager for Jamarant Capital LP, a private investment firm. Mr. Monahan is currently on the board of directors of Absolute Software Corporation, (TSX:ABT), Cott Corporation (NYSE:COT), and SAExploration Holdings Inc. (NASDAQ:SAEX) He previously served as a director of COM DEV International Ltd (TSX:CDV), ENTREC Corporation (TSX:ENT), Bridgewater Systems (TSX:BWC), and O'Charley's Incorporated (NASDAQ:CHUX). Mr. Monahan holds a B.S. in Mechanical Engineering from Union College and an M.B.A. from Columbia Business School.
David D. Sgro is a Senior Managing Director of Crescendo Partners, L.P. and has held various positions at Crescendo Partners since May 2005. He is also a Managing Member and Head of Research for Jamarant Capital, a private investment fund. Mr. Sgro currently serves as a director of Imvescor Restaurant Group (TSX:IRG), SAExploration Holdings, Inc. (NASDAQ:SAEX), and Pangaea Logistics Solutions Ltd. (NASDAQ:PANL); and as an executive and director of Harmony Merger Corp. (NASDAQ:HRMN). He previously served as a director of ComDev International (TSX:CDV), Bridgewater Systems, Inc. (TSX:BWC), and Primoris Services Corporation (NASDAQ:PRIM); and as an officer and director of Quartet Merger Corp. and Trio Merger Corp. Prior to joining Crescendo Partners, Mr. Sgro held analyst positions with Management Planning, Inc. and MPI Securities, Inc. from May 1998 to May 2003. Mr. Sgro is a Chartered Financial Analyst (CFA) Charterholder and holds a B.S. in Finance from The College of New Jersey and an M.B.A. from Columbia Business School.
About BSM Technologies Inc. (bsmwireless.com)
BSM Technologies Inc., through its subsidiaries, is a global top 20 commercial fleet telematics provider for automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs for fleet operators. BSM's end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. BSM provides solutions for commercial and government units who manage and operate diverse assets and large fleets that utilize its integrated fleet tracking, fleet maintenance, and intelligent business engine which provides real time, web‐based tracking of mobile and fixed assets.
For more information, please visit http://www.bsmwireless.com
SOURCE BSM Technologies Inc.