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 therefrom.
SOURCE: Hemisphere GPS Inc.
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