Management to hold conference call
CARLSBAD, CA, July 3, 2013 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSX-V: PTG) announces that Warren Barnes is appointed CEO, effective immediately, succeeding Mr. Greg Gallagher who is leaving for an opportunity to become a principal in a new venture. Mr. Barnes will be succeeded as CFO by Mr. Kerri Brass, an internal appointment.
John Sculley, Executive Chairman of Pivot, stated, "We are grateful to Greg, who led the Company through a key phase in our evolution, which included the acquisition of Sigma and our listing through the reverse take-over of Acme, a milestone in our development. We wish Greg great success with his next venture."
"The focus of our Company is shifting from accelerated acquisitive growth to profitable growth, which involves the further integration of our acquisitions and cost control. Warren is already heavily engaged in these initiatives, and is the right person to take on the role of CEO. We also have continuity in the financial role through the appointment of Kerri Brass. Kerri has deep knowledge of the Company and his appointment will ensure a smooth transition."
Warren Barnes joined ACS in 2006, where he was CFO when it was acquired by Pivot, and has served as the Company's CFO since July 2012. Mr. Barnes has been instrumental in early acquisitions and the initial work to integrate the acquired companies. Prior to joining ACS, Mr. Barnes served for six years as Chief Financial Officer at GKN Aerospace and for two years as Finance Director at Science and Applied Technology.
Mr. Barnes, added, "Where the acquisitions have allowed us to reach critical mass, key in the execution of our MVSP model, we now have to focus on realizing the many benefits that further integration can bring. We see substantial opportunities to achieve synergies, such as cross certification, cross selling both product and services, and cost synergies, to drive further growth and improve our bottom line."
Mr. Brass has been Pivot's VP of Corporate Finance for the past 2 years, and brings 20 years of senior financial leadership experience in corporate development, strategic planning and operational financial management roles, mostly in the technology and financial services sectors. Prior to joining Pivot, he held various senior roles at Symcor Inc., one of Canada's largest financial processing outsourcers.
Mr. Barnes concluded, "Having been part of the formation of Pivot, I believe strongly that we have created something unique that is exceptionally well positioned to benefit from the dynamics in the IT Service industry. We have a great management team and a visionary and supportive Board. Our business model is proving successful and we see many opportunities, both internal and external, to continue building a sustainably profitable company and work towards reaching our mission of becoming a leading MVSP in the North American market. I look forward to reporting regularly to shareholders on our progress."
The Company also announced that Dave Miller, who had been Pivot's Chief Operating Officer since the July 1, 2012 acquisition of Sigma Solutions, resigned effective immediately. Mr. Barnes, in his role as CEO, will be assuming certain of the former COO's functions, while other functions will be assumed by divisional operational managers.
As announced on May 30, 2013, the Company is reviewing its capital structure, and has no current plans to exercise its right to convert the Series A preferred shares into common shares. It is anticipated that the review will be completed and the Company's plans finalized by the end of the third quarter.
Management will host a conference call discussing the changes, tomorrow, July 4th 2013, 11:00 am EST.
|Participant Dial-In Number(s):||(888) 231-8191 or (647) 427-7450|
|A replay will be available for one week following the call via|
|Alternatively, the call can be accessed through:|
|Encore Toll Free Dial-in Number:||(855) 859-2056|
Subsequently, a recording of the call will be posted on the Company's website: www.pivotts.com
About Pivot Technology Solutions, Inc.
Together with its portfolio companies and partners, Pivot delivers solutions that enable organizations to design, build, implement and maintain computing and communication infrastructure that addresses their unique business needs. Pivot's approach supports improvement of business performance, helps organizations reduce capital and operating expenses, and accelerates the delivery of new products and services to end-customers. With over 2,000 clients, many of whom are Fortune 1,000 companies, Pivot extends its value added solutions to help organizations of all sizes improve operating efficiency, reduce complexity and enhance service delivery through virtualization and cloud computing. Pivot enables businesses to extend their enterprise through mobility solutions to better connect business partners and customers. Pivot has offices throughout North America and can be found online at www.pivotts.com.
Forward Looking Statement
This news release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding Pivot Technology Solutions, Inc.'s (Pivot) future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Forward-looking statements in the press release relate to the following:
|(a)||Pivot's position to benefit from the dynamics in the IT industry;|
|(b)||opportunities for Pivot to continue building a sustainable profitable company and work towards reaching Pivot's mission of becoming a leading MVSP in the North American market; and|
|(c)||the completion of the review by Pivot of its capital structure by September 30, 2013.|
Such forward-looking statements are based on assumptions made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, namely:
|(a)||that Pivot will continue to be in position to benefit from the dynamics in the IT industry based on its IT Multi-Vendor Solutions Provider and that operational and cost synergies will result in further growth and cost savings;|
|(b)||that Pivot's operations will be profitable in future periods, that Pivot's operation will grow, and that as a result Pivot will become one of the leading MVSP in the North American market;|
|(c)||that by September 30, 2013, Pivot will have obtained required information and advice to complete the review of its capital structure.|
However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to a number of risks and uncertainties. Many factors could cause Pivot's actual results, or future events to differ materially from those expressed or implied by the forward-looking statements contained in this news release identified above. These factors include, without limitation:
|(a)||uncertainty in the global economic environment and, in particular, the IT industry; delays in the purchasing decisions of Pivot's customers; risk that operational and cost synergies will not result in cost savings or growth;|
|(b)||the competition Pivot faces in its industry and/or marketplace; the possibility of technical, logistical or planning issues in connection with the development of Pivot's products or services, all of which may negatively impact on Pivot's profitability; and|
|(c)||delays in obtaining information and advice relating to Pivot's capital structure.|
Neither the 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: Pivot Technology Solutions, Inc.
For further information:
CEO, Pivot Technology Solutions, Inc.
Tel: 416 815 0700