TSX Venture Exchange: VSI
VANCOUVER, March 29 /CNW/ - VendTek Systems Inc. (VSI - TSX Venture) (the "Company") today announced the appointment of Mr. Gordon Glenn and Mr. David Wright to the Company's Board of Directors. The appointments are subject to the approval of the TSX Venture Exchange.
"VendTek is committed to sound corporate governance practices as evidenced by the recent changes we have made to our board," said Martin Parent, Chairman of VendTek Systems Inc. "Our newest appointees, David and Gordon, bring a wealth of capital markets and software industry experience to their new roles with our board and we believe their input will be invaluable in developing and executing VendTek's long-term growth strategy."
Mr. Gordon Glenn has 35 years of corporate management experience in the healthcare, government information technology and transaction processing industries, including 20 years at the Chief Executive and Chief Operating Officer level. He is experienced in all facets of executive management of public companies including strategic planning, organizational development, budgeting and forecasting, mergers, acquisitions, divestitures, recapitalizations, public offerings and investor/analyst relations (U.S. and Canada).
Mr. Glenn joined SXC Health Solutions Inc. ("SXC") in June 1998 as President and Chief Executive Officer and was named Chairman in 2006. When he joined the company, SXC was an unprofitable Canadian-based, software company with $8 million in revenue and a market capitalization of less than $10 million. Today, the Chicago-based company is a pharmacy benefits management and healthcare information-technology (IT) company publicly traded on the NASDAQ (SXCI) and the Toronto Stock (SXC) Exchanges that generates more than $1 billion in annual revenue. Mr. Glenn completed his tenth year as CEO with SXC posting a revenue run-rate of more than $800 million, strong earnings and cash flow, and a solid balance sheet. He increased SXC's market capitalization sixty-fold to more than $600 million since taking over as CEO. During his tenure he sourced, financed, closed and integrated three successful acquisitions of U.S. companies that expanded product/service offerings and increased EPS, yielding improved investor interest.
Mr. David Wright has more than 17 years of capital markets experience. From 1998 to 2008, he was an Equity Research Analyst with BMO Capital Markets, most recently as a Managing Director providing investment recommendations regarding North American Software and IT Services companies. Prior to joining BMO, Mr. Wright was Director of Research and Executive Vice President at Marleau, Lemire Securities Inc. where he managed a team of analysts and their associates. He was also a member of the Executive Management Committee that oversaw the brokerage firm's sales, trading, research, corporate finance and retail operations. Throughout his analyst career, Mr. Wright was regularly recognized as a top-ranked analyst in ratings surveys by StarMine Corporation, Brendan Wood International, and Greenwich Associates for overall performance, earnings forecasting accuracy and stock picking ability.
VendTek today also announced that Mr. Peter Read and Mr. Grant Shellborn have resigned from the Board of Directors effective immediately, but will remain in their current positions as Chief Operating Officer and Chief Technology Officer respectively. Ms. Sherri Macdonald has also resigned from the Board of Directors effective immediately. The Board would like to thank Ms. Macdonald, Mr. Read and Mr. Shellborn for their years of service and contribution to the Board.
VendTek develops and licenses automated transaction system software and supporting technologies that improve the efficiency of product delivery, reduce costs to clients and offer superior safety measures. VendTek's customers, subsidiaries and its Now Prepay division use e-Fresh(TM) software to build electronic, prepaid services networks that enable consumers to purchase prepaid products and services via POS and self-serve terminals connected to a central e-Fresh(TM) server. This system creates significant value through improved efficiencies compared to a traditional distribution model. e-Fresh(TM) reduces shrinkage and inventory requirements for vendors while improving consumer access to prepaid products and services by completely eliminating physical cards and vouchers. VendTek has deployed its software around the world including multiple countries in North America, Asia, the Middle East and Africa. For further information please visit the Company's websites www.vendteksystems.com and www.nowprepay.com.
This news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results or events to differ materially from the results or events predicted in this release, including those comments predicting the level of inventory overstatement and its material impact on the financial statements. Although we believe that the forward-looking statements contained herein are reasonable, we can give no assurance that our expectations are correct and that the results, performance or achievements expressed in, or implied by, forward-looking statements within this disclosure will occur. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
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 VendTek Systems Inc.
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