TORONTO, Feb. 22, 2012 /CNW/ - YANGAROO Inc. (TSX-V: YOO) (OTCBB: YOOIF), the industry's leading secure digital media distribution company, today announced that Scott Wambolt shall resign as President, Chief Executive Officer and member of the Board of Directors, effective February 29, 2012. Gary Moss, currently a member of the Board of Directors, will assume the role of Interim President and Chief Executive Officer, immediately and has been approved unanimously by the Board of Directors.
Gary Moss brings significant expertise and experience to the role of CEO. Mr. Moss was previously Chief Operating Officer of IMAX Corporation (IMAX-NYSE) where he was responsible for global operations, strategic planning, corporate development and innovation in a high growth, results driven environment. His specific areas of responsibility were sales, marketing, theatre operations, technology, HR, strategic planning and post production. Implementation of company-wide policies and procedures (including the selection of SAP to replace out-dated systems), coupled with creative deal structures, resulted in record revenues and profit, particularly from emerging markets. Moss was the lead business negotiator for cutting edge technology deal licensed from Kodak, which will enable competitive differentiation for the next generation of laser projection equipment.
Prior to IMAX, Moss was Chief Operating Officer and Chief Financial Officer of Live Nation Artists, the successor to Concert Productions International (CPI), a major world-wide concert promoter. He was also Vice President of Finance with EMI Music Canada Inc. for nearly a decade, and Vice President of Finance with Sega of Canada Inc. Mr. Moss is a Chartered Accountant and received his Bachelors of Commerce from the University of KwaZulu-Natal in South Africa.
"We are so fortunate to have someone with Gary's experience, knowledge, and leadership skills available to us at this critical time in the company's growth," said Cliff Hunt, Chairman and Chief Operating Officer of YANGAROO. "We expect a very smooth transition as Gary knows, and has the respect of our entire team, having been an active member of our board of directors for many years. This appointment will further the strategic focus and help drive the significant growth we saw beginning in 2011. We appreciate Scott's efforts and wish him well in his future endeavours."
"YANGAROO has world class technology that has become the standard in the Music Industry and is fast gaining general acceptance in the Advertising Industry," said Gary Moss. "I am delighted to join the team in my new role as we drive for the next level of growth and profitability."
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2B digital delivery solution for the music and advertising industries. DMDS replaces the physical distribution of audio and video content for music, music videos, and advertising to television, radio, media, retailers, and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet. The DMDS Awards platform powers many of North America's major awards shows.
Named one of Canada's Top 100 Tech Companies by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and Dallas. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB: YOOIF.
The statements contained in this release that are not purely historical are forward-looking statements and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Gary Moss at 416-534-0607 ext.111 or visit www.yangaroo.com.