TORONTO, June 16 /CNW/ - YANGAROO Inc., (TSX-V: YOO, OTCBB: YOOIF) the industry's leading secure digital media distribution company, is pleased to announce that Scott R. Wambolt has agreed to join the company as Chief Executive Officer and has been appointed to the Board of Directors. Current CEO John Heaven will continue as President, Director and will also assume the role of Chief Financial Officer.
Scott Wambolt has had a dynamic, results-charged career highlighted by success in driving revenues, market share, profitability, and shareholder value. Prior to joining YANGAROO, Wambolt served as the Senior Vice President, Channel Strategies and Revenues at Bell Mobility where he headed the 2,500+ person sales force to drive over $4 billion in revenues and $1.4 billion in EBITDA. Previously, Wambolt served as Senior Vice President, Sales at Yellow Pages Group. As a member of the team that led the leveraged/management buyout of the Yellow Pages Group from Bell Canada, Scott contributed to taking the business public in August 2003 delivering nearly $1 billion in incremental shareholder value in approximately one year. Scott also spent seven years at Dell Computer Corp, in various General Management roles in North America, the UK and Europe serving the SMB, Large Corporate and the Consumer segments.
"I see this as a tremendous value creation opportunity," said Scott Wambolt, CEO, YANGAROO Inc. "YANGAROO has developed world class technology and intellectual property, established relationships with powerful and influential partners, and has a dedicated, solid team. I am excited to help take the company to the next level and significantly increase shareholder value."
"The addition of Scott to our team is a great stride forward for YANGAROO," said John Heaven, President, YANGAROO Inc. "In our business plan we had set a goal of bringing in senior executive talent with superior sales and marketing expertise to drive revenue growth and enterprise value. With Scott, we believe we over-achieved that goal."
"Scott is a proven winner, and a terrific addition to our team," said Cliff Hunt, Chairman and COO YANGAROO Inc. "The fact that Scott has chosen to make a significant financial investment in the company is a testament to his commitment and the confidence he has in what we have accomplished and where we are going."
Wambolt received his MBA from the University of Toronto's Rotman School of Management and his BA in Law from Carleton University.
The board of directors has granted Scott 3,775,000 options that are exercisable at $0.10 and expire five years after the grant date. 1,775,000 of these options become exercisable after the attainment of corporate objectives for revenue, profitability, cash flow and market value. Two million of these options become exercisable as follows: one third after completion of the first year of service as CEO, one third after the second year and the remainder after the third year.
YANGAROO's patented Digital Media Distribution System (DMDS) is a leading secure B2Bdigital delivery solution for the music and advertising industries. DMDS is a Web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. DMDS replaces the physical distribution of audio and video content for music, music videos, and advertising to television, radio, media, retailers, award shows and other authorized recipients with more accountable, effective, and far less costly digital delivery of broadcast quality media via the Internet.
Named one of Canada's Top 100 Tech Companies for 2009 by Canadian Business, YANGAROO has offices in Toronto, New York, Los Angeles, and London, U.K. YANGAROO trades on the TSX Venture Exchange (TSX-V) under the symbol YOO and in the U.S. under OTCBB:YOOIF. For further information, please contact John Heaven at 905-763-3553 or visit www.yangaroo.com.
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.
SOURCE YANGAROO Inc.
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