International Datacasting Corporation Announces Departure of CEO and Executive Management Changes
OTTAWA, ONTARIO, Nov 28, 2012 (Marketwire via COMTEX) --
International Datacasting Corporation (TSX:IDC) ("IDC" or the "Company") announced today the departure of Fred Godard as President and Chief Executive Officer effective immediately. Mr. Godard joined the Company as President and CEO in March 2010. "We would like to thank Fred for his contributions during his time at IDC and we wish him well in his future endeavours," stated Del Lippert, Chairman of the Board.
A search for a new President and CEO has been commenced under the direction of Georges Ata, Chairman of IDC's Compensation and Human Resources Committee, and is expected to be completed in the next 3-4 months. At the request of the Board of Directors, Mr. Lippert will take on the role of Interim CEO until a new candidate has been selected. Mr. Lippert is a seasoned executive well versed in growing technology companies. He will continue to serve as Chairman of the Board of IDC during this interim period.
The Company also announced the appointment of Virginia Lee Williams to the role of Vice President of Sales & Marketing. Ms. Williams most recently served as Vice President of Sales for the Americas and China at Printronix, a global company based in Irvine, California. Prior to Printronix, Ms. Williams served as Vice President of Global Sales Operations for the Broadcast Communications Division of Harris Corporation. Georges Ata stated, "I am delighted that Virginia has joined IDC. She has a strong track record of success in global sales. We are now searching for a new President and CEO and also a qualified individual to join the Company as Vice President, Research & Development." Ms. Williams is replacing Rudi Polednik, IDC's previous Vice President of Global Sales and Marketing who departs from the position after approximately two years in the role.
The Board of Directors also announced that it plans to expand the Board and intends to appoint two additional members in the upcoming months. "We are seeking candidates who will complement the existing level of industry expertise and presence at the Board level in addition to augmenting our overall corporate governance," stated Peter Strom, Chairman of the Corporate Governance and Nominating Committee.
In addition, the Company also announced that it has cancelled 2,983,783 common shares previously registered in the name of Adam Adamou. Graham McBride, Chairman of IDC's Audit Committee stated, "These cancelled shares were taken from the 3,000,000 common shares previously pledged by Mr. Adamou as security for the repayment of the $552,000 loan made by IDC to him in December 2010 while he held the position of Executive Chairman. Concurrently with the cancellation of these securities and in accordance with the agreement with Mr. Adamou, the $552,000 loan has been retired." The remaining 16,217 common shares from the share pledge will be released directly to Mr. Adamou. Mr. Adamou led an unsuccessful proxy fight against the Board in July 2012.
"We believe that the Company is on solid financial footing and is well positioned to capitalize on the digital shift in the industry. We have emerged from a difficult period as a better company and it is now time to focus on profitable growth. I look forward to working with our talented employees to ensure we continue to build on the momentum while a search for a new CEO is underway. I will be sharing more details of our progress at our Q3 results conference call on December 12," added Del Lippert.
Graham McBride further stated, "It is important that our shareholders note that the occurrence of each of the events and plans referred to in this announcement, whether viewed together or each on its own, should not be taken as an indicator, either positive or negative, of IDC's performance for the third quarter of fiscal 2013 or otherwise."
About Del Lippert
Mr. Lippert has more than 40 years of successful management experience, spanning a variety of technology firms across North America which included Digital Equipment Corporation and a high growth cellular telephone company. Most recently, Mr. Lippert was President and CEO of Med-Eng Systems (a manufacturer of body protection and electronic counter-measure systems) from 2005 until his retirement in September 2006. Before joining Med-Eng, Mr. Lippert served as President of Commercial Electronics Companies for U.S.-based Raytheon, a group of companies that had sales in excess of U.S.$850 million and included Raytheon Marine Consumer Products, Raytheon High Seas Commercial Marine Products, ELCAN Optical Technologies, Crosspan Network Access Technologies, Raytheon Liquid Carbon Dioxide Cleaning Systems, Raytheon Thermal Imaging, Raytheon RF Components, Raytheon Microelectronics Espana, S.A. and Raytheon Professional Services. Mr. Lippert was most recently appointed to the Board of IDC on June 25, 2012 and was subsequently elected to the Board at IDC's annual general meeting of shareholders on July 31, 2012. Mr. Lippert previously served as a Director of IDC from 2009 until July 12, 2011.
About Virginia Lee Williams
Ms. Williams has more than 25 years of global sales experience across multiple industries including broadcast and satellite communications, hardware and software sales. At Harris Corporation, as Vice President, Global Sales Operations for the Broadcast Communications Division, she built and managed a new team in new market opportunities, managed multi-channel sales teams as well as implemented systems to support the sales organization. Most recently, Ms. Williams was Vice President of Sales, Americas and China at Printronix where she developed and deployed a strategic sales approach for OEM partners as well as revamped sales models for increased margin and profitability. Ms. Williams has also been a sales leadership consultant providing leadership to and establishing best practices for companies.
Third Quarter Results
IDC will release its quarterly results for the period ending October 31, 2012 at 5:00 PM ET on Tuesday, December 11, 2012. This release will be followed by a management conference call at 8:30 a.m. ET on Wednesday, December 12, 2012, to discuss the results.
Del Lippert, IDC's Interim CEO, invites all interested parties to participate in the conference call.
CONFERENCE CALL DETAILS:
DATE: Wednesday, December 12, 2012
TIME: 8:30 a.m. ET
DIAL-IN NUMBERS: 613-233-1979 / 1-866-696-5910
PARTICIPANT CODE: 1746780
INSTANT REPLAY: 1-800-408-3053
Available until December 13, 2012 10:00 a.m. ET
WEBCAST: A live audio webcast of the conference call will be
available at the following link:
http://www.gowebcasting.com/4021. This webcast will be
archived here for 365 days. Please connect to the
website at least 15 minutes prior to the conference
call to ensure adequate time for any software download
that may be needed to access the webcast.
About International Datacasting Corporation
IDC is a global leader in digital content distribution for the world's premiere broadcasters in radio, television, data and digital cinema. IDC offers a broad portfolio of advanced solutions including Pro Audio, Pro Video, Pro Cinema, and Pro Data for implementing broadcast content contribution and distribution applications. IDC's products and solutions are in demand for radio and television networks, digital cinema, 3D live events, ad insertion, satellite news gathering, sport contribution, ad insertion, VOD, and IPTV among others. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. IDC has installations in over 100 countries and service offices in Thailand and Singapore with an international network of value-added partners and distributors.
This press release contains forward-looking statements reflecting the current Board and management's operating and strategic plans, next steps and vision for IDC; and IDC's objectives, estimates and expectations, including statements about expected revenue impacts. All of these forward-looking statements are subject to risks and uncertainties. IDC's actual results, performance, achievements and developments may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Factors that might cause actual results to differ materially include, but are not limited to, IDC's ability to successfully recruit new Board members and identify, hire, integrate and/or retain senior personnel and other key employees, competitive developments; risks associated with IDC's growth and the development and implementation of the Company's strategies; any difficulties with integrating acquired product lines into IDC's business and/or manufacturing procedures; any difficulties or disputes with IDC's subcontractors, contract manufacturers and suppliers; IDC's dependence on the development and growth of the satellite datacasting market; a lengthy and variable sales cycle for IDC's products and services; IDC's reliance on a small number of customers for a large percentage of its revenue; regulatory risks and intellectual property infringement. IDC assumes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof, except as expressly required by applicable law. Forward-looking statements are provided to assist external stakeholders in understanding the current Board and management's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements. More detailed information about potential factors that could affect IDC's financial and business results is included in the public documents IDC files from time to time with Canadian securities regulatory authorities and which are available on SEDAR at www.sedar.com, including, without limitation, IDC's Annual Information Form dated April 30, 2012.
FOR FURTHER INFORMATION PLEASE CONTACT: International Datacasting Corporation Christine Rozak Director, Marketing and Communications 613-596-4120 email@example.com
SOURCE: International Datacasting Corporation
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