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Andre P. Brosseau Joins ODESIA's Board of DirectorsODESIA brings changes to its directors' compensation plan and proceed with Shares for Debts (December 13, 2011)
MONTREAL, QUEBEC -- (Marketwire) -- 12/13/11 -- ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), an international corporation specialized in delivering business-intelligence solutions ("BI"), decision-process management and business analytics, announces the nomination of Mr. Andre P. Brosseau as a Director of the Company. This nomination follows the resignation and departure of Mr. Timothy Murdoch, who has completed a two-year board assignment with ODESIA.
"We've valued greatly Mr. Murdoch's support, insight and guidance as a member of our Board of Directors since November 2009. We thank him for agreeing to serve on ODESIA's board, and we wish him continued success" declared Nicolas Bonnafous, President and Chief Executive Officer of ODESIA.
"I'm pleased to have completed a two-year commitment as a director for ODESIA. I really enjoyed being part of a dynamic board that helped to re-stabilize the Company during challenging times. Today, ODESIA is poised to return to profitability with strong leadership, enthusiastic new investors and talented staff. The Company is on better footing than when I joined the board and likely headed for greater success in 2012 and beyond" declared Tim Murdoch.
"ODESIA is proud to welcome Mr. Brosseau to its board of directors. His rich experience and blue-chip reputation should help ODESIA deliver on its strategic plan and optimize the Company's value" indicated Mr. Bonnafous.
Mr. Brosseau is a Director of Midas Medici Inc., a holding company specializing in acquiring and merging IT related companies with operations in New York, North Caroli na, Europe and Brazil. He is also on the Board of CIMCORP, wholly owned by Midas Medici, an IT company based in Sao Paulo Brazil. Mr. Brosseau is a Director of Aptilon Inc., a web-based business solution company specializing in the US healthcare sector. He also serves as the Co-Chair of The Company Theatre, a not-for-profit organization located in Toronto, and member of the steering committee of Notman House. Mr. Brosseau holds a Bachelor's Degree (BA) in Science (Political and Economics) and a Master's Degree in Science (Political) from the Universite de Montreal.
Mr. Brosseau was President of Blackmont Capital in Toronto until June 2009 and Chairman of Quebec Capital Markets until May 2010. For 12 years Mr. Brosseau was with CIBC in different capacities mostly based in Toronto, most recently as Managing Director, Head of Cash Equities and Co-Head of Global Cash Equities at CIBC World Markets where he was involved in some of the most important capital market transactions in Canada.
The nomination of Mr. Brosseau remains subject to applicable regulatory requirements.
ODESIA brings changes to its directors' compensation plan and proceed with Shares for Debts
Following the recent fluctuations in the trading price of the Company's shares on the TSX Venture Exchange and with the desire to fulfill their fiduciary duty to act in the best interest of the Company, the directors have decided to abolish the deferred stock unit plan for its external directors.
Consequently, subject to the approval of the shareholders, the TSX Venture Exchange and other regulatory authorities, in exchange for the 304,681 units Mr. Timothy Murdoch has earned, he will receive $39,608.53 in cash. In exchange for the 304,681 units Mr. Michael Perrault has earned, he will receive 240,051 shares of ODESIA at a deemed price of $0.165 per share. In exchange for the 267,371 units Mr. Richard Batty has earned, he will receive $17,379.12 in cash, and 105,328 shares of ODESIA at a deemed price of $0.165 per share. Mr. Perrault and Mr. Batty are directors of ODESIA. Mr. Murdoch recently resigned from ODESIA's Board of directors.
For their services between now and the next annual general meeting of ODESIA's shareholders, the external directors of the Company received 75,000 stock options of ODESIA, at the exercise price of $0.30 each, having an exercise period of five (5) years and vesting in three (3) equal and consecutive annual tranches.
About ODESIA Group Inc.
ODESIA is an international corporation specialized in business-intelligence (BI) solutions, decision-process management and business analytics for large and medium-sized companies. The Company provides customers with a complete solution, regardless of technical challenges involved. For more information visit us at www.odesia.com
Disclaimer in regards to forward-looking statements
This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein.
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.
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