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Texada Software Inc. Announces Appointments to Board of Directors and Executive Chairman(November 10, 2011)
GUELPH, ONTARIO -- (Marketwire) -- 11/10/11 -- Texada Software Inc. (TSX VENTURE:TXS) (the "Company") is pleased to announce the following appointments to its management and Board of Directors.
Nabil Kassam, a current director of the Company, has been appointed to the role of Executive Chairman of the Board, effective November 10, 2011. Mr. Kassam is a representative of 1610488 Ontario Ltd., the Company's largest shareholder, and has served as a director on the Company's Board since October 2010. Over that period, he has worked closely with William Swisher and Texada's management team to develop and successfully execute a number of strategic initiatives.
Prior to Mr. Kassam's appointment as Executive Chairman, the dual role of Chairman and CEO were held by William Swisher, who will continue to lead the Company in his role as CEO and as a director. Mr. Swisher had occupied the position of Chairman of Texada Software Inc. since June 2010, and in October 2010 was appointed to the position of CEO of the Company.
"Since my appointment as CEO one year ago," said Mr. Swisher, "it has been our intention to find a suitable replacement for the position of Chairman of the Board, so that we could split the responsibilities of Chairman and CEO for the purposes of good governance. I have worked closely with Nabil for a number of years and I am confident that his appointment as Executive Chairman will strengthen Texada's ability to continue to successfully carry out its strategic objectives."
As Managing Director of Zynik Capital Corporation, a Vancouver-based investment firm, Mr. Kassam has led a wide variety of successful private and public company investments in multiple sectors, including equipment rental, retail, real estate and technology. He has also previously worked at Booz & Company, Katzenbach Partners and Ernst & Young. Mr. Kassam holds an undergraduate degree from Harvard University and an MBA from the Stanford Graduate School of Business.
In addition, the Company is also pleased to announce the appointment of Samir Manji and William Palmer to the Company's Board of Directors, subject to the receipt of all regulatory approvals.
Mr. Manji is the founder, President and CEO of Amica Mature Lifestyles Inc., an industry leading, TSX-listed company that manages and owns luxury independent living retirement communities. Mr. Manji obtained his Chartered Accountant designation in 1992.
Mr. Palmer is a seasoned entrepreneur and executive with over 35 years of starting, operating, growing and financing a variety of businesses. He has operating experience in the United States, Canada and Europe and was the founder and CEO of one of Europe's largest self-storage companies with 65 locations in England, France and Germany. Mr. Palmer holds an MBA from Harvard Business School. Both Mr. Manji and Mr. Palmer are expected to be independent members of the Board of Directors.
In connection with their appointment as directors, Mr. Palmer and Mr. Manji were each granted 100,000 stock options, and further to the Company's press release dated November 9, 2011, Mr. Kassam was granted 250,000 stock options to purchase common shares of the Company, each at an exercise price of $0.10 per share and exercisable for a period of 10 years from the date of grant, subject to all required regulatory, stock exchange and shareholder approvals including all required approvals to the amendments to the Company's stock option plan as set out in the press release dated November 9, 2011.
More information may be found at www.sedar.com
About Texada Software (TXS: TSX Venture Exchange)
Texada Software Inc. operates in two complementary businesses, enterprise asset management software and equipment rental.
Texada's enterprise software business continues as the premier provider of software solutions for equipment rental and mobile equipment. Texada's solutions are fully flexible and scalable to meet the unique needs of any sized operation and are backed by proven implementation, services and support. Texada's market-driven software products combine knowledge and best practices from over 5,000 users worldwide, resulting in solutions that manage the complete asset life-cycle from acquisition through to disposal. The enterprise software's customers enjoy the many benefits of this enhanced efficiency through better asset utilization, effective location tracking, and optimized scheduling.
The Company, through its wholly owned US equipment rental subsidiary, conducts business as Rolls High Reach at four locations in Southern California with a wide range of over 1,000 aerial fleet units.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or at www.texadasoftware.com.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors Texada's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor PROIV accepts responsibility for the adequacy or accuracy of this release.
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