AD OPT ANNOUNCES THE APPOINTMENT OF NEW PRESIDENT AND CEO
2004-02-10
MONTREAL, Canada, February 10, 2004 – AD OPT Technologies Inc. (“AD OPT”) (TSX: AOP) a leading developer and vendor of advanced workforce management solutions, announces that Mark E. Burton has been appointed by the Board of Directors as the new President and CEO of AD OPT.
Mr. Burton replaces Mr. Tom Ivaskiv who will be stepping down as President and CEO of AD OPT on February 24, 2004. Mr. Burton will also be replacing Mr. Ivaskiv on the Board of Directors as of that date. From 1998 to 2001, Mr. Burton was President and CEO of Digital Processing Systems Inc. (DPS), a TSX listed manufacturer of computer hardware and software products used throughout the world in the broadcast and post-production industries. Under his direction, DPS experienced strong revenue growth and a significant increase in profitability. DPS was acquired by a competitor in 2001 for $90 million, representing a 100% premium to market and a 500% premium to the previous year’s share price. Prior to joining DPS and also from 2001 to 2004, Mr. Burton was a partner of a major Canadian-based international business law firm.
Mr. Ivaskiv joined AD OPT in 1997 and oversaw the initial public offering of the Company in 1999 and the transition of AD OPT from a private to a public company. With AD OPT entering a new phase in its development, AD OPT and Mr. Ivaskiv mutually agreed that a change in leadership was appropriate to achieve AD OPT's strategic goals going forward.
"Mark is a very accomplished business leader with significant experience in the technology industry and in managing a publicly-traded high tech company through significant growth and several significant strategic transactions", said Leonard Schlemm, Chairman of the Board of Directors of AD OPT. "We feel that Mark is the right person to take AD OPT to the next level and we are very excited about the Company's future and prospects under his direction. We are also very thankful to Tom for his service to AD OPT and for all that we have achieved under his direction. Tom successfully steered us through last year for which we are currently anticipating revenues in the range of $24 Million to $25 Million, EBITDA of $4.2 Million to $4.6 Million and EPS of $0.17 to $0.18 per share." The Company's final audited results for the year ended December 31, 2003 will be announced on February 26, 2004.
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