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8-K - NUMEREX CORP /PA/ | form8k-01112017_030151.htm |
Numerex
Corp. Contact:
Thomas
McKay
770-465-2552
|
For Immediate Release
Numerex Reports Senior Leadership Changes
ATLANTA, January 11, 2017 (GLOBE NEWSWIRE) -- Numerex Corp
(NASDAQ:NMRX), a leading provider of managed enterprise solutions
enabling the Internet of Things (IoT), today announced that its
Board of Directors has terminated the employment of Marc Zionts as
Chief Executive Officer (CEO). Mr. Zionts’ termination was
not related to any Company accounting, internal controls, or
financial reporting matter. Kenneth Gayron, the Chief Financial
Officer, will assume the additional role of interim CEO working in
close conjunction with the full Board while the Company conducts a
search for a permanent CEO. In addition, Kelly Gay has agreed to
join Numerex as its Chief Operating Officer and will work closely
with Ken to manage the Company’s array of security and IoT
solutions and diversified customer base.
“I
am very pleased with the confidence the Board of Directors has
exhibited in appointing me to this interim position,” stated
Ken Gayron. “I believe that the Company’s operational
and financial performance will significantly improve as we focus
our resources on our key product lines of security, certain
industrial IoT solutions, and our robust IoT network and
application services. I look forward to working with Kelly and
other members of our management team to execute our strategy with
renewed energy and focus and to re-assert ourselves as a leader in
the IoT space.”
The
Company is expected to significantly improve its EBITDA performance
over 2016 with estimates of adjusted EBITDA ranging from $8.5
million to $10 million. Revenue is anticipated to improve on a
year-over-year basis, as well. The Company will provide an estimate
of full year revenue expectations by its next scheduled results
conference call.
Kelly
Gay commented, “I am looking forward to returning to Numerex
and working with Ken to rekindle the camaraderie, teamwork and
drive for excellence that had placed us at the leading edge of the
IoT industry for many years. I plan to hit the ground running and
to reconnect with my former associates, customers, and strategic
partners and to succeed in creating value for our customers through
excellence in the delivery of our products and
services.”
Ms.
Gay’s previous experience includes operating Numerex’s
security and judicial product lines as President of Security
Solutions, and she contributed to several of the Company’s
strategic initiatives. Kelly has also served as the CEO of two
technology companies and as the vice president of a large industry
group at IBM, as well as an array of top executive positions over
her 25 plus year career. She is actively involved in several
technology organizations throughout the USA.
About Numerex
Numerex
Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise
solutions enabling the Internet of Things (IoT). The Company's
solutions produce new revenue streams or create operating
efficiencies for its customers. Numerex provides its technology and
services through its integrated platforms, which are generally sold
on a subscription basis. The Company offers a portfolio of managed
end-to-end IoT solutions including smart devices, network
connectivity and service applications capable of addressing the
needs of a wide spectrum of vertical markets and industrial
customers. The Company's mission is to empower enterprise
operations with world-class, managed IoT solutions that are simple,
innovative, scalable, and secure. Numerex is ISO 27001 information
security-certified, highlighting the Company's focus on data
security, service reliability and around-the-clock support of its
customers. For additional information, please visit
www.numerex.com.
This press release contains, and other statements may contain,
forward-looking statements with respect to Numerex future financial
or business performance, conditions or strategies and other
financial and business matters, including expectations regarding
growth trends and activities. Forward-looking statements are
typically identified by words or phrases such as "believe,"
"expect," "anticipate," "intend," "estimate," "assume," "strategy,"
"plan," "outlook," "outcome," "continue," "remain," "trend," and
variations of such words and similar expressions, or future or
conditional verbs such as "will," "would," "should," "could,"
"may," or similar expressions. Numerex cautions that these
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. These
forward-looking statements speak only as of the date of this press
release, and Numerex assumes no duty to update forward-looking
statements. Actual results could differ materially from those
anticipated in these forward-looking statements and future results
could differ materially from historical performance.
The following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical
performance: our inability to capture greater recurring
subscription revenues; the risk that we may not be able to remain
in compliance with certain of our debt covenants; our ability to
efficiently utilize cloud computing to expand our services; the
risks that a substantial portion of revenues derived from contracts
may be terminated at any time; the risks that our strategic
suppliers and/ or wireless network operators materially change or
disrupt the flow of products or services; variations in quarterly
operating results; delays in the development, introduction,
integration and marketing of new products and services; customer
acceptance of services; economic conditions resulting in decreased
demand for our products and services; the risk that our strategic
alliances, partnerships and/or wireless network operators will not
yield substantial revenues; changes in financial and capital
markets and the inability to raise growth capital on favorable
terms, if at all; the inability to attain revenue and earnings
growth; changes in interest rates; inflation; the introduction,
withdrawal, success and timing of business initiatives and
strategies; competitive conditions; the inability to realize
revenue enhancements; disruption in key supplier relationships
and/or related services; and the extent and timing of technological
changes.
©
2017 Numerex Corp. All rights reserved. Numerex, the Numerex logo
and all other marks contained herein are trademarks of Numerex
Corp. and/or Numerex-affiliated companies. All other marks
contained herein are the property of their respective
owners.