MONCTON, NEW BRUNSWICK -- (Marketwired) -- 08/29/13 -- Excellium Inc. (TSX VENTURE: XLM) (the "Corporation" or "Excellium"), a Tier II issuer listed on the TSX Venture Exchange (the "Exchange"), announces that David Holt, Denis Losier, Ross Finlay and Jean Pouliot have resigned their positions as directors of Excellium, effective immediately. They are replaced by Bernard Imbeault, Claude Roussin and Sylvain Lemieux, who will join Monique Imbeault (Chair) and Jean-Claude Siew (President and CEO) on the Board. These nominations are welcome additions as all individuals are very involved in the business. Mrs. Imbeault wishes to thank the departing directors for their contribution.
Bernard lmbeault is Chairman Emeritus of Imvescor Restaurant Group, a company he founded in 1968 where he was CEO for over forty years. Mr. Imbeault holds a BA in Economic Science, a Masters in Commercial Science (Management) and a Masters in Business Administration (Finance). He has also completed postgraduate studies at the Ecole nationale d'administration (ENA) in France. In 2003, Mr. Imbeault received an honorary Doctorate in Business Administration from the Universite de Moncton in New Brunswick and in 2004, an honorary Doctorate in Law from Mount Allison University in New Brunswick. In 2003, Mr. Imbeault was awarded the Ernst & Young Atlantic Entrepreneur of the Year as well as the Top 50 CEO Award from the Atlantic Business Magazine. He also received the Paul Harris Award from the Rotary Club of Greater Moncton for his service to the community. In 2005, he was the Laureate recipient of the Junior Achievement New Brunswick Business Hall of Fame and in 2006, Mr. Imbeault was Atlantic Business Magazine's CEO of the Year.
Claude Roussin is Vice-President - Administration and Secretary at Excellium and continues as Acting CFO. Mr. Roussin is an experienced administrator. He has evolved within national distribution and retailing companies where he has acquired an expertise in internal control, financial analysis, information management and general administration. Throughout his career, he has had experience with the accounting, financial, judicial and managing aspects of company management. Mr. Roussin is known as a Member of the Private Companies' Board of Directors as corporate secretary and as a Member of the committee responsible for the strategic orientation and positioning of a Quebec restaurant chain.
Sylvain Lemieux is Vice-President, Business Development and Special Projects at Excellium. In 1995, Mr. Lemieux co-founded Unicom (now Excellium Inc.), where he held the position of Director of Technologies and oversaw the Unidac, Unigea and Unic-ID projects. Mr. Lemieux supervised every step of the research and development. In 1997, Mr. Lemieux led Unicom's technical team responsible for the design and development of the Unigea software, which manages the logistics coordination, the accreditation and the security during important events. M. Lemieux was responsible for development and maintenance during various important events that have used Unigea where he was in charge of the technical and accreditation team.
The Corporation continues to experience operational and financial challenges due to difficult market conditions and a lower volume of sales. This has resulted in negative operating cash flows, ongoing working capital deficits and cash shortfalls. In order to address the challenges and uncertainties facing the Corporation, the Board has authorized senior management to explore strategic alternatives in an effort to maximize shareholder value, including the potential sale of all or part of the Corporation, a privatization transaction, or the entering into of strategic partnerships or other business combinations. While undertaking this process, the Board and senior management team remain highly focused on executing Excellium's long-term operational plan and improving its financial and operational performance.
There can be no assurance that the Board's exploration of strategic alternatives will result in any transaction being pursued, entered into or consummated. Excellium does not intend to discuss or disclose developments with respect to this process until the Board has approved a definitive course of action.
Excellium is a security company specialized in biometrics identity systems and proactive security management and in the integration of security products for the institutional and industrial markets. Excellium is active in two distinct but complementary lines of business: electronic security, which includes security management, access control and video surveillance, and electronic identification, comprising background checks and biometric identification. Excellium's common shares are listed on the Exchange under the trading symbol "XLM" and its continuous disclosure filings are available on SEDAR at www.sedar.com. For further information about Excellium, please visit its website at www.excellium.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- House Shelves Immigration Bill, Goes on Vacation
- Ford Tremor: Easy to Park, Hard to Pay For
- What Hamas and Israel Hope to Gain in Gaza
- Notorious RBG Tells All in Couric Interview
- Why Samsung Shares Plunged in the April-June Quarter
- House GOP Leaders Abandon Immigrant Bill
- NASA Plans to Make Oxygen on Mars
- Market Loses All of July's Gains in One Day
- Wisconsin Supreme Court: Voter IDs Must Be Free