RNS Number : 3324A
Mobilewave Group PLC
29 March 2012
29 March 2012
MobileWave Group plc
("MobileWave" or the "Company")
The Board of MobileWave wish to advise shareholders that Kurt Pakendorf has resigned from the Board and from his position as CEO for personal reasons. The Board has accepted his resignation and both parties have agreed that Mr Pakendorf's employment contract be terminated with immediate effect. Rory Stear, the Executive Chairman of the Company, has assumed the CEO role in addition to his duties as Chairman. Mr Stear will be supported by Arthur Holcombe the Chief Revenue Officer who will lead the sales, marketing and product development function and Steve Hearn the Group Financial Manager.
The Board is confident in the Company's strategy and the ability of the restructured management team, under the leadership of Rory Stear, to execute that strategy.
The Company looks forward to receiving the contracted for convertible preference share investments in the weeks ahead, as shareholders have been previously advised, as well as concluding the Ariose Software Pvt Ltd ("Ariose") acquisition, which was announced on 12 December 2011.
Rory Stear has consulted with both the investors and the vendors of Ariose in the recent past and has been ensured by them that both transactions are on course for completion.
For further information, please contact:
MobileWave Group plc firstname.lastname@example.org
Rory Stear, Chairman
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
Dugald J.Carlean / Carl Holmes
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