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Share Name | Share Symbol | Market | Type |
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Selient | TSXV:HTI | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Streetlight Intelligence Inc. (STI) (TSX VENTURE:SLQ) (the "Corporation") today announced that despite progress in gaining technical acceptance and market awareness with many potential users of the Corporation's product, these achievements have not prevented the drop in the trading price of the common shares of the Corporation in the last few months. The board of directors believes that while year-end tax related selling has had some negative impact on the common share trading price, it is clear to the board of directors of the Corporation that the shareholders of the Corporation and the market place are disappointed by the lack of progress by the Corporation in achieving significant sales to date. In order to face these challenges the Corporation announces the following restructuring of management and operations. The board of directors has decided to booster the Corporation's management team with the appointment of Mr. Vince Krynski, of Calgary, Alberta, as the new Chief Executive Officer of the Corporation, effective immediately. Mr. Krynski will replace Donald A. Cleland who remains committed to the Corporation and will continue as President. Mr. Martin A. Winstanley, Executive Vice President, has resigned and will remain as a director of the Corporation. The board of directors of the Corporation has given Mr. Krynski the mandate and will give him the necessary support to move the Corporation forward to economic recovery. Mr. Krynski, age 52, has broad experience in creating, managing and building shareholder value in small and mid size high-growth manufacturing and technology businesses. In 1980, Mr. Krynski founded and was the President and Chief Operating Officer of HTI Canada Ltd. ("HTI"), an oilfield production equipment supply company. This company started with US technology and adapted it to the Canadian heavy oilfields. HTI's technology advances were well accepted in Canada. HTI was sold in 1994 to Kvaerner Process Systems Inc. with the intent of taking the technology international. In 1989, Mr. Krynski co-founded and was the President and Chief Operating Officer of Dyad Holdings Ltd. One of this company's main holdings, Dyad Data Services, became a Calgary leader in the management and storage of geophysical data. Dyad Data Services was sold to Ausdoc Group Limited, an international data management and transport company based in Australia, in 1999. In 1990, Mr. Krynski co-founded Ceramic Protection Corporation ("CPC"), an advance ceramics technology company manufacturing wear products and ceramic ballistics protection products for personal and vehicle protection. CPC's customers included Ford Motors, police forces and international users of ballistic protection systems. CPC is listed on the TSX Venture Exchange. During the years of CPC, Mr. Krynski acted in various capacities including Chief Executive Officer and Vice President, Corporate Development and continued as a director until October, 2006. Mr. Krynski also has a background in venture capital. In 2000 Mr. Krynski co-founded Foundary Ventures, an investment partnership investing in early stage technology in advanced manufacturing companies. In June 2004, Mr. Krynski also co-founded Fulcrum Capital Inc. Fulcrum merged in January 2006 to form Macro Enterprises Inc., a pipeline and facilities construction and services company listed on the Toronto Stock Exchange and serving the oil and natural gas industry in Northern Canada. Mr. Krynski currently serves on the board of directors of this corporation. The board of directors believes that Mr. Krynski's background exemplifies leadership experience and provides an indication of the diverse skills he will contribute to the Corporation moving forward. In connection with Mr. Krynski's appointment, the board of directors has granted Mr. Krynski an option to purchase up to and including 500,000 common shares of the Corporation, of which 300,000 common shares have an exercise price of $0.50 per common share and 200,000 common shares have an exercise price of $0.75 per common share. The options shall expire five (5) years from the date of grant and shall vest as to 150,000 common shares immediately and the balance subject to completion of certain performance criteria. In addition to the foregoing the Corporation has also implemented costs saving measures with an attempt to reduce monthly expenses by over 50%. The Corporation is continuing to attempt to complete the previously announced $3 million private placement and, as evidence of the confidence in the Corporation's future success, various members of the board of directors, and other insiders of the Corporation are intending to subscribe to the private placement offering which is anticipated to close prior to the end of January, 2008. Streetlight Intelligence Inc. is a public company listed on the TSX Venture Exchange (trading symbol: SLQ). STI designs, manufactures and markets products and services for the street light industry. STI's proprietary Lumen IQ(TM) technology allows street lights to be remotely turned on/off or dimmed at specified times, which results in significant energy savings and reductions in greenhouse gas emissions and light pollution. The Lumen IQ(TM) network also immediately identifies malfunctioning street lights allowing substantial maintenance cost savings. For more information, access www.StreetlightIQ.com. Forward Looking Statements Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate, "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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