SDI Announces Resignation of CEO, Names New Interim CEO, and Brings on Management Consultant
June 20 2016 - 12:36AM
Business Wire
(TSX-V:SDZ) (OTCBB:SDEV)
Security Devices International Inc. (“SDI” or the “Company”)
today announced that Gregory Sullivan has resigned as President and
CEO to pursue other opportunities, effective July 15, 2016. Mr.
Sullivan will assist management in a smooth transition with ongoing
projects and relationships until the July 15, 2016 date.
Dean Thrasher, the current COO and a member of the SDI board of
directors will assume the interim role of President and CEO. Mr.
Sullivan will remain on the board of directors until his
replacement is appointed and receives stock exchange clearance, or
September 1, 2016, whichever occurs first.
Mr. Thrasher commented; "The Company wishes to thank Mr.
Sullivan for his service as President and CEO, and wishes him the
best of luck in his new endeavors”.
The Company has signed a one-year consulting agreement with
Northeast Industrial Partners LLP (“Northeast”), which is headed up
by Mr. Bryan Ganz. Northeast will assist SDI with sales &
marketing, expansion of the Company’s product range, review of
operations, implementation of cost control measures, development of
strategic alliances and financial oversight. Mr. Ganz brings more
than 30 years of experience in sales management, manufacturing, new
product design and development as well as mergers &
acquisitions. During his career Mr. Ganz has bought, built and sold
more than half a dozen global businesses with combined sales in
excess of $1.0 billion. Most recently, Mr. Ganz sold Maine
Industrial Tire LLC to Trelleborg (based out of Sweden), for $67
million generating a 7.0x return to investors over a three-year
period.
For their services and subject to stock exchange approval,
Northeast will be issued a value of US$200,000 in SDI stock in four
quarterly installments over the 12-month period ending May 15,
2017. The first quarterly installment is due August 15, 2016. The
stock will be priced at the volume weighted average trading price
per common share over the 20 day period preceding the due date. The
stock will vest at the end of the contract with Northeast.
NEIP is currently the controlling shareholder in two operating
businesses and a 250 unit residential real estate portfolio in the
New England area. Northeast also owns minority stakes in a number
of public and private businesses including a California company
developing wireless electricity. Mr. Ganz is a graduate of Columbia
Law School in New York City and completed his accounting
designation at Georgetown University in Washington DC.
The Company wishes to inform the market that a Schedule 13D was
filed with the SEC on June 8, 2016 by SDI’s largest group of
shareholders in the US, holding approximately 10,474,522 shares.
The 13D filing by the “reporting persons” relates to the maximizing
of shareholder value with the intention of engaging more
substantively with management, the board of directors and other
relevant parties on matters concerning the business, assets,
capitalization, operations and strategy of SDI. The 13D filing says
that the reporting person may also discuss strategic alternatives
with interested parties to propose or consider extraordinary
transactions including joint ventures, mergers or a sale
transaction of the Company.
http://www.sec.gov/Archives/edgar/data/1354866/000115752316005828/a51358470.htm
Forward Looking Statement
The information in this news release includes certain
information and statements about management’s view of future
events, expectations, plans and prospects that constitute forward
looking statements. Because of certain risks and uncertainties and
as a result of a variety of factors, the actual results,
expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking
statements. Although SDI believes that the expectations reflected
in forward looking statements are reasonable, it can give no
assurances that the expectations of any forward-looking statements
will prove to be correct.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160619005067/en/
SDIAllen Ezer, 416-453-7798Exec. VPwww.securitydii.com
Security Devices International (TSXV:SDZ)
Historical Stock Chart
From May 2024 to Jun 2024
Security Devices International (TSXV:SDZ)
Historical Stock Chart
From Jun 2023 to Jun 2024