BoardSuite Corp.

BoardSuite Corp.

June 16, 2008 08:30 ET

BoardSuite™ launches free governance & compliance solution for Canadian business

New Tool Promises to Change the Way Canadian SME and Not for Profits Boards Operate

TORONTO, ONTARIO--(Marketwire – June 16, 2008) - BoardSuite™ today announced the availability of the first free governance and compliance solution created specifically to enable good governance and regulatory compliance for corporate boards of Small and Medium Enterprise (SME) and Not for Profit (NFP) organizations. As a real time, secure and access anywhere/anytime portal that streamlines board communications and decision making process, BoardSuite promises to change the way Canadian SME operate by giving directors and officers the confidence to recognize and comply with the onerous regulatory demands of today's complex business environment.

"In the post Enron era, many corporate boards are feeling overwhelmed and under resourced in their efforts to achieve regulatory compliance and provide good governance for their shareholders," said Oscar A. Jofre, President and Founder of BoardSuite™. "Well now there's an answer for Small and Medium Enterprises and Not for Profits who can get back the confidence of directors and officers who will use BoardSuite to work in an environment specifically designed to reduce your business risk."

While many larger corporate entities have the resources to address the need for increased vigilance and accountability, the challenge for organizations that fall into the category of SME is often greater. The governance and compliance standards SME's face, are often equal to their larger counterparts but go beyond the scope of resources they can access or afford. This statement is even more accurate when one considers the circumstance of Not for Profit organizations who must operate with complete accountability and transparency to their supporters and regulatory stakeholders.

"The launch of BoardSuite™ represents a shift in how Canadian businesses can enhance governance, lower risk and improve their management capabilities," said David Griffiths, Senior Vice President, Aon Reed Stenhouse.

Aon Reed Stenhouse announced today that they are partnering with BoardSuite™ to make Aon's Director and Officer's solutions available to all BoardSuite users. Aon along with Canpro Global, Cyberbahn, Corptropolis, Execurisk Insurance Services, Laurel Hill Advisory Group, Execu-Risk and the CNQ Stock Exchange are partnering with BoardSuite™ to create an ecosystem of essential services necessary to the proper functioning of corporate boards. This partner list includes some of Canada's leading corporate business service organizations who offer a wide range of services including executive and corporate liability insurance, public disclosure and news release distribution, proxy solicitation and shareholder communication services, share transfer agents, corporate investigation and online business registration and corporate information retrieval services. For a full list of BoardSuite™ partners see www.boardsuite.ca.

"We know that most organizations are hungry for tools and resources that will not only help their directors and officers confidently manage their G&C obligations but ultimately help them to get the board working again on business growth and performance," said Jofre. "BoardSuite™ puts key resources and information at the fingertips of your business leadership team wherever they are, whenever they need it through a secure and easy to access portal solution."

BoardSuite™ has already received strong support and recognition from among its early group of beta customers who have witnessed the growth and development of the service over the past four years. Tom Milne, a sitting member on more than half a dozen corporate boards, including Added Capital Corp., Enhanced Oil Resources Inc., Lands End Resources Ltd., OilSands Quest Inc. is just one example.

"It was immediately obvious to me how BoardSuite™ could save time and money - which was important - but, more so, I saw how it could be used to give me much greater control over the huge volume of board documents and data I have to deal with all the time," says Mr. Milne. "As far as I'm concerned, no one should ever agree to sit on a board if a tool like BoardSuite™ isn't being used because, frankly, the alternative is not at all attractive."

The launch represents a ground breaking achievement for the company that was founded in 2004 in Edmonton, Alberta and moved its operations to Toronto in 2007. After four years in beta testing and operation with more than 100 customers, BoardSuite™ specifically chose to operate as a free SaaS based solution because of the immediate power and impact it would have on their prospective client base.

"To the best of our knowledge we are the first board level business utility to operate without any barrier to access including cost," said Jofre. "We believe that makes our offer very compelling to the target market of organizations with less than $500M in annual revenue who have been virtually ignored up until now by most providers. We believe BoardSuite™ will be both a powerful tool for improving board performance for our clients but also a disruptive force for positive change in the business services arena itself."

About BoardSuite™

Founded as a company in 2004, the BoardSuite™ solution was developed as a Software as a Service (SaaS) based tool. Since its beta release, BoardSuite™ has been adopted by more than 100 companies who use it to address their board compliance, governance and overall board communications and process needs. The product has become a full fledged board portal designed to specifically for SME and NFP boards and organizations.

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