BSM Technologies Inc.
TSX VENTURE : GPS

BSM Technologies Inc.

August 16, 2007 11:45 ET

BSM Announces Board Changes

WOODBRIDGE, ONTARIO--(Marketwire - Aug. 16, 2007) - BSM Technologies Inc, (TSX VENTURE:GPS) (http://www.bsmtechnologies.com) a leading provider of high security vehicle tracking and surveillance solutions today announced that Dr. Lloyd Atkinson, who has been a Director since November 2, 2005, will act as the Interim Chairman following the resignation of Mr. Andrew Nellestyn. Furthermore BSM wishes to announce the resignation from the board of directors of Mr. Keith Pitts. The resignation of both members took effect on August 10, 2007. The board of BSM is currently reviewing the appropriate board structure.

"We are pleased that Dr. Lloyd Atkinson has accepted the role of Chairman. He's been an important contributor to the Board over the last twenty months and has the corporate experience and business expertise we need in a Chairman," said Nick Cirella, CEO and director of BSM. "Dr. Atkinson's extensive corporate understanding and his broad experience in all levels of Management made him an ideal candidate to succeed Mr. Nellestyn."

Mr. Andrew Nellestyn served as Chairman of board of BSM from April 11, 2001 to August 10, 2007.

"It is with regret that I announce my resignation from the BSM Board of Directors. Increased obligations which include travel have made it necessary that I commit my energies to my other activities on a full time basis." stated Mr. Nellestyn.

"It has been my pleasure, and privilege to serve on the Board. BSM has done a remarkable job in positioning itself in the secure telematics space and is poised for success. The products and services offered as well as a concerted effort to focus on product management and sales and marketing will bode well for the Company. I wish BSM well in its on-going and future endeavors," continued Mr. Nellestyn.

Dr. Atkinson, Interim Chairman of BSM states, "I am pleased to accept the position of Chairman of the Board of BSM. I am enthusiastic about the company's accomplishments and future prospects. These are exciting times for technology-driven companies in the telematics space and BSM is ideally positioned, at the forefront of one of the more interesting sectors with excellent growth potential. On behalf of the Board of Directors and the employees of BSM, I would like to extend our sincerest gratitude to Andrew Nellestyn for his leadership, and many personal contributions over the years that he has served as Chairman of the BSM Board. I also wish to thank Keith Pitts for his contribution to the Board over the past six years and wish him success in his endeavors."

Mr. Pitts decided to step down as a director due to increased commitments with his other endeavors.

About Dr. Lloyd Atkinson

Lloyd Atkinson is an independent economic and financial consultant. For nine years, until June 2003, he served as Vice Chairman, Chief Investment Officer, and Chief Strategist at Perigee Investment Counsel Inc. Prior to joining the investment management industry in 1994, Dr. Atkinson was, for 12 years, Executive Vice-President and Chief Economist at the Bank of Montreal where he also served as the head of the bank's Investment Committee of the Pension Fund Society. Previously, he spent four years working for the United States government in Washington, D.C., first as Senior Advisor at the Joint Economic Committee of the U.S. Congress, and then as Deputy Assistant Director of the U.S. Congressional Budget Office. He has taught economics and finance at a number of American universities, including the University of Michigan and the University of Maryland, and has also served as a consultant to the U.S. delegations at the International Monetary Fund and the World Bank.

Dr. Atkinson holds a Ph.D. in economics from the University of Michigan and an Honours Bachelor of Arts degree in economics and political science from the University of Windsor. He is a member of the Investment Operations Committee, Alberta Revenue. As well, he is a member of the School of Business and Economics Dean's Advisory Board of Wilfred Laurier University. He serves on the board of the Homewood Corporation.

About BSM Technologies

BSM Technologies designs, manufactures and markets a comprehensive line of AVSL ("Automatic Vehicle Security and Tracking") solutions for Fleet Management, Law Enforcement, and Consumer Vehicle Protection, through its subsidiary BSM Wireless. The BSM line of products range from Fleet Management and Consumer Vehicle Protection offerings to the full featured ''Stinger'' product featured in news media worldwide as the key technology behind the Bait and Covert application used by hundreds of Law Enforcement agencies to deter vehicular, trailer and heavy equipment theft. Superior functionality, seamless switching between two separate footprints, enhanced reliability, advanced security features, and excellent value characterize BSM products. By incorporating advanced wireless locating and mapping technology, and IP-based communications protocols, the BSM line of products provides sophisticated real-time monitoring and control of commercial and personal vehicle assets to meet the demanding needs and stringent requirements of today's mobile environments. BSM's unique end to end solutions feature sophisticated wireless hardware, firmware and software all developed by and proprietary to BSM. The BSM product line can be easily adapted and customized to match any customer user requirement while BSM's in-house support infrastructure assures that all clients receive the premium AVSL solution in the industry to meet their needs.

About SecTrack (an international distributor of AVSL solutions; a division of BSM Technologies Inc.)

SecTrack sells Inmarsat D+ transceivers and airtime subscription to value added resellers around the world. These VARs are typically local companies who have built a proper monitoring and tracking service for end-users in a multitude of maritime and land based sectors including nuclear transport monitoring, mining, security tracking of trucks, trailers and other vehicles and tracking of airplanes and rescue helicopters. The company's customer base is spread over Europe, Asia, Africa and Central and South America.

Except for historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties. Actual results may differ materially. Factors that might cause a difference include, but are not limited to, market acceptance of principal products, the impact of competitive products and technologies, the possibility of products infringing patents and other intellectual property of fourth parties, and costs of product development. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release may include certain "forward-looking statements" that involve risks and uncertainties. Actual results may differ materially from results indicated in any forward looking statements. The company cautions that, among other things, in view of the rapid changes in communications markets and technologies, and other risks including the cost and market acceptance of the company's new products, the level of individual customer procurements and competitive product offerings and pricing, and general economic circumstances, the company's business prospects may be materially different from forward-looking statements made by the company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information