OTTAWA, ONTARIO--(Marketwired - Jan. 31, 2014) - International Datacasting Corporation (TSX:IDC) ("IDC" or the "Company") announced today that Del Lippert has resigned as a director of IDC and Chairman of the Company's Board of Directors for medical reasons, effective immediately. In addition, Georges Ata has resigned as a director of IDC in order to focus on his role as CEO of Intelcan, also effective immediately.
IDC's Board of Directors now consists of four directors, of which Graham McBride, Peter Strom and Chris Van Staveren are independent directors, and Doug Lowther, IDC's President and Chief Executive Officer, is a non-independent director.
Mr. Lippert and Mr. Ata have served on the Board since June 2012. Mr. Lippert also took on the role of interim CEO from November 2012 until being replaced by the current CEO, Doug Lowther, in May 2013. IDC would like to thank Del and Georges for their service to the Company.
IDC's Board has appointed Chris Van Staveren to serve as the Company's new Chairman, effective February 1, 2014. Mr. Van Staveren was elected to IDC's Board in July 2013 and currently serves on its Audit Committee and HR and Compensation Committee. Prior to joining the IDC Board, Mr. Van Staveren worked for many years at KPMG as a strategy consultant and has been involved in several entrepreneurial ventures. "I am very pleased to hand over the reins to Chris. Chris has been very active with the Board and management in crafting the go forward strategy and will serve IDC well", commented Del Lippert.
IDC's Corporate Governance and Nominating Committee has the responsibility to monitor and improve Board effectiveness and to propose candidates for election to the Board. As required by its charter, the Committee has initiated a process of feedback and performance review of the current Board. The results will be an important input towards identifying candidates for election at the Company's Annual General Meeting, expected to be held in July 2014. While that process is still underway, it is expected that at least one new strategic Board member with relevant industry expertise will be nominated. Doug Lowther and Peter Strom, the Chairman of the Corporate Governance and Nominating Committee, are working closely to identify candidates for this position.
About International Datacasting Corporation:
International Datacasting Corporation (TSX:IDC) is a global leader in digital content distribution for the world's premiere broadcasters in radio, television, data and digital cinema. IDC offers a broad portfolio of advanced solutions including the STAR Pro Audio™ Solution, LASER™ Targeted Ad Insertion Platform, and the Digital Tattoo™ DTH Over IP Gateway. The company's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, satellite newsgathering, sports contribution, VOD, and IPTV. IDC is headquartered in Ottawa, Canada, with regional offices in Arnhem, the Netherlands and in San Diego, California. The company has installations in over 100 countries, a service office in Taiwan, and an international network of value-added partners and resellers. For more information visit: www.datacast.com.
This press release contains certain information that constitutes "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities laws, including statements regarding the Company's work on identifying individuals to join IDC's Board of Directors. All forward-looking information and forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. All statements other than statements which are reporting results as well as statements of historical fact are forward-looking statements that may involve a number of known and unknown risks, uncertainties and other factors; many of which are beyond the ability of IDC to control or predict.
Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan or "project" or the negative of these words or other variations on these words or comparable terminology. The Company considers the assumptions upon which the forward-looking statements contained in this release are based to be reasonable, based on information currently available to it, but there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
More detailed information about potential factors that could affect IDC's financial and business results and the material assumptions upon which the forward-looking statements are based is included in the public documents IDC files from time to time with Canadian securities regulatory authorities (including, without limitation, IDC's Fiscal 2013 MD&A dated April 29, 2013 and Q3 Fiscal 2014 MD&A dated December 10, 2013) and which are available on SEDAR at www.sedar.com.
Except as expressly required by applicable law, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are provided to assist external stakeholders in understanding IDC's expectations as at the date of this release and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on such statements.