Meridex Software Corporation

Meridex Software Corporation

November 12, 2008 09:30 ET

Meridex Restructures Leadership Team and Tightens Focus in Order to Deal With Current Economic Conditions

Matt Dion appointed to Chairman of the Board, Darren Nicholls to become new President and CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Meridex Software Corporation (TSX VENTURE:MSC), a leading provider of IP security and facilities management software solutions announced today that in light of tough economic conditions, it is restructuring the leadership team and refocusing its efforts to improve operational efficiencies and preserve cash. It is also migrating its security software division towards a SAAS (Software as a Service) model to improve margins and lower customer acquisition costs.

"With the drastic and sudden downturn of the global economy, it has become extremely difficult to raise capital and grow revenues," said Matt Dion, Chairman of the Board, Meridex Software Corporation. "As a result we have made the necessary adjustments to align our expenses with our revenue projections and allow us to deliver our new product 3CSAFE to the market in a more profitable manner."

Effective immediately Matt Dion will assume the Chairman of the Board position. He will still be actively involved in the business helping guide the strategic direction and corporate development. Dave Hallmen will step down as Chairman and remain as an independent director. Darren Nicholls, who has been the Chief Operating Officer, is being promoted to President and CEO.


Meridex Software Corporation is a leading provider of IP security and facilities management software solutions. Meridex enables educational institutions, government, hospitals, retail and corporate enterprises to manage, monitor, and optimize security and facilities management systems. Specializing in highly-integrated building security, camera monitoring, HVAC and lighting controls that operate based on industry standards, Meridex is developing intelligent IP surveillance and business optimization solutions to enable real-time monitoring systems through wireless networks.

(c) 2008 Meridex Software Corporation. 3CSAFE, Meridex and the Meridex logo are trademarks or registered trademarks of Meridex Software Corporation. All other trademarks are the property of their respective owners.

Forward Looking Statements

This discussion may contain certain forward-looking statements reflecting the Company's current expectations and estimates about the markets in which the Company operates and management's beliefs and assumptions regarding these markets. Investors are cautioned that all forward -looking statements involve risks and uncertainties, including, without limitation, changes in market and competition, technological and competitive developments, potential downturns in general economic conditions, and the potential impact of any mergers, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made. Additional information on these and other potential factors that could affect the Company's financial results are included in this discussion and in documents filed from time to time with the provincial securities commissions in Canada.

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