Texada Software Inc.

Texada Software Inc.

July 22, 2009 16:45 ET

Texada Software Inc. Announces Results of Board Elections at Annual General Meeting and Grant of Options to President & CEO

TORONTO, ONTARIO--(Marketwire - July 22, 2009) - Texada Software Inc. (TSX VENTURE:TXS), the premier provider of equipment rental and mobile asset management software, is pleased to announce the election of the following board members at the Company's annual general meeting held on July 22, 2009: Harry Jaako, John Kirincic, James Lolley, Jim McInnis and Brian Spilak.

Following the annual general meeting, Jim McInnis was appointed as Chair of Texada's board of directors. Mr. McInnis is President of Sycamore Capital Corp. a private investment and consulting business and is acting CFO of Texada. Mr. McInnis takes over as Chair from Brian Pedlar, who had served as Chair since July 2008.

"On behalf of the entire board and shareholders, I would like to thank Brian Pedlar for his guidance as chairman of the Company for this past year", said Brian Spilak, the Company's President and CEO.

Mr. Pedlar and Steven Lamb chose to retire from the board of directors and not stand for re-election.

"I would like to thank Steven Lamb and Brian Pedlar for their service as directors of Texada", said Brian Spilak. Mr. McInnis added, "we will miss their input at the board and thank them for their efforts in moving Texada forward".

"Follow the AGM, the board met and discussed the Company's operations for the first six months of the year and for the balance of 2009", said Jim McInnis. "As we had anticipated the current worldwide economic downturn has to some extent, affected the Company's operations. However, when we set out at the beginning of 2009 with Brian Spilak as Texada's incoming President & CEO we developed a plan which took this macro influence into consideration."

"Texada has a strong customer base and Brian Spilak has done an outstanding job of reconnecting with all of our strategic customers over the past six months. We are pleased with our overall results to date and are working on several initiatives to make Texada a stronger, leaner organization which will be poised to assert itself as an industry leader as the overall economy improves in the coming years," added Mr. McInnis.

The Company also announced that it had entered into a formal employment agreement with Brian Spilak and completed the grant of 438,637 stock options to him as previously set out in the Company's press release dated November 10, 2008 which announced Mr. Spilak appointment as Texada's President & CEO.

About Texada Software (TXS: TSX Venture Exchange)

Texada Software Inc. is the premier provider of enterprise software solutions for equipment rental and mobile equipment. Texada's solutions are fully flexible and scalable to meet the unique needs of any sized operation and are backed by proven implementation, services and support.

Texada's market-driven software products combine knowledge and best practices from over 5,000 users worldwide, resulting in solutions that manage the complete asset life-cycle from acquisition through to disposal. The Company's customers enjoy the benefits of enhanced efficiency through better asset utilization, effective location tracking, and optimized scheduling.

Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or on the internet at www.texadasoftware.com

This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Texada's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Other than as required by applicable law, management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Corporate communications contact:
    Texada Software Inc.
    Brian Spilak, President & CEO
    1-800-361-1233 x - 2123