Texada Software Inc.

Texada Software Inc.

October 22, 2010 18:16 ET

Texada Software Inc. Announces William Swisher Appointment as CEO and Nabil Kassam Appointment as Director

GUELPH, ONTARIO--(Marketwire - Oct. 22, 2010) - Texada Software Inc. (TSX VENTURE:TXS), the premier provider of equipment rental and mobile asset management software, is pleased to announce that William Swisher, a director of the Company, has been appointed as Chief Executive Officer of the Company effective today. The Company and Mr. Swisher intend to complete an employment agreement in the near term.

In connection with his appointment as CEO, Mr. Swisher will purchase from the Company 2,000,000 common shares at a price of $0.10 per share and has been granted 1,000,000 options to purchase common shares of the Company at a price of $0.10 per share for a period of 10 years from the date of grant, subject to all required regulatory, stock exchange and shareholder approvals. Concurrently with the placement of common shares of the company to Mr. Swisher, Brian Spilak, the President and a director of the Company, will purchase 350,000 common shares at a price of $0.10 per share. The issuance of all such securities to Mr. Swisher and Mr. Spilak is subject to the receipt of all required regulatory, shareholder and TSX Venture Exchange ("TSXVE") approvals.

The Board of Directors of the Company has approved amendments to its stock option plan to provide for a fixed number of options available to be granted under the plan equal to 20% of the then issued and outstanding common shares after the completion of the private placement to Mr. Swisher and Mr. Spilak noted above. The amended stock option plan shall be in effect after such private placement (the "Effective Date"); however the plan is also subject to shareholder approval and will be put before the shareholders for consideration at the next annual meeting of the Company.

In addition, the Company is pleased to announce that Nabil Kassam has been appointed as a director. Mr. Kassam is Managing Director of Zynik Capital Corporation a Vancouver, Canada based private equity firm. Contemporaneously with his appointment as a director, Mr. Kassam has been retained on a consultancy basis and granted 500,000 options to purchase common shares of the Company at a price of $0.10 per share for a period of 10 years from the date of grant, subject to all required regulatory and stock exchange approvals to assist the Company with its expansion plans. 

In addition to the option grants above, the Corporation has granted 175,000 options to a director of the Company at a price of $0.10 per share for a period of 10 years from the date of grant, subject to all required regulatory, stock exchange and shareholder approvals. All grants of stock options described in this press release will be effective on the Effective Date and shall be subject to the receipt of required shareholder, regulatory and TSXVE approvals.

In addition, the Company is pleased to announce that it will amend its currently issued and outstanding stock options to increase the maximum term of all such existing outstanding stock options to a total of 10 years from the date of grant from the current 5 years, subject to the receipt of the required approvals by the shareholders and the TSX Venture Exchange.

"I am pleased to be expanding my role from Chairman to include the position of Chief Executive Officer. With the tremendous success that Brian and the team have achieved over the past two years, I hope only to complement their efforts. Brian remains President and will continue to have full authority on running day to day operations, customer relations and product development. My focus will be on long term business expansion opportunities and improving shareholder value. We believe the Company's current share price is undervalued by the marketplace when looking at several metrics of the business that I hope to highlight in the coming months and quarters. Additionally, the Board has encouraged management to investigate business expansion opportunities, including the potential acquisition of related businesses. We believe the pursuit of both of these objectives will provide our existing and future customers with enhanced services and product offerings", said Mr. Swisher.

Brian Spilak added, "I look forward to having Willie on the Texada team assisting me in building a world class company and improving shareholder values. Working with both Willie and Nabil in their new capacities will be exciting and provide the Company, its employees and customers a strong value proposition. The dedicated Texada team will continue to focus on providing value based products and services to our industry leading customer base."

About Texada Software (TSX VENTURE:TXS)

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. Investors 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. 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 that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information