Vecima Networks Inc.

Vecima Networks Inc.

July 14, 2010 08:00 ET

Vecima Announces New Chief Financial Officer

John Hanna Brings 12 Years of Executive Experience to Vecima; Former CFO Mike Barry Appointed President of YourLink

VICTORIA, BRITISH COLUMBIA--(Marketwire - July 14, 2010) - Dr. Surinder Kumar, Chairman and Chief Executive Officer of Vecima Networks Inc. ("Vecima" or "the Company") (TSX:VCM), the Last Mile Solution® for broadband wired and wireless networks, is pleased to announce the appointment of Mr. John Hanna to Chief Financial Officer and the appointment of Vecima's former CFO, Mr. Mike Barry, to President of YourLink, Vecima's wholly owned wireless internet service provision company.

In his new role, Mr. Barry will be responsible for managing YourLink's extensive wireless operations in Saskatchewan and eight cable companies in British Columbia. Founded in 2003, YourLink uses Vecima equipment to deliver wireless internet and cable television services to over 18,000 subscribers in Western Canada. In the first nine months of Vecima's 2010 fiscal year, YourLink grew by 13% to account for CND $9.1 million, or 11% of total sales, compared to $8.0 million, or 9% of sales, in the same period a year earlier. Vecima's believes YourLink has significant growth potential and Mr. Barry's role will be to realize this potential as well as manage and monetize other strategic assets such as Vecima's wireless spectrum holdings.

"Mike has been a valued and dedicated member of Vecima's executive team since joining the Company in 2000 and contributed vitally to such major milestones as the Company's Initial Public Offering in 2005," said Dr. Kumar. "With his deep understanding of our YourLink and Vecima's strategic assets, Mike is ideal for his new role."

Mr. Hanna brings 15 years of experience, including 12 years of high-tech executive level experience to his new role as CFO. During the past 6 years, Mr. Hanna was an executive at iFire Technology, a developer of a low cost flat panel display, where he was VP Finance & Administration. Prior to iFire, Mr. Hanna spent 7 years with The Westaim Corporation where he held a number of positions of increasing responsibility including Director Corporate Development, VP Investments, and VP Finance & Administration of Nucryst Pharmaceuticals. At Westaim, he participated in a variety of corporate M&A transactions including the investment in and sale of a number of businesses. Mr. Hanna has served as a board member of a number of private technology companies and holds an MBA in Finance & Strategy from the University of British Columbia and a BSc in Biology from the University of Victoria. In his new role as CFO, Mr. Hanna will work closely with Dr. Kumar and the Board of Directors and will be responsible for managing Vecima's finance department and a key member of Vecima's strategic leadership team.

About Vecima Networks

Vecima Networks Inc. (TSX:VCM) designs, manufactures and sells products that enable broadband access to cable, wireless, fibre and telephony networks. Vecima's hardware products incorporate original embedded software to meet the complex requirements of next-generation, high-speed digital networks. Service providers use Vecima's solutions to deliver services to a converging worldwide broadband market, including what are commonly known as "triple play" (voice, video and data) and "quadruple play" (voice, video, data and wireless) services. Vecima's solutions allow service providers to rapidly and cost-effectively bridge the final network segment that connects the system directly to end users, commonly referred to as "the last mile," by overcoming the bottleneck resulting from insufficient carrying capacity in legacy, last mile infrastructures. Vecima's products are directed at two principal markets: Converged Wired Solutions and Broadband Wireless. The Company has also developed, and continues to focus on developing, products to address emerging markets such as Voice over Internet Protocol, fibre to the home and IP video.

Forward-Looking Statements

Certain statements in this press release may constitute forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include but are not limited to statements regarding management's intentions, belief or current expectations with respect to market and general economic conditions, future costs and operating performance. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond our control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include, but are not limited to, the current significant general economic uncertainty and credit and financial market volatility and the distinctive characteristics of Vecima's operations and industry that may have a material impact on, or constitute risk factors in respect of Vecima's future financial performance, as set forth under the heading "Risk Factors" in the Company's Annual Information Form dated September 28, 2009, a copy of which is available at In addition, although the forward-looking statements in this press release are based on what management believes are reasonable assumptions, such assumptions may prove to be incorrect. Consequently, readers should not place undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Vecima disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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