Versatile Systems Inc.

TSX VENTURE : VV


Versatile Systems Inc.

December 04, 2013 16:26 ET

Versatile Announces Organizational Changes

MECHANICSBURG, PENNSYLVANIA--(Marketwired - Dec. 4, 2013) - Versatile Systems Inc. (TSX VENTURE:VV) ("Versatile" or the "Company") today announced that Kenny Kahn, previously appointed as President on 31st July 2013, will replace John Hardy as Chief Executive Officer effective immediately, and Kelly M. Boyer has been appointed as the Company's Interim Chief Financial Officer, effective December 13, 2013. Kenny Kahn will be joining the Company's Board of Directors. Versatile also announced that it will close its Vancouver, Canada head office in order to centralize finance and administrative functions at its operations facility, located in Mechanicsburg, Pennsylvania.

"For the last three and a half years, John Hardy has been serving as the CEO of both Equus Total Return, Inc. (NYSE:EQS) and Versatile," said Bertrand des Pallieres, Chairman of the Board of Versatile. "Over the last few months, John has recruited an excellent team to both stabilize and move the Company forward. John will continue to assist Versatile in his capacity as a director. On behalf of the entire Board, I want to express our appreciation for John's many contributions."

"Kenny has a proven track record of leading teams to success by achieving growth and profitability to create value for all stakeholders," said Mr. des Pallieres. "With nearly 30 years of operational and management expertise, Kenny's experience will be invaluable as the Company continues to optimize its technologies and execute its growth strategy. As the current President of Versatile Systems Inc., he had the opportunity to acquire intimate, first-hand knowledge of both our Company and our clients. We are confident that Kenny's dynamic skill set and experience make him ideally suited to lead Versatile Systems Inc. into its next phase of growth."

Mr. Kahn said, "I am elated to succeed John at this moment of great opportunity for the Company. I look forward to working closely with the Board, the senior leadership team, and all of our talented, hard- working associates and partners. The Board and I are enthusiastic about Versatile's future and I am confident that we have a strong foundation upon which to write the next growth chapter for the Company."

Kelly M. Boyer will replace Fraser Atkinson. "The Company wishes to thank Fraser for his hard work and commitment over the past decade as the Company's CFO," said Mr. des Pallieres.

Kelly Boyer has over 30 years' experience in corporate finance, treasury and M&A work. Since 2010, Ms. Boyer has served as President of Kelly Boyer & Associates, Inc., a consulting firm focusing on corporate finance, treasury and investor relations.

Kelly began her career in mergers and acquisitions, strategic planning and investor relations. Prior to beginning her consulting practice, Ms. Boyer served in various senior finance roles in companies, both public and private, in various industries including mining, manufacturing, pharmaceuticals and oil and gas. Over her career, Kelly has participated in over 40 major financing deals at companies such as Mylan Inc., Nova Chemicals Corp., and Nexen Inc.

Versatile's incoming CEO, Kenny Kahn said, "We are delighted to have Kelly join the Versatile team. Her broad experience in a variety of financial positions and industries will give Kelly the ability to quickly add value as we focus on our new growth path."

Ms. Boyer holds an undergraduate degree in Business (Bachelor of Commerce) from the University of Saskatchewan, majoring in Finance and Economics, and is a Chartered Financial Analyst (CFA). She is a member of the Financial Executives Institute (FEI), the Association of Financial Professionals (AFP), the Association of Corporate Growth (ACG), the National Institute of Investor Relations (NIRI), and the Society of Chartered Financial Analysts.

About Versatile

Versatile is a multi-disciplinary technology company with solutions across the mobile, digital signage, IT infrastructure, software and hardware landscape. The company's products are utilized by Fortune 500 companies, leading financial institutions, large and small retail organizations. For more information please visit www.versatile.com

Forward-Looking Statements

This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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

© 2013 Versatile Systems Inc. All rights reserved.

Contact Information