LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwired - April 29, 2016) - Payment processing and transactional risk management specialist Vogogo Inc. ("Vogogo" or the "Company") (TSX VENTURE:VGO) announces changes to its board of directors (the "Board"), strategic changes in its business plan and the filing of its 2015 audited financial statements and related management discussion and analysis.
The Board has appointed two new directors, Gino DeMichele and Thomas English, subject to approval by the TSX Venture Exchange.
Mr. DeMichele currently serves as the President and CEO of A2 Capital Management Inc., a private merchant banking and trading operation. He has been engaged in global and domestic financial markets since 1990 and brings 25 years of corporate finance and merger and acquisition expertise.
Mr. English brings a wealth of experience in the public capital markets and is currently President and CEO at AC Group. He has served as Head of Trading and Co-Head of Institutional Equity Sales at Salman Partners. Previous to this, Mr. English spent five years with CIBC World Markets. Mr. English holds BA in Economics and Political Science from the University of Western Ontario.
Margaret Gilmour and John Robinson resigned from the Board effective April 26, 2016. Vogogo thanks these former Board members for their valuable contributions to the Company.
"We welcome the addition of two distinguished new board members," said Dale Johnson, Chairman of Vogogo. "Their experience and expertise in finance, business strategies, business combinations, strategic partnerships and the capital markets will strengthen Vogogo's ability to execute on current opportunities and new business strategies".
The Board has initiated a process to explore strategic options for the Company focused on increasing shareholder value, including but not limited to a sale of one or more corporate assets, a strategic business combination or a strategic partnership. There can be no assurance that this exploration process will result in any transaction. There is no set timetable with respect to the Board's review, and the Company does not expect to make further public comment regarding these matters unless and until the Board approves a specific action or otherwise concludes its review.
While the board explores strategic options, Vogogo will implement an operational plan based on maintaining the existing services and client base while making cash conservation a top priority. Regrettably, the plan includes reduced staffing levels amongst other cost cutting initiatives.
"One of the hardest parts of restructuring is that it affects great people who have given so much to our company over several years - we owe a great deal of appreciation to them. We thank everyone involved for what they have given to Vogogo," continues Geoff Gordon, CEO of Vogogo.
Vogogo also announces that the contract for Joann Head, Director of Investor Relations, will not be renewed past April 30, 2016. Vogogo also announces that today it filed its audited annual financial statements for the year ended December 31, 2015, and related management's discussion and analysis. The financial statements and management discussion and analysis may be obtained on Vogogo's SEDAR profile.
About Vogogo Inc.
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded risk management and payment services company. Founded in 2008, Vogogo designed, built and launched its automated risk management and payment processing technology while continuing to grow its expertise in software development, technology, banking, compliance, payments and transactional risk management. Vogogo is now executing on its plan to offer its services to key global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its experience, positioning and technology.
For further company information please view the Vogogo Media Kit.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
None of the information contained on, or connected to, Vogogo's website is incorporated by reference herein.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain forward-looking information. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements or information in this press release include, but are not limited to, Vogogo's review of strategic alternatives and business plans. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.21351131.1