Press release from Marketwire
Webtech Wireless Provides Update on Strategic Review Process
Michael Smith Appointed NextBus General Manager and CTO
Tuesday, June 05, 2012
VANCOUVER, BRITISH COLUMBIA and EMERYVILLE, CALIFORNIA--(Marketwire - June 5, 2012) - Webtech Wireless Inc. (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today announced that it will retain ownership of its NextBus subsidiary for the foreseeable future. This decision comes at the conclusion of five months undertaking the previously announced strategic review process in connection with its NextBus business.
"We ran an exemplary strategic review process, and although we found willing buyers at valuations within expectations, we have determined that the interests of our shareholders are better served by continuing to own NextBus. We will proceed to make near-term operational changes and allow the pending arbitration with our NextBus franchisee to run its course, which will clarify our future relationship. We believe that these steps will increase the ultimate value of NextBus to the benefit of our customers and shareholders," said Scott Edmonds, Webtech Wireless President and CEO.
Following from the decision to retain ownership of the NextBus business, the Company announced the appointment of Michael Smith to General Manager and Chief Technology Officer ("CTO") of NextBus. Mr. Smith's promotion follows the resignation of John Eaton, who will be leaving effective June 30, 2012. Mr. Eaton was previously the NextBus CFO and most recently served as General Manager.
Mr. Edmonds further commented, "We have complete confidence that with Michael Smith's leadership and vision we can extend the NextBus brand and product suite to create even greater value for our agency customers and their ridership while continuing to build strategic value and strong operating returns for our shareholders. I would like to thank John Eaton for his years of service and dedication to NextBus, having led the Company through significant growth for three different owners."
Mr. Smith, who joined NextBus in 2000, holds a Master's degree in Control Theory from the University of California (at Berkeley). Following his studies, Mr. Smith was a researcher and technology developer for 14 years at HP Labs in Palo Alto. Since joining NextBus, Mr. Smith has led all aspects of product and technology development for the Company. He is an integral part of the sales and prospecting process, including product management and customer retention efforts. Mr. Smith is regularly consulted as a subject matter expert within the open-data technology industry as well as on technology and public policy matters related to public transit.
Said Mr. Smith, "I am very pleased to accept this position. NextBus has established itself as the standard in real-time passenger information systems, and I look forward to leading the NextBus team here in Emeryville and to working with Scott and the rest of the Webtech Wireless management team as we continue to build market share and extend our technology across the transit industry in North America and beyond."
About Webtech Wireless ®
Webtech Wireless Inc. (TSX:WEW) is a provider of vehicle fleet location-based services (LBS) and telematics technology. It develops, manufactures and supports end-to-end wireless solutions that improve the productivity, profitability, environmental compliance and safety of vehicle fleets. Its comprehensive suite of products and services include: automatic vehicle location (AVL), mapping, vehicle diagnostics, CO2 reporting, navigation, messaging, and mobile resource management. The Company serves customers of all sizes in the transport, government, service, insurance and OEM markets in over forty-one countries, including Fortune 500 companies. Specialized products include: Quadrant® commercial fleet solutions, InterFleet® solutions for government, and NextBus® real-time passenger information services for transit fleets.
About Next Bus ®
NextBus is the leading provider of SaaS based real-time passenger information systems (RTPIS) utilizing proprietary, patented technology that predicts transit vehicle arrival times based upon the transit vehicles' GPS locations. NextBus provides this information to transit agencies and users over the Internet and through interactive voice response, and at electronic signs at transit stations and stops as well as through wireless dissemination of the information. NextBus also provides transit authorities with numerous fleet management tools designed to improve operating efficiency, enhance service, and meet government reporting requirements. NextBus is based in Emeryville, CA.
All amounts in Canadian dollars (CAD$) unless otherwise noted. Trademarks are the property of their owners.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Morden Webtech Wireless Inc. - Investor Relations Chief Financial Officer +1 604.434.7337 firstname.lastname@example.org
David Greer Webtech Wireless Inc. - Press and Media Vice President Marketing +1 604.628.5194 email@example.com www.webtechwireless.com
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