The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

GuestLogix announces appointment of Chief Executive Officer and initiates strategic review process

Tuesday, October 09, 2012

GuestLogix announces appointment of Chief Executive Officer and initiates strategic review process07:00 EDT Tuesday, October 09, 2012TORONTO, Oct. 9, 2012 /CNW/ - GuestLogix Inc. (TSX: GXI) ("GuestLogix" or the "Company"), the leading global provider of onboard retail and payment technology solutions to airlines and the passenger travel industry, today announced that the Board of Directors has appointed Mr. Brett Proud as the President and Chief Executive Officer of the Company. Mr. Proud is a co-founder of the Company and was most recently Executive Vice-President of New Markets and Products. He has been a director of GuestLogix since February, 2008.Mr. Proud is recognized as a leader in onboard shopping, payment and entertainment technologies and is well positioned to lead the Company in this continuing dynamic environment. He brings more than 20 years of experience in supply chain planning and retail operations. In addition, he has significant professional services experience in the information technology sector, including senior positions with Mastech, Keane and Accenture.Mr. Proud succeeds fellow co-founder Mr. Tom Douramakos, who has led the Company since inception and will remain as a director of the Company. The Board of Directors thanks and expresses their appreciation to Mr. Douramakos for his leadership, dedication and vision over the past ten years as he oversaw the continued growth of the Company. The Board of Directors looks forward to the continued contribution of Mr. Douramakos as a director.Initiates Strategic Review ProcessThe Company also announced today that its Board of Directors has initiated a strategic review process to identify, examine and consider a range of strategic alternatives available to the Company. A special committee of four independent directors ("Special Committee") has been formed to oversee the review process, and the Company has retained Canaccord Genuity Corp. as its financial advisor in relation to the strategic alternatives review process. GuestLogix will make announcements regarding the work of the Special Committee only when disclosure of developments is deemed to be appropriate.About GuestLogix GuestLogix Inc. (GXI: TSX), the leading global provider of onboard store technology and merchandising solutions, helps airlines and other travel operators create, manage, and control onboard retail environments tailored to their needs and their passengers. GuestLogix brings a decade of expertise as a trusted onboard transaction processing partner to airlines around the world. The Corporation's global headquarters and centre for product innovation is located in Toronto, Canada with regional head offices located in Dallas, Texas (serving Americas) London, UK (serving EMEA), and Hong Kong (serving Asia-Pacific). A sales and support office is located in Singapore. Logistics centres are situated in Toronto, Dallas, London and Seoul with a software development centre located in India. More information is available at© 2012 GuestLogix. All rights reserved.Forward-Looking Statements This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with GuestLogix's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Corporation or its management. The forward-looking statements are not historical facts, but reflect GuestLogix's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including matters discussed under "Risks and Uncertainties" in the GuestLogix management's discussion and analysis filed on July 16, 2012 with the regulatory authorities. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, other than as required by applicable laws.SOURCE: GuestLogix Inc.For further information: Investor Relations Kristen Dickson, TMX Equicom 416-815-0700 ext. 273