TORONTO, ONTARIO--(Marketwire - Sept. 27, 2012) - The Board of Directors of iMarketing Solutions Group Inc. (TSX VENTURE:XDM), is pleased to announce the following management and operational changes designed to reposition the company for growth while continuing the restructuring previously announced:
- Andrew Langhorne is promoted to Chief Executive Officer. Mr. Langhorne has served as the company's Chief Operating Officer for the past two years and has been instrumental in its ongoing restructuring. Michael Neuman's engagement as Interim Managing Director, where he designed the restructuring and reorganization of the company, is now complete and he will resume his previous role as a Director of the Company.
- The appointment of Upkar Arora as Interim Chief Financial Officer ("CFO"). Mr. Arora has over 25 years of experience in finance, M&A and operations working as a senior executive, in an advisory capacity or as a principal. He has worked extensively with public and private companies. He is a Chartered Accountant and holds the ICD.D Designation.
Outgoing CFO Jeff Irwin will help with the transition. We thank him for his contribution and wish him success in his future endeavors.
The Company expects to appoint a permanent CFO upon completion of the restructuring plan.
- The discontinuation of its specialty entertainment business unit. As part of its ongoing restructuring effort to focus on its profitable business units, the company will wind down its specialty entertainment business unit. It is anticipated that the company will incur certain costs as a result of this wind down which will be reflected in the company's consolidated financial statements.
Certain statements in this press release may constitute "forward looking statements" reflecting our current beliefs, plans, estimates and expectations. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or the combined companies to be materially different from any performance or achievement expressed or implied by such "forward looking statements". Except as required by applicable securities laws, we undertake no obligation to update any forward looking statements for any reason after the date hereof to conform these statements to actual results or to changes in our expectations.
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accepts responsibility for the adequacy or accuracy of this release.