SOURCE: KIT digital, Inc.
NEW YORK, NY--(Marketwire - Aug 31, 2012) - The Board of Directors of KIT digital, Inc. (NASDAQ: KITD), a leading video management software and services company, today announced the appointment of K. Peter Heiland, a member of the Board and a significant shareholder, to the position of Chief Executive Officer on an interim basis, succeeding Barak Bar-Cohen. The Board continues its search for a permanent Chief Executive Officer.
"I look forward to working with my colleagues at KIT digital to continue delivering value to our leading broadband media customers around the world," said Mr. Heiland. "When I joined the Board earlier this month, I did so with the objectives of helping to bring the strategic transaction process to a resolution and helping to ensure that KIT digital was positioned for long-term profitable growth. Together with the Board, newly appointed CFO Fabrice Hamaide, and the rest of KIT digital's outstanding team of industry-leading professionals, achieving these objectives remains our top priority."
Through various entities, Mr. Heiland owns approximately 8% of the outstanding shares of KIT digital. Mr. Heiland is a Managing Director of JEC Capital Partners, LLC, a technology focused investment firm that was founded in 2009. Prior to founding JEC Capital Partners, he spent 22 years operating a global technology company. He has also served on boards of public and private technology companies, including GSI Group and Integrated Dynamics Engineering.
Speaking on behalf of the Board, non-executive Chairman Bill Russell said, "We believe that Peter is the right person to step in and, with ongoing Board input, help make key decisions that serve the common interests of our shareholders, customers, and employees. As a Board, we have been impressed with Peter's management skills, his leadership and his track record of building and operating profitable technology companies as a CEO and as a board member."
Russell continued, "We are also grateful to Barak Bar-Cohen for his service to the company over the past four years. His leadership as an officer has been imperative in resetting the strategic course for KIT digital, and we look forward to his continued involvement as a director."
KIT digital on Wednesday announced that the company was selected to design, build, and manage a new, state-of-the-art digital cable television distribution platform for India in a new 5-year engagement valued at $15 million contract that includes 5 years of ongoing system maintenance. The company was also named the leader in the content management systems market for large IPTV operators by ABI Research, a market intelligence company specializing in global technology markets.
The entire Board will continue to manage the company's ongoing strategic process to a conclusion.
About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a leading video management software and services company. Cosmos and Cloud, the company's video asset management systems, enable leading broadband media companies to produce, manage and deliver multiscreen socially-enabled video experiences to audiences wherever they are. KIT digital services nearly 2,500 clients in 50+ countries including some of the world's biggest brands, such as Airbus, The Associated Press, AT&T, BBC, BSkyB, Disney-ABC, Google, HP, Mediaset, MTV, News Corp, RCS Media Group, Sky Deutschland, Sky Italia, Telecom Argentina, Telecom Italia, Telefonica O2, Universal Studios, Verizon, Vodafone and Volkswagen. KIT digital maintains headquarters in New York City and offices in more than a dozen countries around the world. Visit the company at www.kitd.com or follow on Twitter at www.twitter.com/KITdigital.
This press release contains certain "forward-looking statements" related KIT digital, Inc., which can be identified by the use of forward-looking terminology, such as "objective," "seek, " "achieve," "believe," "continue," and the like and variations of such words or similar expressions, but their absence does not mean that the statement is not forward- looking. Such forward-looking statements include, but not limited to, statements regarding anticipated value of newly signed contracts, comments regarding the conclusion of our strategic process and statements regarding the long-term positioning of the Company and statements made concerning our potential. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, integration of acquired businesses, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. Except as required by U.S. federal securities laws, KIT digital is not under obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.