Icron expands team; completes financing
Icron Systems Inc ICM
Shares issued 16,897,482 Mar 31 close $1.66
Mon 3 Apr 2000 News Release
Mr. Dirk Schillebeeckx reports
Icron Systems has outlined recent progress on personnel changes, financings
and other operational developments.
Management changes
Icron has appointed David S. Smith of Vancouver, B.C., as the company's
vice-president of sales and marketing. Most recently regional
vice-president of Pitney Bowes Canada, Mr. Smith was previously
vice-president of TTS Meridien Systems Inc., a Nortel subsidiary. Mr. Smith
held a broad range of sales, marketing and finance positions at Nortel in
both Canada and Europe. Mr. Smith holds a BSc degree in engineering from
the University of New Brunswick and an MBA from McGill University.
"Dave's proven track record in establishing sales and marketing teams,
increasing sales and forging deals and alliances for multinational
high-tech companies represents a timely and strategic addition to Icron's
management organization," stated Dirk Schillebeeckx, Icron's president and
chief executive officer.
Mr. Smith replaces David Dunnison, former vice-president of business
development at Icron. Mr. Dunnison's resignation is effective immediately.
Mr. Smith's prime responsibilities will include management of Icron's
alliance partnerships, the establishment of global channels to market and
the expansion of the company's sales and marketing organization in Canada,
the United States and internationally.
"I am excited at the prospect of joining the Icron's seasoned management
team and leading the efforts in deploying ExtremeUSB, Icron's innovative
and enabling PC technology, to global markets. The breath of applications
that can use ExtremeUSBTM and the demonstrated market demand at such an
early stage in the technology's deployment suggest that Icron has a
significant upside, particularly as USB becomes deployed in enterprise and
industrial environments," stated Mr. Smith.
For clarification, David G.M. Smith (no relation), continues to serve Icron
in a corporate finance capacity.
Staff expanded
The company continues to expand its ExtremeUSB product development efforts
through the addition of engineering staff and use of contractors. The
company's internal and external engineering team now numbers eight, and is
expected to grow significantly over the coming months.
The closing of the $3-million special warrants financing by Haywood
Securities Inc. and Canaccord Capital Corporation announced on March 29,
2000, means that the company has now completed a total of $5.5-million in
financings since Jan. 1, 2000, through private placements and the exercise
of warrants and options. An additional $1-million to be raised by
short-form offering through Canaccord Capital Corporation announced on
March 27, 2000, will be made available on closing.
"The company is now debt-free, has $4-million cash and is poised to
capitalize on its proprietary ExtremeUSB technology. The strong equity
markets and the positive acceptance of Icron's unique range extending USB
technology allowed the company to achieve short-term financing goals
quickly and efficiently for the benefit of our stockholders," stated Mr.
Schillebeeckx.
Marketing and sales
Icron continues to selectively broaden its ExtremeUSB team alliance
partners on a global basis to foster broader market acceptance of its
ExtremeUSB technology. The company is aggressively expanding staff to
pursue global market, partner and channel opportunities for its USB
extended range technologies and products.
Operations
As previously announced, the company has commenced production of its USB
Ranger products with contract manufacturer Ridgeway Research Corporation,
of Kanata, Ont. Icron will subcontract all manufacturing so that it is able
to focus solely on the development and marketing of its ExtremeUSB
technology. The company is currently negotiating the lease of new
facilities in a Vancouver area high-technology business park and expects to
move its offices by the end of May.
Icron Systems has invented ExtremeUSB technology, a practical means of
extending the range of USB connections from 15 feet (five metres) to over
300 feet (100 metres). Icron has applied for patents covering its
inventions and is integrating this technology into a series of products for
PC users. Icron has established the ExtremeUSB team of companies to
increase the total market for USB products by enabling a broad set of new
applications based on ExtremeUSB. Icron is a publicly traded company and
trades under the symbol ICM on the Canadian Venture Exchange.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
