News, we didn't want to hear:
MYTEC ANNOUNCES RESIGNATION OF PRESIDENT/CEO
TORONTO, Sept. 22 /CNW/ - Mytec Technologies Inc. (TSE:MYT) and its
subsidiary Counterforce Inc., announced today that Thomas A. Grecco has
resigned as president and CEO of the company effective October 1, 1998. Mr.
Grecco has accepted a position with another company but will remain on the
board of directors. Dennis W. Hollingshead, Chairman, will re-assume the
responsibilities of president and CEO in the interim.
Board director and long-time member of the high-tech industry, Ross
Hutchison, will assume the interim position of General Manager of the Mytec
Biometric Division until a qualified candidate for the position of president
and chief executive officer can be found. Hutchison is the principal of a
consulting firm providing information technology clients with marketing
intelligence related to government activities.
''We are very sorry to see Tom leave,'' said Hollingshead. ''Tom has
helped Mytec grow and develop into a leading biometric technology solution
provider. During Tom's term, we released our Touchstone(R) product, gained
ICSA certification, entered into the Entrust Partner Program, significantly
upgraded the central monitoring station, moved to a new location, and obtained
bank financing for future growth.''
''I am confident in Mytec's product line, growth potential and management
team,'' said Grecco. ''I have enjoyed my time as president and chief executive
officer of Mytec. I look forward to continuing my association with Mytec as a
director. As I have said before, Mytec is operating in new markets and is
positioning itself to demonstrate strong, sustainable growth in the emerging
biometrics market and alarm monitoring industry.''
Hutchison noted that Mr. Grecco has been recruited into a senior position
with a large multinational and that it is a good career move for him. ''While
Tom has chosen to return to the large corporate environment, we are pleased
that he will remain on our board. His experience in this field and insight
will prove beneficial to the company,'' said Hutchison. ''I look forward to
working with Tom in his new role as a director of this company.''
Hollingshead commented that Mytec's product trials and pilots are
confirming the quality, performance and enhanced security of our biometric
technology product line. ''Together with the strength of our alarm-monitoring
business, the company is well-poised for future growth,'' said Hollingshead.
About Mytec Technologies Inc.
Mytec Technologies Inc. (TSE:MYT) is headquartered in Toronto, Ontario
with distribution partners in various worldwide locations. Mytec specializes
in personal and corporate data security solutions using biometrics, and
develops both hardware and software applications. Mytec has also developed and
patented algorithms for secure key management using a biometric such as a
fingerprint. Through its wholly owned subsidiary, Counterforce, Mytec also
provides alarm monitoring services to more than 650 Independent Alarm Company
partners who sell, install and service security alarm systems. Visit our
website: mytec.com.
Mytec, Mytec Technologies Inc., the Mytec logo, Bioscrypt, Touchstone,
and Biometric Encryption are trademarks or registered trademarks of Mytec
Technologies Inc. in Canada and other countries. All other brand or product
names are or may be trademarks of, and are used to identify products or
services of, their respective owners.
-0- 09/22/98 |
