IBI Corporation Announces New Board DECEMBER 16, 1999
PORT PERRY, ONTARIO--
Gary A Fitchett CA, Chairman of the Board of Directors, announces that Lloyd Dove, James Glass, Leon Gouzoules, and Paul Mack have been added to the Board of IBI Corporation (IBIC:CDN)(the "Company").
These additions follow the resignations, announced on December 10, 1999, of Edward Lai, Selvin Lee, Donald Karn and David Meyers to provide for a new Board "to carry out its objectives and initiate new approaches for the success of IBI".
The restructuring is in accordance with Mr. Fitchett's strategic plan wherein the Board will be an effective and dynamic policy body, to ensure strong governance of the Company as stewards on behalf of the shareholders, and with a focused mandate to build shareholder value. The number was set as five in order to ensure a compact and closely-knit working group. In addition, the objective was to establish a Board of which the members have diverse and relevant backgrounds and experience, as well as broad geographical representation.
As well, an expanded Shareholder Advisory Committee with broadly-based representation is being established to serve as an important link for communications, input and feedback between the board and the very extensive shareholder base of the Company. Membership on this group and its specific terms of reference are to be announced.
Lloyd Dove, BA, is a graduate of Lakehead University, with advanced studies at University of Western Ontario, University of Toronto, and Queens University. Mr. Dove is currently the Chief Operating Officer of FCS International, long-term care specialists, in Durham Region, Ontario. He has held a number of senior executive positions in the computer training and hospitality industries. His most significant contributions will be in the areas of strategic planning and financing.
James R Glass, P. Eng., of Vancouver, is a graduate in geology from McGill University. He is currently Chairman of Gresham Resources Inc., a junior oil and gas exploration and production company. Throughout his 40 year career, he has founded, managed and financed a number of junior public resource companies with both domestic and international operations. He brings to our Board considerable experience in resource management, financing and public company operations.
Leon Gouzoules, BSc (mathematics, McGill University) has spent 32 years in the publishing and distribution industry, and is currently vice-president and general manager of Firefly Books Ltd. of Toronto. Firefly has grown to be one of Canada's largest and most respected book publishers, earning many important industry awards and recognitions. He is also president of UFO Aleon Systems Inc., a leading edge computer consulting firm. In addition to his proven business acumen, Mr. Gouzoules is well known as a significant IBI shareholder and advocate.
Paul D Mack, BA, LL.B, LL.M. is a graduate of the University of Sydney (Australia), the University of Western Ontario law school, and Osgoode Hall law school, and is senior partner in the Oshawa, Ontario firm of Mack & Kisbee where he specializes in corporate and commercial law. Among his many outside interests and activities, he was recently chairman of the board of St Stephens University in New Brunswick, which has important connections with Uganda. In addition to his depth in legal and finance matters, he will serve as the Company's corporate secretary.
Consistent with good governance practice, and in accordance with the recommendations of the recent TSE study, "Where were the directors? Guidelines for Improved Corporate Governance in Canada", Fitchett is pleased to advise that Messrs Dove, Glass, Gouzoules and Mack are all unrelated/ independent directors of the Company.
Specific functioning and committees of the Board will be announced at a later date.
Fitchett stated that he is "confident that the diverse strength of the new Board will create many synergies and will be focused on building a strong and successful future for the NEW IBI". Fitchett invites all IBI shareholders and stakeholders to visit its new web site at www.thenewibi.com for further biographical details of the new directors.
The Company has 200,720,169 common shares issued and outstanding.
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FOR FURTHER INFORMATION PLEASE CONTACT :
Gary A. Fitchett CA, President & CEO
or
Adrienne Shillinglaw, Investor Relations
(416) 367-3274
(905) 985-1249
email: ibicorp@think.iprimus.ca
http:// www.thenewibi.com
INDUSTRY: MNG
SUBJECT: NWS |
