Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : MYT - Mytec Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Investor 007 who wrote (1104)	9/22/1998 4:52:00 PM
From: Ian A.	Read Replies (1) \| Respond to of 1535

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

To: Investor 007 who wrote (1104)	9/23/1998 2:57:00 PM
From: Glen Abbey	Read Replies (2) \| Respond to of 1535

Thanks double oh! By complementary, I mean in a related technology business that is not biometric based. For example, network security consulting or implementation type. Mytec has many needs on the route to success. An ongoing revenue stream is a key survival factor and an emphasis on Counterforce may be a good one. I don't know that business and some of you have been critical of the potential there. The other problem I see is that Counterforce does not target the same customers nor use the same distribution model as the biometric business. It is not a good transition strategy. I would prefer to see Mytec acquire another company that already sells to the banks and other biometric targets. The revenue base, customer relationships, and new management strength would be a great help to get through this period. PS have not digested the Grecco news yet... but multiple resignations in this industry often are a signal that a company is about to be acquired!