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| Cygnal Technologies Announces Management Change |
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| October 3, 2005 |
MARKHAM, ONTARIO, October 3, 2005 – Cygnal Technologies Corporation (TSX: CYN) today announced that David J. Horsley, who has served as the Company’s Senior Vice President and Chief Financial Officer since September 2003, has resigned his position effective October 14 to pursue a similar role at another TSX-listed corporation.
Cygnal is pleased to announce that Michael Conway will begin working with the Company in a transitional role October 3, and will assume the role of Chief Financial Officer on an interim basis beginning October 14. Mr. Conway, who has served as a Cygnal Director and the Chair of its Audit Committee since June 2004, will resign his position on Cygnal’s Audit Committee but will remain a member of the Board of Directors.
Mr. Conway is a Chartered Accountant with over 25 years of experience in financial operations and management. Most recently he was Senior Vice-President and CFO of Psion Teklogix Inc., a global provider of solutions for mobile computing and wireless data collection. His previous roles have included Vice President Finance with Call-Net Enterprises / Sprint Canada, Vice-President and Corporate Controller with BCE Inc., and Vice President and Chief Accountant with Royal Bank of Canada. Mr. Conway is also the Immediate Past President, Toronto of Financial Executives International.
“We thank David for his contributions and wish him continued success,” said Gerry Hurlow, Chairman and CEO of Cygnal. “David oversaw a number of key financings and acquisitions, as well as the legal reorganization of several acquired entities into a unified Cygnal Network Solutions platform and the implementation of a company-wide ERP system.”
Mr. Hurlow added: “Michael’s extensive financial experience and knowledge of Cygnal’s operations should ensure a very smooth transition. His strengths on the operational side will be invaluable as we pursue a cost reduction program designed to restore Cygnal to consistent profitability.”
About Cygnal
Cygnal Technologies Corporation is a leading Canadian provider of network communication solutions including the design, installation, maintenance and management of wired and wireless communication networks. The Company offers a full range of technologies and solutions for service providers and enterprise customers. Cygnal has expertise in voice, video and data solutions over traditional and next generation converged technologies.
Cygnal Technologies Corporation is headquartered in Markham, Ontario and supports end-user customers and business partners through 14 offices across Canada, including Vancouver, Edmonton, Calgary, Winnipeg, London, Burlington, Brampton, Toronto, Sudbury, Ottawa, Montreal, Quebec City and Halifax. Cygnal common shares are listed on the Toronto Stock Exchange under the symbol CYN.
No stock exchange or regulatory authority has approved or disapproved of information contained herein. Certain information included in this news release is forward-looking and is subject to important risks and uncertainties. When used in this news release, the words "believe", "intend", "estimate",
"expect", "plan" and similar expressions are intended to identify forward-lookingstatements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things, the impact of price and product competition, the ability of the Corporation to make acquisitions and/or integrate the operations and technologies of acquired businesses in an effective manner, general industry and market conditions and growth rates, the impact of consolidations in the telecommunications industry and stock market volatility. For additional information with respect to certain of these and other factors, see the reports filed by Cygnal Technologies with applicable Canadian securities administrators. Cygnal Technologies disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Gerry Hurlow
Chairman and Chief Executive Officer
Cygnal Technologies Corporation
905-944-6500
ghurlow@cygnal.ca
Jeff Codispodi
Investor Relations
The Equicom Group Inc.
416-815-0700 ext. 261
jcodispodi@equicomgroup.com
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