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| Cygnal Technologies appoints Jos Wintermans as CEO |
| Veteran CEO chosen to lead Cygnal |
| November 14, 2005 |
MARKHAM, ONTARIO, November 14, 2005 – Cygnal Technologies Corp. (TSX: CYN) today announced that its Board of Directors has appointed Jos J. Wintermans as Cygnal’s
President and Chief Executive Officer, and as a Director of the Company, effective November 15. Gerald Hurlow, who has served as Cygnal’s CEO since August, 2004, will continue to work as the Company’s Chairman.
“The time is right to hand over the reins to the CEO who will lead Cygnal over the long term,” said Gerald Hurlow. “I believe we have largely completed what I set out to accomplish five quarters ago, and that the Company is now headed in the right direction. We have adjusted White Radio’s business model to support more consistent and profitable growth. We have consolidated our operations into a single Network Solutions platform supported by quality personnel and information systems, and are completing the redevelopment of our operational processes in the central region, which we believe will lead to long term and significant productivity gains. At the end of September we secured new debt financing that is more appropriate for Cygnal’s needs.”
“Since I initiated discussions with Jos it became clear that he was the right person to lead this Company,” Mr. Hurlow added. “Our full Board shares my confidence in his abilities, and Jos has expressed his excitement about the opportunity. I look forward to working with him.”
Jos Wintermans has had a successful career as a top-level executive dating back more than two decades. Most recently he was CEO of a distribution services company, Sodisco-Howden Group, where his efforts contributed to a tripling of the stock price before the company was sold. Previously he led a successful turnaround as CEO of construction equipment manufacturer SKYJACK Inc. In 1998-99 Mr. Wintermans was CEO of Rogers Cable, where he presided over a program of organizational improvements and cost reductions. He worked at Canadian Tire from 1988-97, serving first as CEO of Canadian Tire Acceptance Ltd. (CTAL), and subsequently as Senior VP of Canadian Tire’s Diversified Businesses group, with responsibility for the CTAL, petroleum, and real estate & construction operations.
Jos Wintermans commented, “with much of the difficult restructuring work underway, I believe I can contribute to its full implementation. I believe Cygnal’s unique positioning as an independent, national communications integrator and distributor provides an ideal platform on which to build a true alternative in the Canadian marketplace with excellent growth opportunities.”
Mr. Wintermans and Mr. Hurlow will be participating in Cygnal’s Q3 2005 conference call today at 4:30 p.m. (EST).
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-looking statements, 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:
Gerald Hurlow
Chairman
Cygnal Technologies Corporation
905-944-6570
ghurlow@cygnal.ca
Jeff Codispodi
Investor Relations
The Equicom Group Inc.
416-815-0700 ext. 261
jcodispodi@equicomgroup.com |
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