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| Cygnal Technologies appoints new Chief Financial Officer |
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| Dec 16, 2005 |
MARKHAM, ONTARIO, Dec 16, 2005 – Cygnal Technologies Corporation (TSX: CYN) today announced the appointment of James Shannon, C.A., as Vice President Finance and Chief Financial Officer effective December 16, 2005. Michael Conway, a Cygnal Director who had been serving as CFO on an interim basis, will continue in an executive capacity in the short term to ensure a smooth transition.
“James is a seasoned business leader with a proven track record in financial management,” said Jos Wintermans, Cygnal’s President and Chief Executive Officer. “I have worked with James in the past and I am confident his leadership skills and financial abilities will greatly assist Cygnal as we continue to build momentum and pursue consistent profitability. I am pleased to welcome James and look forward to his strategic contributions to the growth of our Company.”
Mr. Wintermans continued, “I would also like to take this opportunity to thank Michael Conway for his tenure as Cygnal’s interim CFO during the past couple of months. He has played a significant role during this time of transition and I look forward to continuing to work with him.”
Mr. Shannon’s financial management career spans more than 20 years. Most recently, he served as Chief Financial Officer for Sodisco-Howden Group Inc., a leading distributor of hardware and home improvement products. His responsibilities extended to all aspects of financial and operational management. Throughout his three-year tenure, Mr. Shannon was instrumental in reducing the Company’s debt, improving sales and operational efficiency, and leading the Company’s turnaround to profitability.
Prior to joining Sodisco-Howden, Mr. Shannon served as Director of Trade Finance and Financial Planning for Skyjack Inc., following a senior role in the turnaround of a publicly-traded vitamin company.
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:
Jos Wintermans
President & CEO, Cygnal Technologies
Cygnal Technologies Corporation
905-944-6570
jwintermans@cygnal.ca
Jeff Codispodi
Investor Relations
The Equicom Group Inc.
416-815-0700 ext. 261
jcodispodi@equicomgroup.com
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