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| Cygnal Technologies appoints new Chief Financial Officer |
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| October 10, 2007 |
MARKHAM, ONTARIO, October 10, 2007 – Cygnal Technologies Corporation (TSX:CYN), a leading Canadian provider of network communication solutions, today announced the appointment of Brian Pedlar to the position of Chief Financial Officer, effective immediately. Mr. Pedlar replaces James Shannon, Cygnal’s CFO since December 2005, who has resigned from the role to pursue opportunities closer to his home in the Niagara Region.
Brian Pedlar is a Chartered Accountant with both financial and operational experience in publicly traded companies. Following five years at Coopers & Lybrand (now PricewaterhouseCoopers), he worked at Imax Corporation (TSX:IMX; NASDAQ:IMAX) in a variety of roles culminating with Director of Planning. Mr. Pedlar joined Cedara Software Corp (TSX: CDE; NASDAQ: CDSW) in 2000 and was promoted to Chief Financial Officer in 2004. He contributed to a turnaround at Cedara which included an increase in market capitalization from $20 million to $450 million, organic revenue growth of 40%, and a successful merger with a US public company in 2005. Following the merger, Mr. Pedlar served for one year as President of Cedara Software with full responsibility for the operations of the business.
“We are pleased to add Brian to the Cygnal team. He is a seasoned executive who will be able to contribute immediately due to his knowledge of the technology sector, his public company background, and his experience in balance sheet restructurings,” said Jos Wintermans, Chairman and CEO of Cygnal. “I would also like to take this opportunity, on behalf of our Board, to thank James Shannon for his contributions over the past two years.”
About Cygnal
Cygnal Technologies Corporation is a leading Canadian provider of network communication solutions including the design, integration, installation, maintenance and management of wired and wireless solutions and 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 12 offices across Canada, including Vancouver, Edmonton, Calgary, Winnipeg, London, Burlington, Toronto, Ottawa, Montreal, Quebec City and Halifax. Cygnal common shares are listed on the Toronto Stock Exchange under the symbol CYN.
This news release contains forward-looking statements. Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “guidance”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cygnal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include, but are not limited to: factors relating to trends in the communications equipment and services industry, including (1) Cygnal’s ability to maintain and grow its revenues; (2) the opportunity for greater competition to build network infrastructure; (3) the trend toward building next generation core networks; (4) outsourcing by businesses of the design, build and maintenance of their network infrastructure; and (5) an increased demand for private broadband networks. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: Cygnal’s ability to meet its obligations under its debt facilities; full implementation of Cygnal’s cost reduction plan; Cygnal’s ability to compete and to adapt to technological development; the continuation of the Company’s relationships with its suppliers; Cygnal’s ability to recruit and retain qualified personnel; the continuation of positive economic and market conditions, and the ability of provisions in service agreements to limit exposure to potential claims. While Cygnal anticipates that subsequent events and developments may cause its views to change, Cygnal specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing Cygnal’s views as of any date subsequent to the date of this news release.
Although Cygnal has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not intended to represent a complete list of the factors that could affect Cygnal.
For further information, please contact:
Jos Wintermans
Chief Executive Officer
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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