Posera Announces Resignation of Executive Chair and Appointment of Interim Chair
Toronto, ON – May 22, 2018 – Posera Ltd. (TSX:PAY) (“Posera” or the “Company”), a leading provider of hospitality software and payment solutions, announced that effective today, Mr. Loudon Owen resigned asExecutive Chair of Posera. Mr. Owen, as Posera’s former Chief Executive Officer and then Executive Chair,lead the review of the Company’s operations following the departure of the former Chief Executive Officer of the Company, and oversaw the implementation of an updated business plan for the Company thatincluded an internal reorganization of the Company’s business divisions to make them sustainable and profitable, the divestiture of non-core operations, securing capital for the Company, and pursuing other strategic opportunities. The Board of Directors wishes to thank Mr. Owen for his leadership and initiative in advancing the business interests of Posera.
Mr. Owen’s resignation will permit him to focus on the business of DLT Labs Inc., a global leader in data management solutions for enterprises, powered by blockchain. Mr. Owen is the Chairman, CEO and a shareholder of DLT Labs. In October 2017, Posera announced that it had established a joint venture with DLT Labs to deliver Blockchain technology into the hospitality POS and payments ecosystem. The parties continue to work together in furtherance of their business relationship and may also explore other strategic opportunities. In that regard, on May 9, 2018, Posera announced that it had established a credit facility to provide financial resources and liquidity to DLT Labs for the purpose of accelerating its development efforts while providing Posera with an opportunity to participate in DLT Labs’ initiatives.
The Company has entered into a Transition Services Agreement with a company controlled by Mr. Owen to ensure an orderly transfer of responsibility for execution of the Company’s business plan and various initiatives being evaluated by the Company.
In conjunction with Mr. Owen’s resignation, Mr. Edwin Nordholm has been appointed Interim Chair of Posera. Mr. Nordholm, currently an independent director of the Board of Posera, is a business lawyer with extensive experience in corporate finance, mergers and acquisitions transactions and corporate restructuring. Currently, Mr. Nordholm is an Executive Vice President of Anthem Sports & Entertainment Corp. and also serves as the President of Anthem Wrestling Exhibitions LLC. As such, Mr. Nordholm has both executive and advisory experience working with businesses in transition, rationalizing costs and developing creative solutions to financially challenging situations.
Posera has been a leading provider of hospitality technology for more than 30 years. It manages merchant transactions with consumers and facilitates all aspects of the payment transaction.
Posera’s full service solutions include: SecureTablePay®, an EMV compliant pay-at-the-table application;Maitre’D®, a point of sale system which offers a robust and comprehensive solution including hardware integration services, merchant staff training, system installation services, post-sale software and hardware customer support; and KDS, a Kitchen Display System that is now available as a standalone product.Posera’s solutions are deployed globally across the full spectrum of restaurants, from large chains andindependent table service restaurants to international quick service chains and its products have been translated into eight languages.
Posera Ltd.’s shares are traded on the Toronto Stock Exchange under the symbol “PAY”.
More information about Posera can be found on the Company’s website at www.posera.com or under the Company’s profile on SEDAR at www.sedar.com.
This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Posera’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks and Uncertainties” in the Annual InformationForm to be filed on March 28th, 2018 with the regulatory authorities. Posera assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless required by law.