SAN FRANCISCO, CALIFORNIA--(Marketwire -02/02/12)- Bitzio, Inc. ("Bitzio" or "the Company") (OTC.BB: BTZO.OB - News) today announced that William Schonbrun will succeed Gordon McDougall as Bitzio's President and Chief Executive Officer. Schonbrun was formerly Special Advisor to the CEO and will assume his new role effective immediately. Schonbrun has been a member of the Company's Board of Directors since August, 2011. McDougall will continue his leadership and support of Bitzio on the Board of Directors.
Schonbrun has over 20 years of executive leadership experience driving the start-up, growth and optimization of diverse businesses within the technology, management consulting and marketing industries. Prior to joining Bitzio, he was Executive VP of Global Client Development with Blast Radius, a 400+ person strategic interactive agency with offices across North America and Europe. Blast Radius is wholly owned by WPP, the world leader in marketing communications services with over 150,000 employees. Prior to Blast Radius, he was a key member of the leadership team at Delano Technology Corporation, an enterprise eMarketing software company. While there he helped grow revenue from $0 to $30 million within 2 years enabling Delano to conduct an IPO on Nasdaq in 2000 that reached a peak valuation of over $1.5 billion.
In his role as a Director of Bitzio, Schonbrun has been instrumental in Bitzio's early stage development; helping shape the vision for the Company and recommending key strategies for its development. Since November 1, 2011, Schonbrun has vastly expanded his involvement to include day-to-day operations, management and setting strategic direction for Bitzio as Special Advisor to the CEO. Bitzio's Board of Directors concluded that given his expert knowledge of the business, strong industry credentials and exceptional track record of successful growth, Schonbrun's leadership is in the best interests of the Company's shareholders, customers and employees.
"Bill contributes an unparalleled energy, creativity and drive to Bitzio, and I believe he is the best choice to lead Bitzio in the years ahead," stated McDougall. "He knows the Company like no one else, and we are all thrilled that he has agreed to take on the CEO position now that he has taken the time to review the opportunity, the team and their potential. I accepted the challenge of running the company last year and enjoyed it immensely. But I am very excited about this new stage of growth for Bitzio and being able to continue to influence the Company's success from my role on the Board."
McDougall's resignation as CEO caps a successful tenure at Bitzio. In a record year of growth with McDougall at the helm, Bitzio assembled a world-class management team, completed three major acquisitions and built a core technology backbone with unique and impressive product development. Having set aggressive acquisition strategies, key personnel and proprietary methodologies, Bitzio is now poised to accelerate its growth in the rapidly developing mobile applications industry.
"I am grateful for all that Gordon has done and look forward to the opportunity ahead," said Schonbrun. "The Board, including Gordon, has shown remarkable strength and patience as I took the time to review the business, research the opportunity and reach this decision. I am very excited about our exceptional team and the tremendous prospects for Bitzio in the mobile applications market. Stay tuned. This is really going to be something."
About Bitzio, Inc.
Bitzio's mission is to help mobile app developers get the full potential of their mobile apps by increasing consumer reach, conversion rates and bottom line profitability. Bitzio's strategic arsenal of methodologies and technologies allows mobile app developers to quickly develop, market and monetize their apps. The company aims to be responsible for the download of 1 Billion apps by 2014. For more information on the company, visit www.bitzio.com. To learn more about Bitzio, watch their new video.
Bitzio and Everyone Apps are trademarks of Bitzio, Inc. All other companies and products listed herein are trademarks or registered trademarks of their respective holders.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws, including statements relating to earnings expectations for the 4th quarter and the full fiscal year; The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by Bitzio in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that Bitzio believes are appropriate in the circumstances, including but not limited to general economic conditions, Bitzio's expectations regarding its business, strategy and prospects, and Bitzio's confidence in the cash flow generation of its business. Many factors could cause Bitzio's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; Bitzio's reliance on key personnel; Bitzio's ability to maintain and enhance its brand; and difficulties in forecasting Bitzio's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to Bitzio that may cause actual results to differ are set forth Bitzio's periodic filings with the U.S. Securities and Exchange Commission. (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on Bitzio's forward-looking statements. Bitzio has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.