PITT MEADOWS, BRITISH COLUMBIA--(Marketwire - April 16, 2012) - Tranzeo Wireless Technologies Inc. (TSX VENTURE:TZT.V - News) ("Tranzeo" or the "Company") announces it has appointed Mike Mannella as Chief Executive Officer effective immediately. Mr. Mannella's appointment follows the initiation by the Company's board of directors (the "Board") of a strategic review of the Company's priorities and objectives. Mike joined the Company 3 months ago as Chief Financial Officer and is viewed by the Board as being integral to this strategic review process. The Board plans to continue the strategic review process with a detailed examination of the Company's business strategies, cost structures and financing alternatives. As a Chartered Accountant and former Partner in the Advisory Services practice of one of the 'big four' professional services accounting firms, Mike brings significant experience in strategic thinking and cost management and the Board is confident in his ability to effectively lead the Company in the next stage of its growth. Patrick Smith, Chairman, will take on interim Chief Financial Officer responsibilities.
The former CEO, Mr. Jim Tocher, has resigned for personal reasons and will be available to the Company on a consulting basis as required. Jim was the founder of Tranzeo Wireless and his tireless efforts were critical to the Company's early success. The Company thanks Jim for his leadership and wishes him well in his future endeavours.
Tranzeo Wireless Technologies Inc. (TSX VENTURE:TZT.V - News) leads the wireless broadband industry as a premier manufacturer of high-performance wireless network equipment that allows communities and businesses to communicate without boundaries. Tranzeo's full spectrum of point-to-point and point-to-multipoint radios, WiMAX equipment, and mesh network solutions are designed for wireless internet service providers, governments, campuses, military, carriers, enterprise customers, and systems integrators around the globe. Headquartered in British Columbia, Canada, Tranzeo also has an office in San Diego, California. Visit www.tranzeo.com or phone 1.866.872.6936 for more information.
Forward Looking Information
This news release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tranzeo to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the Company's expectation with respect to applying to the applicable securities regulatory authorities for a management cease trade order, the expected time for filing of the Company's Required Documents and the imposition of a cease trade order by applicable securities regulatory authorities. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances.
The forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in Tranzeo's filings with Canadian provincial securities regulators. Also, with respect to the statements regarding the expected filing of the Required Documents, such statements are subject to the risk that the remediation steps may take longer than expected.
Tranzeo cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and Tranzeo does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
Tranzeo and the Tranzeo logo are registered trademarks of Tranzeo Wireless Technologies Inc.