SEATTLE, May 20, 2019 /PRNewswire/ -- DigitalTown (DGTW) welcomes new leadership with plans for a new direction for the company as Sam Ciacco and Kevin Wilson, both of whom served in senior finance roles as contractors at the company during 2018 and 2017, respectively, take to the helm. Effective May 1, 2019, Sam Ciacco comes in as CEO and Chairman, and Kevin Wilson steps in as CFO and Board Member, while Board Members Darv Habben and Jeff Mills resigned their positions. The initial focus is to ensure the company remains afloat and is SEC compliant, to clean up the balance sheet and to explore new avenues to guarantee continuity of business and profitability for shareholders.
New DigitalTown CEO Sam Ciacco is a respected industry professional with a proven track record of implementing structure and discipline – working in Canada, the US and the Middle East – with a focus on improving organizational culture. Sam is known for his ability to forensically audit financial and operational processes of companies, improve profitability and shareholder value. During his two-year tenure at DigitalTown, Sam acted as VP of Finance and Administration, making him the best person to instill confidence with the company's stakeholders and debtors, and help take DigitalTown to the next level.
DigitalTown CFO Kevin Wilson earned his undergraduate degree from Stanford, his MBA from UCLA, and his CPA while working at a Big Four accounting firm. A straightforward leader and communicator with a technology focus, Kevin brings almost four decades of finance leadership and entrepreneurial experiences from a wide variety of organizations including CFO for ICANN and initial CFO for Donuts helping to raise $100 million in capital which then grew to a $1 billion valuation prior to successful acquisition by a private equity firm.
Sam comments: "Our initial focus is to ensure the company remains viable and SEC compliant, which includes cleaning up the balance sheet. Once these tasks are completed, we can explore strategic opportunities to ensure business continuity, profitability, and sustained growth in shareholder value."
Kevin adds: "I'm enthused to re-join DigitalTown in a position to influence. DigitalTown has a great potential financial structure which is in need of a solid mission and business plan. I look forward to being a steward for that transformation."
Former Chairman, Darv Habben, comments: "We are grateful to Sam and Kevin for stepping in to help DigitalTown at a difficult time in its history. I'm sure that shareholders will greatly appreciate their efforts to get the company back on the right track with a healthy balance sheet and profitability. Sam and Kevin's plans, I'm sure, are achievable and will return the company to a condition of thriving rather than surviving. I wish them much success."
DigitalTown CEO, Sam Ciacco, concludes: "It's no easy task cleaning up such a situation. We know there are many people expecting answers from DigitalTown. The cleanup exercise is a lengthy process, and we ask stakeholders to bear with us as we communicate updates in due course. We thank everyone for their patience and support."
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DigitalTown, Inc. (DGTW) Founded in 1982, DigitalTown has serviced different sectors from sports to consumer. Up to December 2018, DigitalTown operated at the intersection of FinTech, Smart Cities and Blockchain by providing a Platform as a Service (PaaS) that places people at the heart of Smart Cities.
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