SiGEM, a provider of telematics solutions for global markets, on Aug. 16 announced changes to its senior executive team, "aimed at taking the company to the next level of growth and profitability," according to a company statement.
has been appointed president and chief operating officer of
the company, reporting directly to the Board of Directors, effective upon approval by Citizenship and Immigration Canada. He will be responsible for day-to-day operations and SiGEM's growth strategy. Bennett, currently a
cirector of SiGEM and managing director of SiGEM's UK operations, brings a track record of creating a successful, profitable and growing business in Europe and is tasked to define and implement a clear strategy for profitable
growth, according to SiGEM.
He is one of the founders of Auriga Communications, the U.K.'s leading provider of taxi fleet management systems, which was acquired by SiGEM in early 2001. Prior to founding Auriga, Bennett was the U.K. sales manager for Maxon Europe. He has extensive experience in sales, marketing, and finance, and holds an honours Bachelor of Science degree.
remains chief executive officer, with particular responsibility for large strategic account management and M&A activity. Woods has served as president and CEO of SiGEM since early 2000.
"These are significant changes that we expect will have a very positive effect on SiGEM," said Denis Colbourne, SiGEM's chairman. "By making an adjustment of this magnitude, we are sending a clear signal that SiGEM is moving into a new era of strategic growth and improvement. The market opportunity before us is large and growing, and SiGEM has the technology and the desire to exploit it. The Board is very confident that with this new
team in place, we can stimulate the kind of operational and strategic enhancements necessary to build short and long-term share values."
"It's clear that to get to the next level, SiGEM needs this kind of executive management reinforcement," Woods said. "A broader, deeper
management team will help us to unlock the remarkable growth prospects before us in the global telematics market. This is a natural evolution of our company and one that should be greeted with enthusiasm by all of our stakeholders."
"We have a number of pressing short objectives, including adding profitable new growth and achieving operating profitability," Bennett said. "These will be my top priorities this fall. As well, I will focus on maximizing our
global sales efforts and the exciting new partnerships we've secured in telematics. We are moving forward aggressively with a game plan I believe shareholders will find very appealing."
SiGEM Reaches Agreement with Original Auriga Owners
In other news, SiGEM has agreed with the original owners of Auriga Communications, acquired in January 2001, to eliminate the price protection mechanism accompanying its acquisition.
Using a floor price of $2.25 per SiGEM share, well above the present market price, 1,750,000 new SiGEM common shares will be issued immediately to the original owners, and no further adjustment or dilution will apply.
In addition, the 2,250,000 common shares issued to Auriga's owners as part of the original purchase are being released from escrow but remain subject to an informal trading agreement.
"This is an excellent solution that helps to put to rest an issue that we believe has constrained SiGEM's share values over the past few months," Bennett said. "Now fully assimilated within SiGEM, Auriga holds the number one position in the UK market for taxi fleet management systems. It has also proven to be a tremendous asset as SiGEM expands into the growing European telematics market."
) is a force in the emerging telematics market, with an installed base of more than 165,000 units and 20 years' experience in location-based fleet management.
Headquartered in Ottawa, Canada, with operations in the US and the UK, SiGEM develops and markets the ePiNG family of hardware, software and services for a variety of wireless
SiGEM works with some of the industry's key
players, including Cellemetry, Bell Mobility, WirelessCar, Tyco Electronics and STMicroelectronics, to assemble highly integrated and uniquely versatile solutions for specific customer requirements.
As wireless equipment and location-based services become standard in cars, trucks, heavy equipment, and other vehicles, SiGEM says its mission is to provide the most widely used and
feature-rich telematics platform.