TORONTO, ON – August 27, 2018 – The Board of Directors of BSM Technologies Inc. (TSX: GPS) (“BSM” or the “Company”), a leading provider of real-time GPS fleet and asset management solutions, today announced the appointment of Mr. Louis De Jong, an executive with more than 20 years of experience in the technology and finance industries, as its President and Chief Executive Officer, effective immediately. Mr. De Jong has also been appointed to BSM’s Board of Directors.
Concurrently, Mr. Aly Rahemtulla resigned effective August 27, 2018, as BSM’s President and Chief Executive Officer and as a member of the Board of Directors, after over 10-years of service and contributions towards building BSM into a leading provider of real-time GPS fleet and asset management solutions.
“We are thankful for Aly’s passion and strategic guidance and our entire team wish him well in his future endeavors,” stated Mr. Andrew Gutman, Chairman of the Board. “The Board is extremely pleased to welcome Louis as our new President and CEO. He has demonstrated strong leadership, operational expertise and deep industry knowledge that will be instrumental in ensuring BSM continues to expand its position as a leader in fleet and asset management solutions.”
“I am honoured by the Board’s confidence in me and our leadership team,” said Mr. De Jong. “BSM has an incredible opportunity in a growing but rapidly changing industry. To realize our considerable potential, we must focus clearly, move faster and continue to transform. A big part of my mandate is to accelerate our ability to bring innovative products to our customers. I have the utmost confidence in the capabilities of our team and look forward to working closely with them to drive our success.”
Mr. De Jong first joined BSM as its Chief Financial Officer in 2014. As CFO, he had responsibility for providing the strategic direction and leadership for BSM’s finance and operations groups. Prior to joining BSM, Mr. De Jong’s previous roles included Managing Director at Jemekk Capital Management, Head of Canadian Equities at Credit Suisse, and Head of Institutional Sales at Sprott Securities. Mr. De Jong started his career as an accountant with PricewaterhouseCoopers LLP. Mr. De Jong holds a Bachelor’s degree in Economics from the University of Western Ontario and is a Chartered Professional Accountant (CPA, CA).
In addition, effective immediately, the Board of Directors has appointed Mr. Stephen De Bolster as the Company’s interim Chief Financial Officer. Mr. De Bolster first joined BSM’s finance department in 2014 and, most recently, served as its Vice-President – Finance. As Vice-President – Finance, he had responsibility for overseeing the Company’s finance department including financial reporting, financial planning and analysis and its general accounting operations. Prior to joining BSM, Mr. De Bolster’s was an accountant with PricewaterhouseCoopers LLP with a focus in public financial reporting and financial analysis. Mr. De Bolster holds a Bachelor’s degree in Management and Organizational Studies from King’s University College at the University of Western Ontario and is a Chartered Professional Accountant (CPA, CA).
About BSM Technologies:
BSM, through its subsidiaries, is a provider of GPS telematics and Internet of Things (IoT) asset management solutions. The Company offers a variety of product solutions to its customers including both hardware and software technologies. BSM’s product solutions provide, among other things, near real-time tracking and management of customer assets through BSM’s web-based platform. The Company’s product solutions extend beyond basic location tracking and encompass a host of solutions including: driver compliance, asset utilization metrics, real-time dynamic scheduling and routing, and enhanced data reporting capabilities. Customers use our product solutions to, among other things, enhance asset utilization, improve the security of their drivers and vehicles, improve customer service and lower business costs, thereby improving the overall efficiency of their operations. BSM’s common shares are publicly traded on the Toronto Stock Exchange (TSX: GPS).
For more information, please visit http://www.bsmtechnologies.com. The Toronto Stock Exchange has neither approved nor disapproved of of the information contained in this news release.
Cautionary Note Regarding Forward-Looking Statements:
This news release includes certain forward-looking statements or information under applicable Canadian, U.S. and other securities laws. Such forward-looking information and statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions. These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading “Risk Factors” in BSM’s most recent annual information form available at www.sedar.com. Forward-looking statements or information are based on estimates and opinions of the Company at the date the statements are made. Except as required by applicable law, BSM does not undertake any obligation to update forward-looking information. Readers should not place undue reliance on forward-looking information.
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