Novra Announces Board and Officer Changes

Rhea-AI Summary

Novra Technologies Inc. (TSXV: NVI) announced changes following the retirement of Peter J. Wintemute from its Board of Directors. Wintemute served as Director, Chair, and audit committee chair from June 20, 2003, until August 22, 2024. In response, the Board elected Harris Liontas as its new Chair. Additionally, Dr. Moe Barakat was appointed as a new Director effective September 1, 2024.

Dr. Barakat, an accomplished entrepreneur and business leader in wireless communication and information systems, brings extensive experience to Novra's Board. He previously held positions with Novra as its first President & CEO (2000-2001) and as a Director (2000-2006). The company expects his expertise to contribute significantly to their strategy of meeting customers' emerging needs through innovation and superior service.

Positive

• Appointment of experienced Dr. Moe Barakat as new Director, bringing expertise in wireless communication and information systems
• Continuity in leadership with Harris Liontas, current CEO, assuming the role of Board Chair

Negative

• Retirement of long-serving Board member Peter J. Wintemute, potentially losing valuable experience and insight

Winnipeg, Manitoba--(Newsfile Corp. - September 6, 2024) - Novra Technologies Inc. (TSXV: NVI) ("Novra" or the "Company") today announced changes following the retirement of Mr. Peter J. Wintemute from its Board of Directors.

Mr. Wintemute served as a Director on Novra's Board, as its Chair, and as chair of its audit committee, from June 20, 2003 until his retirement August 22, 2024. Harris Liontas, CEO, stated, "I would like to personally thank Peter for the expertise, insight and dedication he brought to our Board and to our organization as a whole. His positive impact has been felt both internally and by our shareholders. He has been instrumental in Novra's growth and strategic expansion - helping to build it into a global business providing technology, applications and services for distribution of broadband audio, video and data via satellite and IP networks. I am also extremely grateful for his probing questions, wise advice and good guidance over the years and I wish him very well in his retirement."

In response to Mr. Wintemute's retirement, Novra's Board has elected Mr. Liontas to serve as its new Chair. Ms. Patricia Gair has previously assumed the position of EVP, Business Operations for the Novra Group of companies, relinquishing her role as a corporate officer of Novra.

Novra is pleased to welcome Dr. Moe Barakat, B. Sc.E.E., M. Sc. E.E., Ph.D. as a new Director. He was appointed by the Board effective September 1, 2024, to fill the vacancy created by Mr. Wintemute's retirement. Dr. Barakat is an accomplished entrepreneur and business leader, who focuses on wireless communication and information systems. He was the co-founder and President of InfoMagnetics Technologies (IMT) from 1991 to 2000 and Chairman of its Board from 1991 to 2020, as well as the co-founder CEO of SpectraWorks Inc., and the chairman of IMT Communications Systems Inc. He has also held leadership, advisory and academic roles with other prestigious organizations, including National Research Council of Canada, TRLabs Inc., International Organization for Standardization (ISO), National Research Council of Canada, and University of Manitoba. Dr. Barakat also previously held positions with Novra as its first President & CEO (2000 - 2001) and a Director on Novra's Board from 2000 to 2006.

"We are thrilled to welcome Moe back to Novra's Board of Directors. He brings experience founding and growing multiple successful technology companies and expertise in areas directly applicable to our business. We look forward to his impact as we execute our strategy to meet customers' emerging needs through innovation, agility and superior customer service," stated Harris Liontas, CEO.

About Novra Technologies Inc.:

Novra (TSXV: NVI) (OTCQB: NVRVF) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra Technologies Inc, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications, including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.

For more information visit: www.novragroup.com

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, concerning but not limited to: our profitability outlook, the pending acquisition of Wegener, and anticipated developments in our operations in future periods. Forward-looking statements are generally identifiable by words such as "expect", "anticipate", "believe", "intend", "estimate", "predict", "outlook", "opportunity", "momentum", "potential", "targeted", "plans" "possible", "positive indication for", "look forward to", "getting ready to", "is starting to",and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. As such, forward-looking statements are not historical facts but reflect our current assumptions and expectations regarding future events. These are subject to a number of risk and uncertainties that could cause actual results or events to differ materially from current expectations and assumptions.

For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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CONTACT FOR NOVRA:

Harris Liontas
CEO
+1 204 989 4632
hliontas@novra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222553

FAQ

Who is the new Chair of Novra Technologies Inc. (TSXV: NVI) Board of Directors?

Harris Liontas, the current CEO of Novra Technologies Inc., has been elected as the new Chair of the Board of Directors following Peter J. Wintemute's retirement.

When did Dr. Moe Barakat join Novra Technologies Inc. (TSXV: NVI) as a new Director?

Dr. Moe Barakat was appointed as a new Director of Novra Technologies Inc. effective September 1, 2024, filling the vacancy created by Peter J. Wintemute's retirement.

What is Dr. Moe Barakat's background and how does it relate to Novra Technologies Inc. (TSXV: NVI)?

Dr. Moe Barakat is an accomplished entrepreneur and business leader in wireless communication and information systems. He previously served as Novra's first President & CEO from 2000 to 2001 and as a Director from 2000 to 2006, bringing relevant experience to his new role on the Board.

How long did Peter J. Wintemute serve on the Board of Novra Technologies Inc. (TSXV: NVI)?

Peter J. Wintemute served as a Director on Novra's Board, as its Chair, and as chair of its audit committee from June 20, 2003, until his retirement on August 22, 2024, a period of over 21 years.