Quarterhill Appoints David Charron as Chief Financial Officer
- Appointment of experienced CFO with over 15 years of public company experience
- New CFO has strong M&A track record, having closed and integrated five acquisitions at Redknee
- Proven ability to secure significant financing, having completed $240 million in equity and credit financings
- Company reports being in final stages of its turnaround efforts after 18 months
- None.
Experienced public technology company CFO brings deep capital markets and M&A expertise to support Quarterhill's next growth phase
"We are pleased to welcome David to our leadership team at this pivotal moment in Quarterhill's evolution," said Chuck Myers, Chief Executive Officer at Quarterhill. "We have made important progress in our turnaround efforts over the past 18 months and are now in the late innings of this transformation. David's extensive public technology company experience, governance expertise, and proven M&A track record make him the ideal leader to help us execute on our next phase of growth."
Mr. Charron most recently served as CFO at Maropost Inc., a global private SaaS company. Prior to that, he spent three years as CFO of Tiny Ltd./WeCommerce Holdings Inc., a publicly traded technology holding company. His public company experience includes four years as CFO of Terago Networks Inc., during which time he also served as Interim CEO for six months, as well as at Redknee Solutions Inc., where he served as CFO and Corporate Secretary for eight years. At Redknee, Mr. Charron successfully closed and integrated five acquisitions, while completing
Mr. Charron currently serves as Board Director and Chair of the Audit Committee for NowVertical Group, a publicly traded AI-focused data services company. He holds a Chartered Director designation from The Directors College at McMaster University, is a Chartered Professional Accountant and Certified Management Accountant, and earned his MBA from McMaster University's DeGroote School of Business and Bachelor of Engineering (Electrical) from McMaster University.
Added Mr. Myers: "I'd also like to thank Morgan Demkey for his dedicated service as Interim CFO during this transition period. Morgan will return to his full-time role as Vice President of Operations for our Safety & Enforcement unit, where he has consistently delivered strong results."
About Quarterhill
Quarterhill is a leading provider of tolling, safety and enforcement, and logistics solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: www.quarterhill.com.
Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements relate to future events, conditions or future financial performance of Quarterhill based on future economic conditions and courses of action. All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of any words such as "seek", "anticipate", "budget", "plan", "goal", "expect" and similar expressions. Specifically, this news release contains forward-looking statements relating to, but not limited to: the Company's turnaround efforts and results thereof; and the success and impact of the Company's execution of its next phase of growth.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill's products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; force majeure risks; and other risks set forth in the Company's most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in the forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill's ability to execute on its business plan; demand for Quarterhill's products and services; operating assumptions; and financial projections and cost estimates. These foregoing lists are not exhaustive. Additional information on these and other factors which could affect the Company's operations or financial results are included in the Company's most recent annual information form and other public documents on file with the Canadian Securities regulatory authorities on www.sedarplus.ca.
The forward-looking statements represent the Company's views as at the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual events and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on any forward-looking statement. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
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SOURCE Quarterhill Inc.
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