EDMONTON, ALBERTA--(Marketwired - Feb. 3, 2016) - Titan Logix Corp. (TSX VENTURE:TLA) ("Titan" or the "Company"), a high technology company specializing in advanced technology fluid management solutions, is pleased to announce that Douglas Carruthers has been appointed to the position of Chief Executive Officer for a two-year term running until January 31, 2018, which may be extended by the Company's Board of Directors for an additional one year. In addition, Mr. Carruthers has been appointed as a director of the Company. Greg McGillis, the former CEO, will continue as President and a member of the board of directors, and assumes the additional role of Chief Technology Officer. Angela Schultz will continue in her role as Chief Financial Officer.
In connection with the appointment of Mr. Carruthers to the board, the directors have granted him 100,000 immediately vested options under the Company's stock option plan with a five-year term and an exercise price of $0.57, being the closing price of the shares on the day immediately prior to date of the grant. In addition, pursuant to the terms of Mr. Carruthers' employment agreement, the board has granted him 275,000 options with a five-year term and an exercise price of $0.57, which options are all subject to vesting based on the achievement of certain predetermined performance criteria.
"The Company is extremely pleased with the appointment of Douglas Carruthers as CEO and as a member of the board of directors," said Charles Buehler, Chairman. "I had the pleasure of working with Douglas for over twenty years, and know his excellent people management and strategic planning capabilities well. We are also very pleased that Greg McGillis will continue to benefit the Company with his extensive technology, market and customer knowledge, in the role of President and Chief Technology Officer, as well as a director."
Mr. Carruthers began an ongoing consulting engagement with Titan management in October last year during Titan's strategic planning exercises. He has a thorough understanding of Titan's prospects and challenges. Douglas has over forty years of management experience with complex business models. He is a skillful planner, communicator and team motivator. During his career he has held various senior executive positions in public companies and sat on two public company boards. He also worked as sales manager of a large Canadian trading organization, a credit risk analyst with one of the major banks and a business analyst with a venture capital firm.
"I have appreciated working with Douglas over the last four months," said Mr. McGillis. "He has demonstrated a keen understanding of the intricacies of operating and growing a public company. I look forward to his leadership through this difficult time, and to my opportunity to use my talents and experience more directly to help our team sell our products and bring new products to market."
"I am energized by the challenge confronting Titan in this post-apocalypse crude oil market," said Mr. Carruthers. "My consultations since last fall with Greg, Angela and the rest of the Titan Team have been professional and productive. The team is experienced, resilient, and motivated. Titan's foundations are solid."
"And of course," Mr. Carruthers concluded, "I am excited to once again collaborate with Charles to develop and implement a progressive and rewarding business entity."
About Titan Logix Corp.:
Founded in 1979, Titan Logix Corp. ("Titan" or "the Company") is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company's products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, and communication systems for remote alarming and control. Our products are currently used in the oil and gas, waste fluid collection, chemical and aviation industries. These technologies and their derivatives under development are applicable to a variety of additional markets which Titan plans to expand into at the appropriate time. A common practice in many of these markets is the use of manual methods for measurement and control. Our advanced technology products are in demand by our customers due to safety considerations, the cost of managing their fluids, awareness and concerns about the environment, and technological advancements enabling better operational efficiencies. We anticipate this demand will be present as we pursue expansion into other markets.
Titan's products are part of a complete asset management solution. The full solution consists of Titan's products integrated with best-in-class third party solutions to enable our complete fluid management throughout each stage of their fluid handling processes. This is captured by our slogan "Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office"™.
- In the Field: "In the Field" refers to Titan's solution offerings for storage tanks and process vessels.
- On the Road: "On the Road" refers to Titan's solution offerings for mobile tanker trucks and trailers.
- In the Office: "In the Office" refers to Titan's solution offerings that enable customers to monitor their fluid assets from the convenience of their dispatch center or other back office environment through a wired or wireless connection.
Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol TLA.
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.
Information in this press release that is not current or historical factual information may constitute forward looking information within the meaning of securities laws. Implicit in this information are assumptions regarding our future operational results. These assumptions, although considered reasonable by the company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual performance of the company is subject to a number of risks and uncertainties and could differ materially from what is currently expected as set out above. For more exhaustive information on these risks and uncertainties you should refer to our Management Discussion and Analysis in respect of the year ended August 31, 2015 which is available at www.sedar.com. Forward-looking information contained in this press release is based on our current estimates, expectations and projections, which we believe are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time, whether as a result of new information, future events or otherwise, except as required by applicable securities law.