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ComnetiX(TM) Inc Announces Changes in Management; Appoints New Board Member
ComnetiX(TM) Inc Announces Changes in Management; Appoints New Board Member.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Jan. 11 /CNW/ -- ComnetiX(TM) Inc\n(Toronto: CXI), a leading provider of biometric identification and\nauthentication solutions, announced today that its Chairman of the Board,\nBernard Crotty, will become the Company's Chief Executive Officer on or before\nJanuary 31, 2006. He will replace James P Scullion who has resigned to accept\nan offer to become CEO of a Nasdaq-traded, Silicon Valley-based technology\ncompany. Scullion will remain on the Board of ComnetiX and will work closely\nwith Crotty in an advisory capacity.\nCrotty has served as ComnetiX Chairman and a director since January 2004;\nhe is also Chairman of Certicom Corp, a TSX-listed company.\nThe Company also announced that the Company's Chief Financial Officer Tim\nZahavich has resigned, effective January 13, 2006, to return to a previous\nemployer as CFO. The Company has initiated a search for a new CFO and until\nthat position is filled, ComnetiX controller Javed Abbas will oversee\nday-to-day financial operations.\n\"The vision and strategic plan put in place by Jim is fully supported\nthroughout the Company and has established the foundation for our future\ngrowth,\" Crotty said. \"We are very fortunate that Jim will remain on our\nBoard and be a key advisor to the Company. I will also turn to Ed Escubedo,\nour founder, President and COO, and the management team put in place by Jim,\nto help me execute the strategic plan we have adopted.\"\n\"Thanks in large part to the work of Jim and Tim, the Company's\nfundamentals, and accounting practices are solid,\" Crotty added. \"Our market\nopportunity remains healthy as does our ability to compete in this dynamic\nindustry. We wish them the best as they pursue their respective\nopportunities.\"\nScullion stressed that leaving ComnetiX will be difficult, but an\nimportant consideration for him was to be closer to his California home. \"I\nhave the utmost confidence in the team we have assembled at ComnetiX. This\nwas not an easy decision for me as I believe wholeheartedly in ComnetiX, its\nproducts and its opportunities. I am convinced that the Company is well\npositioned as a market leader.\"\nIn addition, the Board announced that it has appointed former long-time\nMotorola Inc executive, Walter Davis, to the ComnetiX Board, replacing Gilles\nLamarre, who retired to spend more time with his family...