VANCOUVER, Nov. 2 /CNW/ - IP Applications Corp. (TSX-Venture: IPX)
("IP Applications" or the "Company"), a leading provider of outsourced
Internet solutions, today announced the resignation of Mark Sampson as
President and CEO of the Company. Mr. Sampson will continue as a member of the
Board of Directors.
"We thank Mark for his vision and commitment. He has played a key role in
the development of IP Applications, growing revenues from $3.8 million to an
annualized rate of $9 million and raising $5 million in new equity" said Kelly
Edmison, Chairman of IP Applications and President of Pender Financial Group,
a major shareholder of the Company. "At Pender, we see Mark as having the
special skills needed to turnaround and restructure situations like IP
Applications so we look forward to working with him on future deals."
The Board of IP Applications has appointed Neil McDonnell as Interim
President and CEO. Mr. McDonnell was previously the Chief Operating Officer of
MDSI Mobile Data Solutions Inc, a US$50 million enterprise software developer
of IP enabled mobile applications. Prior to MDSI, Neil was President and CEO
of Intrinsyc Software Inc., a TSX listed company providing Internet solutions
to Fortune 500 clients. Over his 20 year career, Mr. McDonnell has a
successful track record of rapidly growing businesses that generate profitable
revenues from e-commerce and Internet applications.
"We believe that IP Applications has an exciting future supported by
marquee clients such as AOL Canada and Sage Telecom and its recent acquisition
of major customer accounts from SourceNet Telecom and PacificNet," continued
Mr. Edmison. "We see the opportunity for continued revenue growth since the
Company is well positioned to serve the rapidly growing market for IP-based
products and services. We also expect that management will place an increased
emphasis on cash flow and profits as IP Applications moves forward."
About IP Applications
IP Applications enables its partners by offering branded IP services,
providing the applications, systems, and support necessary to run their
business. The combination of carrier-class facilities, mass provisioning
capabilities and dedicated technical and sales professionals makes IP
Applications a trusted strategic partner to Telecoms, Enterprises and BPL
providers throughout North America. The 24/7 multilingual help desk offers
clients and their subscribers a value-added complement to a wide variety of IP
products and services such as network monitoring and operational support
systems (OSS). www.ipapplications.com
Forward Looking Statements
This press release may contain forward-looking statements. Actual events
or results may differ materially from those described in the forward-looking
statements due to a number of risks and uncertainties. Forward-looking
statements are based on management's estimates, beliefs and opinions. The
company assumes no obligation to update forwardlooking statements.
The TSX Venture Exchange has not verified and does not accept
responsibility for the accuracy of this release.
Signed
"Kelly Edmison"
Chairman
