SITO Mobile Names Interim CFO Lawrence Firestone
March 16 2017 - 9:00AM
Today, SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement
platform, announced that it has named Lawrence Firestone as
Interim CFO.
Mr. Firestone has held numerous executive positions at both
public and private companies. His experience includes over a decade
of public company CFO experience with large technology
companies. For more background, please reference SITO
Mobile’s website for Mr. Firestone’s biography. Kurt Streams has
resigned as CFO.
Following the resignation of former CEO Gerard Hug, the Audit
Committee of the Board of Directors engaged an independent law firm
and an accounting consulting firm to conduct an inquiry into the
use of the company's charge and debit cards, as well as certain
cash withdrawals. The ongoing inquiry identified the
misappropriation of company funds by each of Streams and Hug.
The company is implementing changes and enhancements to its
controls and procedures with respect to these
matters.
The findings from this review relate to expense items that have
been recognized in the company’s financial statements.
“SITO Mobile’s Board of Directors takes a zero-tolerance
approach on these matters and took prompt and decisive action,”
said Rory O’Connell, SITO’s Interim CEO. “We look forward to
putting this process behind us while SITO Mobile’s highly capable
team focuses on the tremendous opportunities in location-based
mobile media.”
The company also reiterates its previously announced media
placement revenue expectation for the 4th quarter ended
December 31, 2016.
Based on sales activity thus far in Q1 2017, the company remains
confident that its Q1 Media Placement revenue will deliver strong
growth over last year’s Q1 Media Placement revenue.
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables
brands to increase awareness, loyalty, and ultimately sales. For
more information, visit www.sitomobile.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include, among others, sales
growth, , the possible need for additional capital as well as other
risks identified in our filings with the SEC. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future developments or otherwise.
RELATED LINKShttp://www.sitomobile.com
Contacts:
Investor Relations:
Joseph Wilkinson
SVP Investor Relations
Joseph.Wilkinson@sitomobile.com
Media Relations:
Alexandra Levy
Silicon Alley Media
alex@siliconalley-media.com
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