Realignment of Xplore’s Strategic Framework On Track
June 22 2017 - 9:00AM
Xplore Technologies Corp. (NASDAQ:XPLR) today provided an update on
its continued strategic realignment. As part of that process, the
company filed a Form 8-K on June 21 announcing that Brian
Usher-Jones, an independent director, had notified the board of
directors that he intends to not stand for reelection at the next
annual meeting of the company’s stockholders. The nomination and
governance committee of the board is presently searching for
potential candidates to serve as an independent director in Mr.
Usher-Jones’ place.
“The strategic framework developed over the past year has driven
notable progress in our efforts to transition Xplore towards a
profitable, cash flow generating business,” said Philip Sassower,
chairman of the board. “To that end, we continue to improve both
our operations and corporate governance. In Fiscal 2017, we reduced
operating expenses 21% year-over-year, invested into new sales
teams and commenced a number of product refreshes. While progress
has been difficult at times, we are pleased to see early
indications of success. These include growth in orders from our
European business lines, continued success with major customer
accounts and more than $10 million in cash flow generated in the
last six months of Fiscal 2017. Our work is not done, and we remain
focused on maximizing Xplore’s business opportunities each quarter
to take full advantage of the operating leverage embedded in our
new operating model.”
“We thank Brian Usher-Jones for years of dedicated service to
Xplore and our stockholders, including crucial support through our
recapitalization, uplisting to the NASDAQ Stock Market and the
Motion asset acquisition,” said Sassower. “Brian’s retirement is a
continuation of the proactive director rotation initiative Xplore
embarked upon last fall, and will represent the third new
independent director to join our board in the span of just nine
months. We previously announced the appointment of Tom Pickens as
an independent director in November 2016, and Don Neville as an
independent director and chair of our audit committee in January
2017. We look forward to welcoming another new independent director
with experience and insights relevant to Xplore’s strategic
focus.”
Xplore also announced that its compensation committee had
commenced a comprehensive review of the company’s compensation
practices following the change in executive structure announced in
April, in which Mark Holleran was promoted to the role of chief
executive officer, formerly occupied by Mr. Sassower, in addition
to his position as president of the company. The review is ongoing
and recommendations of the compensation committee will be reviewed
by the full board upon completion of the process.
About Xplore TechnologiesXplore is The Rugged
Tablet Authority™, exclusively manufacturing powerful,
long-lasting, and customer-defined rugged tablet PCs since 1996.
Today, Xplore offers the broadest portfolio of genuinely rugged
tablets – and the most complete lineup of rugged tablet accessories
– on Earth. Its mobility solutions are purpose-built for the
energy, utilities, telecommunications, military and defense,
manufacturing, distribution, public safety, healthcare, government,
and field service sectors. The company’s award-winning
military-grade computers are also among the most powerful and
longest lasting in their class, built to withstand nearly any
hazardous condition or environmental extreme for years without
fail. Visit www.xploretech.com for more information
on how Xplore and its global channel partners engineer complete
mobility solutions to meet specialized workflow demands. Follow us
on Twitter, Facebook, LinkedIn,
and YouTube.
Forward-Looking StatementsThis news release
contains forward-looking statements that involve risks and
uncertainties, which may cause actual results to differ materially
from the statements made. When used in this document, the words
“may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “expect” and similar expressions are
intended to identify forward-looking statements. Such statements
reflect Xplore’s current views with respect to future events and
are subject to such risks and uncertainties. Many factors could
cause actual results to differ materially from the statements made
including those factors detailed from time to time in filings made
by Xplore with securities regulatory authorities. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated or expected. Xplore does
not intend and does not assume any obligation to update these
forward-looking statements.
Xplore Contact Information:
Tom Wilkinson, Chief Financial Officer
Phone: (512) 637-1162
Email: twilkinson@xploretech.com
Matt Kreps, Darrow Associates Investor Relations
Phone: (512) 696-6401
Email: xplr@darrowir.com
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