News & Events Info
Xenos Announces Senior Management Changes To Support Refocused Strategic Direction
TORONTO, Ontario, October 27, 2006 - Xenos Group Inc. (TSX: XNS), the data to e-content company, today announced senior management changes to support the company’s refocused strategic direction, enhance operating efficiency and plans to reduce or eliminate it’s cash burn in the current fiscal quarter. “Our immediate objective is a rapid return to profitability. We will achieve this by focusing on our core global markets and through the rollout of our archive migration/consolidation services offering in the rapidly evolving ECM marketplace. “Contributions to revenue are also anticipated from our partnership with Oracle and from our long term investment in the emerging market for our technologies in mainland China,’’ stated Stuart Butts, Chairman and CEO of Xenos.
“Jim Farmer, President and COO of Xenos has left the company to pursue other opportunities,” stated Mr. Butts, who has assumed the additional title of President Mr. Farmer was based in Xenos’ Dallas office. “We will significantly improve operating efficiencies by centralizing operational management and control of the corporation at our head office in Richmond Hill, Ontario.”
Paul Walker has been appointed Executive Vice President and COO. Paul has 11 years experience in the IT industry and has been with Xenos since 1999 in a variety of key management roles including product development, presales support and enterprise consulting. “A graduate of the University of Waterloo in mathematics and computer science, Paul’s technical background, proven management capability and direct customer-facing experience, makes Paul ideally suited for his new role,” said Mr. Butts.
Graham Barker has been appointed Chief Marketing Officer. With Xenos since 1994, Graham was most recently director of worldwide strategic alliances where he managed VARs and major ECM vendor relationships, most notably with Oracle, announced in June 2006. “Graham has a broad understanding of the market and our global customers, based on his wide-ranging experience at Xenos where he has been responsible for EMEA marketing, product marketing, international VAR partner development, North American sales and key account management,” stated Mr. Butts.
In addition to these changes, the company has aligned its expenditures with key strategic objectives. Among Xenos’ marketing priorities are a focus on vertical applications solutions in its core markets, archive consolidation in the ECM space, targeted web marketing, and analyst relations aimed at introducing “Transformation as a Service”™ for Global 2000 organizations implementing Services Oriented Architectures for their e-business applications environments.
Xenos recorded revenues of approximately CDN $3.3 million for Q4 FY2006 and approximately CDN $13.8 million for the 2006 fiscal year (unaudited). Financial results will be released mid-December at which time the company will host a conference call. These results will reflect a modest restructuring charge and may include a non-cash charge against intangible assets currently recorded on the balance sheet. The company’s cash position at September 30, 2006 was approximately $7.3 million (unaudited). The company reduced its marketing spend in Q4 of 2006.
Learn more about Xenos solutions on www.xenos.com/solutions
About Xenos
Xenos (TSX: XNS) is a leading global provider of a high-performance software solutions suite for real-time information capture, transform, transport and presentment that automate the processing and delivery of data and documents. Xenos solutions enable organizations to reduce costs and increase organizational efficiency, agility and accountability by streamlining and simplifying the transformation and repurposing of data and documents into actionable business information, without reengineering legacy applications.
Xenos solutions are embraced worldwide across a wide variety of industries including financial services, insurance, healthcare, telecommunications, manufacturing, logistics, transportation, retail and government sectors.
A majority of Xenos' customers are among the Fortune 1000 or Global 500 leaders. Xenos has offices in Canada, the United States, the United Kingdom and France and sells and supports its solutions through a global network of resellers and partners. Xenos trades on the Toronto Stock Exchange under the trading symbol 'XNS.'
Certain statements made in this press release are forward-looking within the meaning of certain securities laws. Such forward-looking statements are based on a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or developments in the Company’s business or its industry to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. The Company urges you not to place undue reliance on these estimates, opinions and projections. The Company assumes no obligation to update forward-looking statements if assumptions or these plans, estimates, opinions or projections should change.
For more information, www.xenos.com.
Editorial Contacts:
Graham Barker
Xenos Group Inc.
+1 905 763 5103
gbarker@xenos.com
Investor Relations Contact:
Cory Pala
Xenos Group, Inc.
+1-416-657-2400
cpala@xenos.com
Printable Version (PDF: 21 KB)
