International Datacasting Corporation announces change in management
(23 February 2016) International Datacasting Corporation (IDC) today announces a change in management.
The Board has commenced a formal process to explore strategic alternatives with a view to enhancing shareholder value. Accordingly, IDC's Senior Management team including the Co-CEO's Chris Barrett and Steeve Huin, as well as the CFO, Steve Archambault, have voluntarily offered their resignations. The Board of Directors has accepted these resignations, with effective dates of February 22, 2016 for Co-CEOs Chris Barrett and Steeve Huin, and April 29, 2016 for Steve Archambault. Steve Archambault has agreed to serve as CFO and interim CEO during this transition period. Steeve Huin and Chris Barrett have also agreed to provide advisory consulting services to IDC following the resignation date.
Chairman of the Board, Chris Van Staveren, noted, "This management team has worked tirelessly and made personal sacrifices to try to make IDC successful; however, the commercial realities indicate that greater success can be achieved by joining forces with a larger company in the broadcast space." He added, "With these voluntary resignations, we believe IDC has the greatest chance of success in finding the right partner going forward, and is in the best interest of other stakeholders including IDC customers and employees."
David Smith, chair of the compensation committee, added, "I want to personally thank each of Mr. Huin, Archambault and Barrett for their efforts and professionalism in helping IDC during this transition."
Steve Archambault, Interim CEO and CFO, noted, "We are committed to achieving a positive outcome for IDC's employees, customers, and shareholders."
About International Datacasting Corporation
International Datacasting Corporation (TSX VENTURE: IDC) is a global technology provider for the world's premiere broadcasters in radio, television, data and digital cinema. IDC's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, VOD, and IPTV. IDC is headquartered in Ottawa, Canada.
(source: International Datacasting Corporation)
