Sylogist Announces Changes to Board of Directors
CALGARY, August 28, 2023 - Sylogist Ltd. is pleased to announce that Mr. Errol Olsen has been added as a director of the Company effective August 25, 2023.
Errol Olsen, upon his appointment: "I’m honoured to join the Sylogist Board at this very exciting time for the company and its investors. I'm looking forward to using my experience with SaaS companies in balancing fiscal stewardship and strategic innovation to further empower Sylogist on its profitable growth journey."
Mr. Olsen currently serves as Chief Operating Officer at Uncommon Purpose Ventures and was previously CFO of Absolute Software for over nine years. He brings more than 25 years of experience leading the finance and operations functions of companies ranging from start-ups to multinational corporations. Prior to leaving public practice, Errol was a manager in the audit and advisory services group at KPMG LLP, where he worked with a portfolio of private and public companies. Mr. Olsen holds a CPA, CA designation and a Bachelor of Business Administration from Simon Fraser University. He brings to Sylogist a broad experience in finance, strategy development, operations, technology, and governance. Mr. Olsen has been nominated as a director pursuant to the Nomination Agreement entered into between the Company and PenderFund Capital Management Ltd., its largest shareholder, on June 20, 2023. A copy of the Nomination Agreement is available under the Company’s profile on SEDAR+.
Sylogist also announces that Ms. Janice Anderson has resigned as a director of the Company. The Company’s management and its directors thank Ms. Anderson for her service and wish her the best in her future endeavours.
Upon his appointment to Sylogist’s board of directors, Mr. Olsen has been appointed as an additional member of the Audit Committee, and effective as of August 25, 2023, the committees of the board of directors are constituted as follows:
Audit Committee: Taylor Gray, Barry Foster, Errol Olsen
Nominating and Governance Committee: Barry Foster, Ian McKinnon, Taylor Gray
Compensation Committee: Craig O’Neill, Ian McKinnon, Taylor Gray
Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sylogist.com.
Certain statements in this news release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements typically use words such as expect, believe, estimate, project, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. Forward-looking information in this news release includes statements made, if any, with respect to the “profitable growth journey of the Company”. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the beliefs and plans and other forward-looking expectations expressed herein will not be achieved or will prove inaccurate. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including its inability to attract key employees or enlist customer support, its inability to develop innovative technology, its inability to find opportunities to deploy free cash flow, impacts of public health crises (including the COVID-19 pandemic), and economic turmoil. Additional information regarding some of these risks, uncertainties and other factors may be found in the Company’s Annual Information Form for the fiscal period ended December 31, 2022, and in the Management’s Discussion and Analysis for the quarters ended March 31, 2023, and June 30, 2023, and other documents available on the Company’s profile at www.sedarplus.ca. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include Sylogist’s ability to attract and retain employees and customers and to realize on its investments, the ability to expand technology partner and customer relationships and the acceleration of organic and inorganic growth. Although Sylogist believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
For further information contact:
Sujeet Kini, Chief Financial Officer