JERSEY CITY, N.J., June 05, 2017 (GLOBE NEWSWIRE) -- SITO Mobile, Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today announced that the independent inspector of elections, which was appointed by the Company in connection with the previously-announced consent solicitation by Stephen D. Baksa, Thomas M. Candelaria and other participants, has certified written consents representing more than 57% of the Company’s outstanding shares to remove five of the six members of the Company’s Board of Directors, elect five new directors to the Company’s Board of Directors and amend and restate the Company’s Bylaws. Accordingly, effective immediately, Betsy Bernard, Richard O’Connell, Jonathan E. Sandelman, Lowell W. Robinson and Joseph Beatty have been removed from the Company’s Board. Brent Rosenthal, who will remain on the Board, will be joined on the Board by new directors Michael Durden, Itzhak Fisher, Thomas J. Pallack, Matthew Stecker and Thomas Thekkethala. The new directors will serve on the Board until the next annual meeting of shareholders, which, given their recent appointment, has been postponed until 2018.
In addition, Mr. Richard O’Connell and Mr. Lawrence Firestone, the Company’s Interim Chief Executive Officer and Interim Chief Financial Officer, respectively, will no longer serve as officers of the Company. They will be replaced immediately by Thomas J. Pallack, who will serve as Interim Chief Executive Officer, and Mark Del Priore, who will serve as Interim Chief Financial Officer. Mr. Pallack is the Co-Founder, Chief Executive Officer and Head of Sales of SBV Solutions?--Strategic Business Velocity, a software sales company. He brings to our Company more than 30 years of sales, operational, financial and business development experience with global technology software companies such as Oracle, Ariba, Consilium and NCA. The Board intends to evaluate candidates, including the interim executives, to fill the Chief Executive Officer and Chief Financial Officer roles on a permanent basis.
Speaking on behalf of SITO’s newly elected Board, Brent Rosenthal added, “I am looking forward to working with SITO’s new Board members. My fellow Board members and I share a common goal for SITO Mobile – to enhance value for all of the Company’s stakeholders, including its shareholders, employees and customers, by focusing on excellence throughout the organization. We also welcome Messrs. Pallack and Del Priore to SITO Mobile. We anticipate that their extensive experience in the mobile and marketing industries and deep connections to the industry will result in substantial revenue growth, improved product offerings and increased shareholder value. The new Board is prepared and excited to immediately begin working alongside SITO’s management team to put the Company on track for long-term value creation for all shareholders. The new Board wishes the departing directors and Messrs. O’Connell and Firestone well, and we thank them and their advisors for ensuring a smooth and seamless transition process that will allow us to immediately focus on the priorities at hand.”
Speaking on the Company’s potential, Thomas J. Pallack, the interim Chief Executive Officer said, “I am excited by the technology platform that SITO has developed. By focusing on larger customers and developing our data product offerings, I believe there is an opportunity to quickly grow SITO Mobile to be one of the premier companies in the Mobile Marketing space. We will be announcing several additions to the team in the coming weeks. Together, we plan to substantially grow shareholder value and realize this Company’s full potential.”
“I look forward to working with Tom and the board to improve SITO’s shareholder relations after this contentious period,” said SITO’s Interim Chief Financial Officer, Mark Del Priore. “I intend to establish the controls and financial rigor needed throughout the organization to protect shareholder interests and increase the value of their investment in our Company.”
Biographical information for the new members of the Company’s Board of Directors will be provided in a Current Report on Form 8-K, to be filed by the Company with the Securities and Exchange Commission.
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.
