April 03 2000
Vancouver, B.C.: Icron Systems Inc. (“Icron” or the “Company”) today outlined recent progress on personnel changes, financings and other operational developments.
Management Changes
Icron is pleased to announce the appointment of David S. Smith of Vancouver, B.C. as the Company’s Vice President of Sales and Marketing. Most recently Regional Vice President of Pitney Bowes Canada, Mr. Smith was previously Vice President of TTS Meridien Systems Inc. a Nortel subsidiary. Mr. Smith held a broad range of sales, marketing and finance positions at Nortel in both Canada and Europe. Mr. Smith holds a Bachelor of Science degree in Engineering from the University of New Brunswick and a Master of Business Administration from McGill University.
Dave’s proven track record in establishing sales and marketing teams, increasing sales and forging deals and alliances for multinational high tech companies represents a timely and strategic addition to Icron’s management organization” stated Dirk Schillebeeckx, Icron’s President and CEO.
David S. Smith replaces David Dunnison, former Vice President of Business Development at Icron who’s resignation is effective immediately. Mr. Smith’s prime responsibilities will include management of Icron’s alliance partnerships, the establishment of global channels to market and the expansion of the Company’s sales and marketing organization in Canada, the United States and Internationally.
I am excited at the prospect of joining Icron’s seasoned management team and leading the efforts in deploying ExtremeUSBTM, Icron’s innovative and enabling PC technology, to global markets. The breadth of applications that can use ExtremeUSBTM and the demonstrated market demand at such an early stage in the technology’s deployment suggest that Icron has a significant upside, particularly as USB becomes deployed in enterprise and industrial environments”, stated Smith.
For clarification, David G.M. Smith (no relation), continues to serve Icron in a corporate finance capacity.
Staff Expanded
The Company continues to expand its ExtremeUSBTM product development efforts through the addition of engineering staff and use of contractors. The Company’s internal and external engineering team now numbers eight, and is expected to grow significantly over the coming months.
$5.5 Million in Financings Completed since January 1, 2000
The closing of the $3.0 Million Special Warrants financing by Haywood Securities Inc. and Canaccord Capital Corporation announced on March 29, 2000 means that the Company has now completed a total of $5.5 Million in financings since January 1, 2000 through private placements and the exercise of warrants and options. An additional $1.0 Million to be raised by Short Form Offering through Canaccord Capital Corporation announced on March 27, 2000 will be made available on closing.
The Company is now debt free, has $4.0 Million cash and is poised to capitalize on its proprietary ExtremeUSBTM technology. The strong equity markets and the positive acceptance of Icron’s unique range extending USB technology allowed the Company to achieve short term financing goals quickly and efficiently for the benefit of our stockholders” stated Schillebeeckx.
Marketing and Sales
Icron continues to selectively broaden its ExtremeUSBTM Team alliance partners on a global basis to foster broader market acceptance of its ExtremeUSBTM technology. The Company is aggressively expanding staff to pursue global market, partner and channel opportunities for its USB extended range technologies and products.
Operations
As previously announced, the Company has commenced production of its USB Ranger products with contract manufacturer Ridgeway Research Corporation, of Kanata, Ontario. Icron will subcontract all manufacturing so that it is able to focus solely on the development and marketing of its ExtremeUSB technology. The Company is currently negotiating the lease of new facilities in a Vancouver area high technology business park and expects to move it’s offices by the end of May.
Icron Systems Inc. of Vancouver, BC has invented ExtremeUSBTM technology, a practical means of extending the range of USB connections from 15 feet (5 meters) to over 300 feet (100 meters). Icron has applied for patents covering its inventions and is integrating this technology into a series of products for PC users. Icron has established the ExtremeUSB™ Team of companies to increase the total market for USB products by enabling a broad set of new applications based on ExtremeUSB™. Icron is a publicly traded company and trades under the symbol ICM on the Canadian Venture Exchange.
Note: The company relies on litigation protection for “forward-looking” statements. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding production estimates and future plans and objectives of Icron – are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.