Invesprint Chairman, CEO Steps Down, Wong to Take CEO Position
Press release from the issuing company
The Board of Directors of Invesprint announced today that Leland D. Verner has resigned as Chairman, Chief Executive Officer and a Director of Invesprint. Mr. Verner has advised the board he will pursue personal interests. Mr. Verner, indirectly through a family trust, continues to own approximately 30% of the outstanding shares of Invesprint.
The Board has maintained continuity of leadership by appointing the current President and Chief Operating Officer, Dr. Tony Wong as interim Chief Executive Officer. It was also announced that current board member the Honourable Bob Rae, now assumes the responsibility of Chairman, and that Harvey Naglie and Duncan McEwan have been appointed to the Board. All appointments were made during a meeting of the board in Toronto today where Mr. Verner's resignation was also accepted.
"The Board of Directors is pleased that leadership of Invesprint rests with someone that has such a long standing history with the Company's operations,'' said Mr. Rae. "Tony assumes interim chief executive responsibility at a time when the company is well positioned to maximize shareholder value.''
Dr. Wong remains the President of Jonergin, a major division of Invesprint where he has worked for the past 19 years, and Chairman of wholly-owned Jonergin Inc., of Napa, California.
New board member Harvey Naglie is currently President and Chief Executive Officer of Financial Executives International Canada. An experienced professional, Mr. Naglie has held increasingly senior positions in financial institutions over the past 25 years. Duncan McEwan, also a new board member, is currently President and Chief Executive Officer at Northpoint Canada Communications. Mr. McEwan has extensive experience in the satellite, telecommunications and broadcasting sectors.
"The business acumen of Harvey and Duncan is highly regarded by the Board of Invesprint,'' said Mr. Rae. "The Company and its shareholders will undoubtedly benefit from the individual strengths they bring to the table.''
Invesprint has a strong balance sheet having reduced its debt by $40 million in the past year through the sale of assets. All four of its operating divisions are profitable. Strategic investments in key markets have been undertaken, including a significant investment in Jonergin Pacific, Inc. of Napa, California. This investment has made the Company's combined label operations more visible and more profitable.
The Board of Directors remains committed to a process of exploring the Company's strategic alternatives in order to maximize shareholder value. Mr. Verner has advised the Board that he fully supports this objective.
Invesprint is in the business of visual product identification and decoration. Through three divisions with five manufacturing facilities across North America, the Company manufactures prime labels and specialty packaging for many major corporations.
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