is pleased to announce the promotion of Claude Ricks to Chairman of the Board of Directors of SQI, replacing Eric Schneider as Chairman. Mr. Schneider will continue to serve as a Director on the Board and will continue to serve on the Audit and Special Committees and as Chair of the Compensation Committee.
Concurrent with Mr. Ricks’ promotion to Chairman, the Board of Directors is pleased to announce the promotion of Andrew Morris to Chief Executive Officer and President effective June 17th. Mr. Morris has served as the company’s Chief Financial Officer since 2004. Prior to this Mr. Morris was Vice President Mergers & Acquisitions leading the Life Sciences practice at Ernst & Young Corporate Finance advising private and public companies on a variety of business strategy and financial matters. Additionally, Andrew gained considerable transaction experience while working in senior corporate development and finance roles in high growth and start-up companies following experience gained in equity research at Scotia Capital and eight years conducting research in the area of human performance enhancement at the Defence and Civil Institute of Environmental Medicine. Andrew holds an Honours Bachelor of Science from the University of Western Ontario, a Master's of Science from the Faculty of Medicine at the University of Toronto, and a Master's of Business Administration degree from the Rotman School of Management at the University of Toronto.
“The Board is excited with the transition of our senior team and is pleased that Mr. Ricks will continue in this leadership role focusing on our ongoing business development initiatives including maintenance of senior client relationships and market development strategies” said Eric Schneider, current chairman of SQI’s Board of Directors. “On behalf of the Board, I am pleased to say that we are extremely happy with the contributions of both of Mr. Ricks and Mr. Morris to the emerging success of SQI. With these new executive roles we believe that we are a stronger company going forward”.
“I have been with SQI for over nine years, six years as CEO and have worked very closely with Mr. Morris over this period”, said Claude Ricks, CEO of SQI. “Over this time Andrew has made significant contributions to our development and emerging commercial success and he has been involved in every facet of the business, our strategy and the evolution of the business. As I transition from the Chief Executive role to the role of Chairman, I am excited to be able to continue to contribute to SQI’s commercialization and business development strategies. Given Andrew’s contributions to date, I and the rest of the Board have the greatest confidence in Andrew’s ability to lead SQI through our commercial transition”.
In conjunction with the executive changes, Patricia Lie, who has been SQI’s Controller since 2010, has been appointed Director, Finance and Administration. In this role, Patricia will assume greater responsibility for financial reporting, corporate finance matters and administration. Patricia is a Chartered Accountant and Chartered Financial Analyst, and prior to joining SQI was a Professor of Business (Accounting) at Sheridan College and held various roles at Toronto Dominion Bank Financial Group following five years at PwC, a Canadian public audit firm.
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that develops and commercializes proprietary technologies and products for advanced microarray diagnostics. The Company's proprietary microarray tests and fully-automated systems are designed to simplify protein and antibody testing workflow, increase throughput, reduce costs and provide excellent data quality. For more information, please visit www.sqidiagnostics.com.
Sales and Marketing ContactRuss Peloquin
Vice President, Global Commercial Operations
Investor Relations ContactAndrew Morris
Chief Executive Officer
416.674.9500 ext. 229
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "believe", "in the process", "benefits", "leading to", "possible" "is subject to" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to: the ability of our patents to adequately protect our rights or permit us to gain or keep any competitive advantage; our ability to market and sell our novel multiplexing technologies and detection platforms; our ability to maintain any technical or product advantages; our ability to continue to market and sell our products; potential supply problems or price fluctuations with sole source or other third-party suppliers on which SQI is dependent; SQI's ability to increase customer orders and manufacturing volumes; adverse changes in general economic conditions; impact of healthcare reform legislation; and, SQI's ability to raise additional funds in the future on acceptable terms or at all. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
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