TORONTO, Jan. 8, 2025
/PRNewswire/ - Quarterhill Inc. ("Quarterhill" or the
"Company") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of
tolling and enforcement solutions in the Intelligent Transportation
System ("ITS") industry, announces that Kyle Chriest, Chief Financial Officer ("CFO"),
is leaving the Company to pursue another employment
opportunity.
Mr. Chriest will remain with Quarterhill until the end of
January to ensure an orderly transition. The Company has engaged an
executive search firm to assist in recruiting a new CFO.
Morgan Demkey, VP Operations, has
been appointed Interim CFO while the Company conducts its CFO
search. Mr. Demkey joined Quarterhill in 2021 as Director of
Finance and transitioned into the VP Operations role in 2024. Prior
to that, Mr Demkey held a variety of progressively senior finance
roles in various organizations, including KPMG LLP. Mr. Demkey
holds both Chartered Professional Accountant (CPA) and Chartered
Accountant (CA) designations and has a Masters of Professional
Accounting degree from the University of
Saskatchewan.
"I'd like to thank Kyle for his leadership and valuable
contributions during a pivotal 18 months for the Company. We wish
him the best in his new role," said Chuck
Myers, CEO at Quarterhill. "In 2024, we made substantial
progress in turning around the Company - integrating our
businesses, divesting non-core assets, streamlining our cost
structure, and enhancing our technical capabilities. With this
transformation process nearly complete, we believe we are
well-positioned to capitalize on these achievements and drive
top-line growth and margin expansion in 2025 and beyond."
Mr. Chriest's departure is not due to any disagreement with the
Company or the board regarding its operating performance, financial
results, accounting principles, practices or financial statement
disclosures. The Company remains confident in its strategic
direction and financial health, with no changes to its outlook as
previously discussed during the Q3 earnings call on November 8, 2024. Quarterhill expects to report
its Q4 2024 results in mid-March
2025.
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement
solutions in the Intelligent Transportation System (ITS) industry.
Our goal is technology-driven global leadership in ITS, via organic
growth of our tolling and enforcement businesses, and by continuing
an acquisition-oriented investment strategy that capitalizes on
attractive growth opportunities within ITS and its adjacent
markets. Quarterhill is listed on the TSX under the symbol QTRH and
on the OTCQX Best Market under the symbol QTRHF. For more
information: www.quarterhill.com.
Forward-looking Information
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable
Canadian securities laws (collectively, "forward-looking
statements"), including, without limitation, statements regarding
the CFO transition, the Company's positioning for future growth and
success, and timing of release of its Q4 2024 results. Such
forward-looking statements relate to future events, conditions or
future financial performance of Quarterhill based on future
economic conditions and courses of action. All statements other
than statements of historical fact may be forward-looking
statements. Such forward-looking statements are often, but not
always, identified by the use of any words such as "seek",
"anticipate", "budget", "plan", "goal", "expect" and similar
expressions.
Forward-looking statements involve known and unknown risks,
assumptions, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. Material risk factors that could
cause actual results to differ materially from the forward-looking
statements contained in this news release include, among others,
demand and competition for CFO talent; demand for Quarterhill's
products and services; general economic and market conditions;
competition; risks relating to technological advances and
cyber-security; and other risks set forth in the Company's most
recent annual information form available on SEDAR+ at
www.sedarplus.ca. The Company believes the expectations reflected
in the forward-looking statements are reasonable, but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements included in this news release
should not be unduly relied upon. Material factors and
assumptions used to develop the forward-looking statements
contained in this news release include, among others: Quarterhill's
ability to attract talent and execute on its business plan; demand
for Quarterhill's products and services; operating assumptions; and
financial projections and cost estimates. Quarterhill has no
intention, and undertakes no obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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SOURCE Quarterhill