ATLANTA, Jan. 11, 2017 (GLOBE NEWSWIRE) -- Numerex Corp (NASDAQ:NMRX), a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), today announced that its Board of Directors has terminated the employment of Marc Zionts as Chief Executive Officer (CEO). Mr. Zionts’ termination was not related to any Company accounting, internal controls, or financial reporting matter. Kenneth Gayron, the Chief Financial Officer, will assume the additional role of interim CEO working in close conjunction with the full Board while the Company conducts a search for a permanent CEO. In addition, Kelly Gay has agreed to join Numerex as its Chief Operating Officer and will work closely with Ken to manage the Company’s array of security and IoT solutions and diversified customer base.
“I am very pleased with the confidence the Board of Directors has exhibited in appointing me to this interim position,” stated Ken Gayron. “I believe that the Company’s operational and financial performance will significantly improve as we focus our resources on our key product lines of security, certain industrial IoT solutions, and our robust IoT network and application services. I look forward to working with Kelly and other members of our management team to execute our strategy with renewed energy and focus and to re-assert ourselves as a leader in the IoT space.”
The Company is expected to significantly improve its EBITDA performance over 2016 with estimates of adjusted EBITDA ranging from $8.5 million to $10 million. Revenue is anticipated to improve on a year-over-year basis, as well. The Company will provide an estimate of full year revenue expectations by its next scheduled results conference call.
Kelly Gay commented, “I am looking forward to returning to Numerex and working with Ken to rekindle the camaraderie, teamwork and drive for excellence that had placed us at the leading edge of the IoT industry for many years. I plan to hit the ground running and to reconnect with my former associates, customers, and strategic partners and to succeed in creating value for our customers through excellence in the delivery of our products and services.”
Ms. Gay’s previous experience includes operating Numerex’s security and judicial product lines as President of Security Solutions, and she contributed to several of the Company’s strategic initiatives. Kelly has also served as the CEO of two technology companies and as the vice president of a large industry group at IBM, as well as an array of top executive positions over her 25 plus year career. She is actively involved in several technology organizations throughout the USA.
About Numerex
Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating efficiencies for its customers. Numerex provides its technology and services through its integrated platforms, which are generally sold on a subscription basis. The Company offers a portfolio of managed end-to-end IoT solutions including smart devices, network connectivity and service applications capable of addressing the needs of a wide spectrum of vertical markets and industrial customers. The Company's mission is to empower enterprise operations with world-class, managed IoT solutions that are simple, innovative, scalable, and secure. Numerex is ISO 27001 information security-certified, highlighting the Company's focus on data security, service reliability and around-the-clock support of its customers. For additional information, please visit www.numerex.com.
