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BCS Global Networks adds senior sales representatives, grants options, reprices warrants29 January 2005
BCS Global Networks announced today that it has bolstered its sales capabilities and international presence by entering into consulting services agreements with Messrs. Joe McQuaid, Henry Jaffe and Graham Spicer.
Mr. McQuaid has been appointed BCS's Vice-President of U.S. Sales. He has more than three decades of experience in sales to the global telecom industry, having held senior positions at Focal Communications, Lynx Technologies/Angstrom Networks, Primus Communications, and France Telecom/Global One.
Mr. Jaffe will serve as Vice-President of Sales in Canada. Mr. Jaffe is a professional engineer with expertise in strategic sales, marketing and business development. He has more than 25 years of experience with telecom network, services and solutions companies, including Strategic Relationships Solutions Inc., Digital Fairway Corporation, Newbridge Networks, and Mitel Semiconductor.
Mr. Spicer's background and position will be disclosed in a forthcoming news release.
"I am very pleased to add such experienced talent to the BCS team," said Piero Romani, President and CEO of BCS Global Networks. "As we continue our aggressive sales and marketing activities, we believe that these industry veterans will generate significant opportunities for us in the North American and global marketplace."
BCS has granted incentive stock options entitling consultants to acquire up to 550,000 common shares in the capital of the Company at a price of $0.10 per share. The options will be subject to standard vesting provisions contained in the Company's stock option plan.
BCS also announced that it has agreed to reprice 1,811,082 warrants issued in conjunction with the private placement completed on November 13, 2003 from $0.58 to $0.10. The repricing is subject to the approval of the TSX Venture Exchange. The warrants expire on May 13, 2005.
Finally, BCS announced that it has completed the conversion of all convertible debentures issued on July 30, 2004 in the principal amount of $697,000. The debentures were converted at a deemed price of $0.10 per share into 6,970,000 common shares and in addition, a majority of the debentureholders agreed to convert all accrued interest into common shares such that the Company has issued a further 249,268 shares for a total of 7,219,268 shares. Accordingly, the Company now has 38,063,886 shares issued and outstanding. As a result of the conversion of the convertible debentures, the Company has reduced its debt by $721,987 and all of its assets have been released from the general security agreement provided as security under the convertible debentures.
About BCS Global Networks
BCS Global Networks Inc. is a leading wholesale provider of managed IP communications services. Specializing in virtual communication and collaboration services, BCS provides IP-based voice, video and data services to customers across North America and into Europe. BCS Global works with its international partner base to bring tailored solutions to small, medium and enterprise sized organizations by making advanced IP telephony and videoconferencing capabilities affordable and accessible. BCS Global Networks is headquartered in Mississauga, Ontario, and is publicly listed on the TSX Venture Exchange under the trading symbol BGN. For further information, visit www.bcsglobal.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=14764
For further information
please contact: Mr. Piero Romani, President and Chief Executive Officer, BCS Global Networks Inc., (647) 722-8511, promani@bcsglobal.com
Mr. Allen Preece, Chief Financial Officer, BCS Global Networks Inc., (647) 722-8515, apreece@bcsglobal.com
Jeff Codispodi, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 261, jcodispodi@equicomgroup.com
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Source: BCS Global Networks Inc.
Source: CNW Group via Yahoo
All trademarks and copyrighted information contained herein are the property of their respective owners.
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