AUSTIN, Texas, June 22, 2017 (GLOBE NEWSWIRE) -- Xplore Technologies Corp. (NASDAQ:XPLR) today provided an update on its continued strategic realignment. As part of that process, the company filed a Form 8-K on June 21 announcing that Brian Usher-Jones, an independent director, had notified the board of directors that he intends to not stand for reelection at the next annual meeting of the company’s stockholders. The nomination and governance committee of the board is presently searching for potential candidates to serve as an independent director in Mr. Usher-Jones’ place.
“The strategic framework developed over the past year has driven notable progress in our efforts to transition Xplore towards a profitable, cash flow generating business,” said Philip Sassower, chairman of the board. “To that end, we continue to improve both our operations and corporate governance. In Fiscal 2017, we reduced operating expenses 21% year-over-year, invested into new sales teams and commenced a number of product refreshes. While progress has been difficult at times, we are pleased to see early indications of success. These include growth in orders from our European business lines, continued success with major customer accounts and more than $10 million in cash flow generated in the last six months of Fiscal 2017. Our work is not done, and we remain focused on maximizing Xplore’s business opportunities each quarter to take full advantage of the operating leverage embedded in our new operating model.”
“We thank Brian Usher-Jones for years of dedicated service to Xplore and our stockholders, including crucial support through our recapitalization, uplisting to the NASDAQ Stock Market and the Motion asset acquisition,” said Sassower. “Brian’s retirement is a continuation of the proactive director rotation initiative Xplore embarked upon last fall, and will represent the third new independent director to join our board in the span of just nine months. We previously announced the appointment of Tom Pickens as an independent director in November 2016, and Don Neville as an independent director and chair of our audit committee in January 2017. We look forward to welcoming another new independent director with experience and insights relevant to Xplore’s strategic focus.”
Xplore also announced that its compensation committee had commenced a comprehensive review of the company’s compensation practices following the change in executive structure announced in April, in which Mark Holleran was promoted to the role of chief executive officer, formerly occupied by Mr. Sassower, in addition to his position as president of the company. The review is ongoing and recommendations of the compensation committee will be reviewed by the full board upon completion of the process.
About Xplore Technologies
Xplore is The Rugged Tablet Authority™, exclusively manufacturing powerful, long-lasting, and customer-defined rugged tablet PCs since 1996. Today, Xplore offers the broadest portfolio of genuinely rugged tablets – and the most complete lineup of rugged tablet accessories – on Earth. Its mobility solutions are purpose-built for the energy, utilities, telecommunications, military and defense, manufacturing, distribution, public safety, healthcare, government, and field service sectors. The company’s award-winning military-grade computers are also among the most powerful and longest lasting in their class, built to withstand nearly any hazardous condition or environmental extreme for years without fail. Visit www.xploretech.com for more information on how Xplore and its global channel partners engineer complete mobility solutions to meet specialized workflow demands. Follow us on Twitter, Facebook, LinkedIn, and YouTube.
Forward-Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect Xplore’s current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Xplore with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Xplore does not intend and does not assume any obligation to update these forward-looking statements.