AVCtechnologies Announces Strategic Realignment in Senior Management and Planned Debt Reduction
22 Julio 2021 - 3:57PM
American Virtual Cloud Technologies, Inc
(AVCtechnologies; Nasdaq: AVCT) is pleased to announce changes to
its Board of Directors and senior management team, effective
immediately. Current AVCtechnologies’ Director and Navigation
Capital Partners Managing Partner, Darrell Mays, will become the
CEO of AVCtechnologies. Mr. Mays is deeply familiar with all
aspects of the company’s strategy and operations, as co-founder and
former CEO. Mr. Mays brings a wealth of industry experience to his
role through senior management positions in telecommunications,
including at MasTec and AT&T.
Lawrence E. Mock, Managing Partner with
Navigation Capital Partners, will assume the role of Chairman of
the Board and Robert Willis, Managing Partner with Navigation
Capital Partners, will join the Board as a Vice-Chairman, with
responsibility for capital markets and investor relations.
Xavier Williams will step down as CEO and will
remain as a member of the Board of Directors as a Vice-Chairman to
facilitate the transition of leadership. Under his leadership, the
company has made significant strides, including the acquisition of
Kandy Communications in December 2020. Current COO, Michael Dennis
is also departing AVCtechnologies to pursue other opportunities.
The Board of Directors thanks Mr. Williams and Mr. Dennis for their
contributions to the business.
The Board is also pleased to announce strategic
additions to AVCtechnologies’ management team:
- Kevin Keough, Managing Director, Operations, for Navigation
Capital Partners joins the team as President, AVCtechnologies. Mr.
Keough brings extensive operational experience to his role with
more than 30 years of senior executive leadership experience across
public companies including FirstEnergy, private equity portfolio
management, and partner-level leadership at McKinsey & Company.
- Chuck Canton has been appointed as President of Kandy,
AVCtechnologies’ globally deployed, carrier grade, white-labeled
proprietary communications platform. Mr. Canton brings to Kandy
deep expertise in technology-enabled businesses and a focus on
customer care, through his previous roles as Global Vice President
of Customer Success and Operations at Vonage and President of
Services and Operations at Compass, a rapidly growing tech-enabled
real estate company.
AVCtechnologies is also pleased to announce that
it intends to reduce the company’s debt by over 90% by converting
over $130 million of outstanding debentures into registered equity
securities in accordance with the terms of the debentures.
“We believe these changes will flatten our
operational structure, bring us closer to our customers, and
strengthen AVCtechnologies’ leadership and balance sheet for
continued growth and shareholder value creation,” said Larry Mock,
Chairman of AVCtechnologies and Managing Partner of Navigation
Capital Partners.
About AVCtechnologies American
Virtual Cloud Technologies (“AVCtechnologies”; Nasdaq: AVCT) is a
premier global IT solutions provider offering a comprehensive
bundle of services including unified cloud communications, managed
services, cybersecurity, and enhanced connectivity. Our mission is
to provide global technology solutions with a superior customer
experience. For more information, visit
https://www.avctechnologies.com
Important Information Regarding
Forward-Looking Statements
This release contains forward-looking statements
concerning AVCtechnologies. These statements may discuss goals,
intentions and expectations as to future plans, trends, events,
results of operations or financial condition, or otherwise, based
on current beliefs of the management of AVCtechnologies, as well as
assumptions made by, and information currently available to, such
management. Forward-looking statements may be accompanied by words
such as “aim,” “anticipate,” “believe,” “seek,” “see,” “plan,”
“could,” “would,” “should,” “estimate,” “expect,” “forecast,”
“future,” “guidance,” “intend,” “may,” “will,” “possible,”
“potential,” “predict,” “project,” “target” or similar words,
phrases or expressions, and include statements regarding the future
results of AVCtechnologies’ business and AVCtechnologies’ plans to
reduce its outstanding indebtedness. These forward-looking
statements are subject to various risks and uncertainties, many of
which are outside AVCtechnologies’ control.
Factors that could cause actual results to
differ materially from those in the forward-looking statements
include risks that AVCtechnologies will not be able to grow its
business or reduce its outstanding indebtedness; potential
litigation that could harm AVCtechnologies’ business; ability to
retain key personnel; and conditions in the capital markets. The
foregoing list of factors is not exhaustive. All of
AVCtechnologies’ forward-looking statements involve risks and
uncertainties (some of which are significant or beyond
AVCtechnologies’ control) and assumptions that could cause actual
results to differ materially from its respective historical
experience and present expectations or projections. You should
carefully consider the foregoing factors and the other risks and
uncertainties that affect the parties’ businesses, including those
described in the most recent respective Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q of AVCtechnologies, as well as
the other documents filed by AVCtechnologies from time to time with
the SEC. AVCtechnologies cautions you not to place undue reliance
on any forward-looking statements, which speak only as of the date
hereof. AVCtechnologies undertakes no obligation to publicly update
or revise any of forward-looking statements after the date they are
made, whether as a result of any changes in circumstances or new
information, future events or otherwise, except to the extent
required by applicable law.
American Virtual Cloud Technologies,
Inc. Thomas King info@avctechnologies.com +1 (404)
239-2863
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