BEVERLY, Mass., Feb. 17 /PRNewswire-FirstCall/ -- LocatePLUS Holdings Corporation (Pink Sheets: LPHC), a business-to-business and business-to-government provider of investigative, identity validation, and homeland security solutions announced today the January 26, 2009 election of an entirely independent Board of Directors.
"This election of a reconstituted independent Board through the consent of a majority of stockholders completes a transition initiated by stockholders over recent months," stated Dr. Christian T. Williamson, Chairman of the Board of Directors.
Board Member and Audit Committee Chair George Isaac, CPA observed, "The credibility and integrity of an organization is of paramount concern when seeking to interact with credit markets and capital sources. Achieving an entirely independent Board is an important first step in reintroducing the Company to the markets and it will enhance the Company's standing with the investment community."
"Our goal in this dramatic and significant response to the Company's current valuation is to take back the high ground of capital market confidence," asserted former professor Richard L. Pyle, MBA, PHD in Business.
The independent Board is made up of seven members as restructured from nine pursuant to the shareholders consent-process election. David Skerrett and Ralph Caruso, longstanding independent Board members have been returned to the Board through the process. Three seats are held by members invited to join the Board in the fall of 2008. They are Christian Williamson, George Isaac, and Richard Pyle. New members James Ahearn and Patrick Murphy hold the remaining two seats.
Mr. Skerrett is a senior vice-president of a Top-400 civil construction firm with operations in the northeast and holds a Bachelors degree in engineering. Mr. Caruso, the other longstanding independent board member, is the founder and President of a construction conglomerate of five companies working in various facets of industrial construction and recently celebrating 25 years of success. He has also diversified into other interests ranging from the donut shop franchise industry, the spa and salon industry, and real estate development to the ownership and operation of a marina.
Dr. Williamson holds a PhD in hydrology with an emphasis on systems engineering and is Vice President of an international business conglomerate where he manages the company's water treatment division and related interests. Mr. Isaac is a CPA with 40 years of experience in all aspects of financial management and compliance. Currently he practices as a consulting CFO and is well familiar with the functioning of audit committees, compensation committees, and executive committees. Professor Pyle brings an academic perspective as well as years of actual management experience. He holds a PhD in Business and currently is CEO of a manufacturing company.
Mr. Ahearn brings an important client-based perspective to the Board. He retired from a 30-year career with the Federal Bureau of Investigation and the Department of Justice as a widely respected and highly honored member of senior management. He continues his career as the Chief Operating Officer of a resort and gaming industry development company. Mr. Murphy is a graduate of the Harvard Law School and a practicing attorney. He also brings significant prior experience as a senior operations manager at a prominent social agency providing services in a crisis-based environment.
"I am pleased to welcome this distinguished group of new board members. In addition to solid management experience, each brings a unique skill-set and adds depth to our board," said David Skerrett, longstanding independent board member. Ralph Caruso joined his colleague in welcoming new members and added: "In addition to a combined total of more than 50 years of commonsense bottom-line management experience, Dave and I have the important perspective of recent service to the Company. We look forward to joining together with the new board members and bringing all of this expertise to bear on the issues facing LocatePLUS today."
"The Company, with its important technology, is well positioned in these difficult times. We have an amazing and talented technical staff and a gifted and committed core staff. Other companies provide information but no other company provides our information. And no company provides information as well or with greater integrity. Our product is safety and security, untainted and uncompromised. We are a proud and worthy Company with a product resulting from American ingenuity and hard work. Our utility to our safety and security partners is largely unexplored," stated Attorney Patrick Murphy.
Former FBI Agent James Ahearn added, "Everyone knows what the Company does. Every day and every night, all along the watchtowers of America we are there to help those that protect our freedom and keep our citizens safe. We are honored to stand shoulder-to-shoulder with law enforcement. We are privileged to be relied upon to confirm a suspicion at a border checkpoint or to whisper a warning at a roadside stop."
LocatePLUS and its subsidiaries serve 13,500 security-sensitive clients across a spectrum of interests from homeland-security-centered public entities to security and fraud conscious private concerns such as human resource professionals, the collections industry, and even dating services. Two thousand law enforcement agencies and many major police departments across the country are among the Company's client base.
LocatePLUS acquires, synthesizes, and catalogs public information extracted through proprietary Company technology. Currently the Company holds data on nearly 98% of the adult population of the United States as recorded in the 2000 census. Information is maintained in data sources delivered to the end user via its web based interface, wirelessly, or XML according to the needs of the customer.
For more information, visit the Company's Website at http://www.locateplus.com .
Safe Harbor Statement from LocatePLUS: Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, and network or service offering growth, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under the Federal Securities Laws. Any forward-looking statements are estimates, reflecting the best judgment of the party making such statements based upon currently available information and involve a number of risks and uncertainties, including the timing of any expansion of the Company's database, and other factors which could cause actual results to differ materially from those stated in such statements. Risks, uncertainties and factors which could affect the accuracy of such forward-looking statements are identified in the public filings made by the Company with the Securities and Exchange Commission, and forward-looking statements contained in this press release or in other public statements of the Company should be considered in light of those factors.
LocatePLUS Contact: Company Investor Relations James C. Fields Thomas Murphy President & CEO 866-596-7905 978-921-2727
|SOURCE LocatePLUS Holdings Corporation|
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