New leadership streamlines business plan to create new investment
SAN FRANCISCO, Jan. 14 /PRNewswire/ -- Solidus Networks Inc., dba Pay By Touch, the global leader in biometric payment and personalized marketing, today announced a new Board of Directors: Art Petrie, Chairman; Eula Adams, John Morris, John Rogers, and Robert Sigler.
The new Board is overseeing the structuring of a new executive team. Tom Lumsden serves as Chief Restructuring Officer, directing activities at Solidus Networks. Eula Adams continues as COO, Robert Sigler continues as CFO, and John Rogers, founder of the Company, now functions in a non-employee director role only.
The Board is steering the Company through the voluntary filing in bankruptcy under Chapter 11, which occurred in mid-December. They are executing against a robust reorganization plan that includes streamlined operations to develop both investment and acquisition opportunities. The new operating plan is in connection with a financing agreement made with the Company's senior lenders upon entry into bankruptcy, where the Company agreed to meet various milestones.
Several of the Company's non-core subsidiaries such as Paycheck Secure, ATM Direct, and Payment Solutions continue to operate under the protection of the bankruptcy court, and are being marketed for acquisition. Core subsidiaries not part of the bankruptcy filing include Loyalty Acquisition (dba Capture Resource) and S&H Marketing Services (dba S&H Greenpoints).
As part of the process of focusing the direction of the Company on biometric authentication, payments and personalized marketing, activities supporting healthcare, government, online and new international (other than the Company's existing implementations with Citibank in Singapore) have been suspended. Headcount has been reduced, facilities have been combined, and other cost-cutting measures have been implemented.
|SOURCE Solidus Networks, Inc.|
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