TORONTO, Sept. 5,
2023 /CNW/ - Quarterhill Inc. ("Quarterhill" or the
"Company") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of
tolling and enforcement solutions in the Intelligent Transportation
System ("ITS") industry, announces that Chuck Myers, a member of its Board of Directors
(the "Board"), has been appointed Chief Executive Officer ("CEO")
of the Company.
A member of the Quarterhill Board since May 2023, Mr. Myers most recently served as CEO
and board member of Cogniac Corporation, a San Jose, California-based provider of
enterprise-class AI deep learning solutions that automate visual
inspection through image and video analysis. Under his leadership,
Cogniac was named "2021 Global Entrepreneurial Company of the Year
in Computer Vision" by Frost & Sullivan and "A Global Leader"
by IDC in 2022.
"Chuck's ITS background, public company experience and
familiarity with Quarterhill makes him the ideal CEO and leader for
the Company," said Rusty Lewis,
Chair of the Board at Quarterhill. "Chuck brings more than 25 years
of leadership experience as a CEO, board member, and founder for
private and public companies, including a co-founding role at
Transcore, an ITS leader, and we are very excited for him to take
the wheel at Quarterhill to drive growth in the business and in
shareholder value."
Mr. Lewis continued: "At the same time, I'd like to thank
John Gillberry for his many years as
a director of the company, as well as his most recent stint as
Interim CEO. John retired from Quarterhill's board earlier this
year and assumed the Interim CEO role at a time when the Company
needed to make difficult decisions to stabilize operations and lay
a firm foundation for growth. An experienced special situation
executive, John led the charge, resulting in the implementation of
the Company's "shared services" platform, an optimized SG&A
profile, a return to positive operating margins and the sale of
WiLAN. Most importantly, I'm pleased to say that following this
very busy period for the Company, Quarterhill is in a strong
financial and operational position and poised to capitalize on the
growth potential in the ITS industry."
Chuck Myers Background
Prior to his time at Cogniac,
Mr. Myers was President, Chief Executive Officer, and Board Member
of Airgain, Inc. (NASDAQ: AIRG), a leading provider of embedded
antenna technologies used to enable high performance wireless
networking. Earlier in his career, Mr. Myers was a member of the
SAIC Transportation Division that was instrumental in building the
first electronic toll collection system in the United States. That single project
subsequently grew into the creation of Transcore, one of the
largest electronic toll collection providers in the world. During
this period, Mr. Myers played significant roles in several
acquisitions including Syntonic, Cubic Toll Systems, and JHK
Associates.
Mr. Myers currently serves as an advisor to Platform Science, a
revolutionary fleet management platform; Rx.Health, a digital
health platform company; and Energy311, a green energy and fintech
startup. Mr. Myers holds a Master of Science degree in Management
of Technology from MIT and a Bachelor
of Science degree in Engineering from National
University, and an Organizational Leadership Certificate
from Yale School of Management.
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement
solutions in the Intelligent Transportation System (ITS) industry.
Our goal is global leadership in ITS, via organic growth of the
Electronic Transaction Consultants, LLC (ETC) and International
Road Dynamics Inc. (IRD) platforms, and by continuing an
acquisition-oriented investment strategy that capitalizes on
attractive growth opportunities within ITS and its adjacent
markets. Quarterhill is listed on the TSX under the symbol QTRH and
on the OTCQX Best Market under the symbol QTRHF. For more
information, visit www.quarterhill.com.
Forward-looking Information
This news release contains
forward-looking statements regarding Quarterhill, its operating
subsidiaries and their respective businesses. Forward-looking
statements are based on estimates and assumptions made by
Quarterhill in light of its experience and its perception of
historical trends, current conditions, expected future developments
and the expected effects of new business strategies, as well as
other factors that Quarterhill believes are appropriate in the
circumstances. The forward-looking events and circumstances
discussed herein may not occur and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Quarterhill, which include, without limitation, the risks
described in Quarterhill's March 22,
2023 annual information form for the year ended December 31, 2022 (the "AIF"). In addition,
readers are also urged to review the additional risk factors
disclosed in our Management's Discussion and Analysis for the three
months ended March 31, 2023 filed
today on www.sedarplus.ca. Quarterhill recommends that readers
review and consider all of these risk factors and notes that
readers should not place undue reliance on any of Quarterhill's
forward-looking statements. Quarterhill has no intention, and
undertakes no obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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SOURCE Quarterhill Inc.