ALT Software Announces Additional Investment by Quorum and the Appointment of Wanda Dorosz to Chairperson of the Board of Directors
TORONTO, Ontario, February 12, 2008 - ALT Software Inc., the leading provider in safety critical solutions for the embedded graphics market, is pleased to announce the completion of a follow-on investment by the Quorum Group of Companies, to accelerate the development, marketing and sales of the company's solutions to a broader spectrum of industries and applications.
"Since our initial investment in ALT in 2005, the Company has demonstrated its ability to secure major contracts and deliver high quality solutions, especially to large avionics customers requiring safety-critical DO-178B systems", said Wanda Dorosz, Chief Executive Officer at Quorum. "We are pleased to be able to provide this additional funding to allow ALT to leverage its existing customer and partner relationships to continue its growth".
In connection with the financing, Wanda Dorosz, CEO at Quorum has been appointed to the Board of Directors of the corporation. "We are very pleased that Wanda has agreed join the Board and accept the role as Chairperson. ALT has benefited from her advice and counsel over the years and this appointment comes at a time when ALT is poised for significant growth. We look forward to continuing to leverage her considerable experience and knowledge" said Darryl Parisien, President of ALT Software Inc.
Ms. Dorosz is responsible for Quorum's overall strategy and direction. She is a director of numerous private, public and not-for-profit organisations including the Quorum Group, its newly listed London Stock Exchange Fund and Top 40 Under 40. Her prior directorships include Investors Group, Residential Equities REIT, the University of Toronto Governing Council, Toronto Stock Exchange Advisory Committee and the Abitibi-Price Office Products Advisory Board. Wanda was appointed by the Prime Minister of Canada to the National Advisory Board on Science and Technology and to Harbourfront Corporation. Ms. Dorosz holds a Bachelors of Education with distinction from the University of Regina and an LLB first quartile from the University of British Columbia.
About ALT Software
ALT Software is an embedded systems solutions provider whose offerings include device drivers and graphics system development kits. Our products include safety-critical DO-178B OpenGL graphics drivers that support 2D / 3D graphics acceleration in embedded devices. ALT's strengths include software engineering with particular expertise in graphics, audio, video, and networking. ALT's OpenGL graphics drivers are deployed in automotive, aerospace & defense, avionics, consumer, industrial, and medical devices worldwide. For more information about ALT Software and the ALT Software family of OpenGL solutions and services, please see www.altsoftware.com.
About Quorum
The Quorum Group of Companies ("Quorum") was founded in 1987 under the leadership of Wanda Dorosz. It operates from its headquarters in Toronto with offices in Calgary and London. Quorum grew from managing a $16 million pension fund assets to an investment portfolio of over $500 million. The same management team led by Wanda Dorosz has an outstanding track record as a proactive lead investor providing expansion capital over the last 20 years. Quorum's strategy is to provide expansion phased financing to small and medium-sized, private and public companies. Investments predominately are made in companies which are financially stable with both a proven business model and an established customer base. The focus is on investee companies which have strong growth prospects and an established market position relative to the competition. Quorum has developed a proven strategy of expansion stage investing and has consistently achieved industry leading performance since inception. www.quorum.ca
Investor Relations:
David Brennan
CFO
ALT Software Inc.
+1 416 203 8508 ext. 1201
dbrennan@altsoftware.com
Media Contact:
Shelley Bryen
Director of Marketing
ALT Software Inc.
sbryen@altsoftware.com
+1 416 203-8508, ext 1117