Quarterhill Announces the Appointment of ITS Industry Veteran Rusty Lewis to its Board of Directors

Rhea-AI Summary

Quarterhill Inc. (TSX: QTRH, OTCQX: QTRHF) appointed Mr. Rusty Lewis to its Board of Directors on March 3, 2022. With extensive experience in the Intelligent Transportation Systems (ITS) sector, Lewis is expected to guide the company through its transformation into a pure-play ITS business. He previously led Syntonic Technology, which became Transcore, and held senior positions at various notable firms. The company anticipates additional board changes at the annual shareholder meeting scheduled for April 21, 2022.

Positive

• Appointment of Rusty Lewis, an ITS industry veteran, enhances the board's expertise.
• Lewis's background in operational, financial, and governance areas expected to benefit company strategy.

Negative

• Concerns about continuity and experience gaps due to changes in board composition.

TORONTO, March 3, 2022 /PRNewswire/ - Quarterhill Inc. ("Quarterhill") (TSX: QTRH) (OTCQX: QTRHF) a leading provider of tolling and enforcement solutions in the Intelligent Transportation Systems ("ITS") industry today announced that Mr. Rusty Lewis has been appointed to Quarterhill's Board of Directors (the "Board") effective March 3, 2022. Further changes to Board composition are expected to be made at Quarterhill's annual meeting of shareholders to be held on April 21, 2022.

"Having held board, CEO and senior executive leadership roles at companies in the ITS, technology and finance industries, Rusty is well suited to provide guidance and counsel on operational, financial and governance-related areas of the business," said John Gillberry, Chair of the Board at Quarterhill. "As we continue Quarterhill's transformation to that of a pure-play ITS business, we look forward to Rusty's contributions as we pursue both organic and acquisition-related opportunities in an industry he helped to pioneer."

From 1986 to 1994, Mr. Lewis owned and led Syntonic Technology (the predecessor company to Transcore, an ITS company that provides electronic toll collection systems). In 1994, he sold that business to Science Applications International Corporation, renamed it Transcore and was its CEO until its sale to private interests in 1999, after which he remained on the Transcore board of directors until 2005. Subsequently, Transcore was purchased by Roper Industries who have announced that it will be sold in early 2022 for US$2.68 Billion.

Mr. Lewis is currently a Senior Advisor to Brown Brothers Harriman Capital Partners. He is also Chairman of the board of directors of Binswanger, a US private, full-service commercial real estate company. Previous executive roles include CEO of Zinio, a digital magazine newsstand application, from 2011 to 2014. From 2000 to 2011, Mr. Lewis held leadership positions at VeriSign, including Executive Vice President of Strategic Development and Executive Vice President and General Manager of the Naming and Directory Services business unit. Mr. Lewis is a graduate of Haverford College, Haverford, Pennsylvania, USA and holds an MBA from Harvard Business School in Cambridge, Massachusetts, USA.

About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC and International Road Dynamics Inc. 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.

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SOURCE Quarterhill Inc.

FAQ

Who is Rusty Lewis in relation to Quarterhill?

Rusty Lewis has been appointed to Quarterhill's Board of Directors effective March 3, 2022, bringing extensive experience in the Intelligent Transportation Systems industry.

What are the expected changes to Quarterhill's board?

Further changes to the Board composition are expected at Quarterhill's annual meeting of shareholders on April 21, 2022.

What impact will Rusty Lewis's appointment have on Quarterhill?

Lewis's experience in the ITS sector could strengthen Quarterhill's strategic direction and operational effectiveness as it transitions to a pure-play ITS business.