Quarterhill Appoints Chuck Myers as CEO

Rhea-AI Summary

Quarterhill appoints Chuck Myers as CEO, bringing his extensive experience in the ITS industry and public companies. Quarterhill is in a strong financial and operational position, ready to capitalize on growth potential in the ITS industry.

TORONTO, Sept. 5, 2023 /PRNewswire/ - 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.