Voxtur Announces Executive Leadership Change

Rhea-AI Summary

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) announced the resignation of CEO James Albertelli, effective April 13, 2023. Gary Yeoman, the Executive Chairman, will serve as the interim CEO, having held the CEO position before. Nick Smith has been appointed as the new Chairman of the Board, bringing over 25 years of experience in the core markets of Voxtur. The company expressed gratitude for Albertelli's contributions while emphasizing continued focus on launching new products and integrating platforms, particularly following recent challenges in the real estate market due to rising interest rates. Despite these headwinds, Voxtur reportedly grew its revenue and is optimistic about future profit potential as they streamline operations.

Positive

• Appointment of experienced Gary Yeoman as interim CEO may provide stability.
• Nick Smith's expertise and significant shareholding could positively influence strategic direction.
• Company has reported revenue growth despite challenging market conditions.

Negative

• Departure of CEO may raise concerns about leadership continuity.
• Integration of new platforms could face challenges amidst market headwinds.

TORONTO and TAMPA, Fla., April 13, 2023 (GLOBE NEWSWIRE) -- Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, announced today that James "Jim" Albertelli will step down from his roles as Chief Executive Officer and director of the Company, effective April 13, 2023.

To fill the vacancy following Mr. Albertelli’s departure, the Company has announced the appointment of Executive Chairman Gary Yeoman as interim Chief Executive Officer. Mr. Yeoman has served as Executive Chairman of Voxtur since June 2021, having served as Chief Executive Officer of Voxtur prior to that date.

Further, the Company has announced the appointment of Nick Smith as Chairman of the Board of Directors. Mr. Smith is Managing Partner of Rice Park Capital Management LP ("Rice Park"). He has more than 25 years experience in Voxtur's core markets and is a significant shareholder of the Company.

"We thank Jim for his contributions to Voxtur during his tenure as CEO," said Gary Yeoman. "The Company remains focused on the continued roll out of Voxtur AOL (Attorney Opinion Letter), as well as creating and distributing new products leveraging our robust data assets. Furthermore, we will continue to integrate our expanding product base into Blue Water, the mortgage asset trading platform we acquired last year."

"I want to express my gratitude to the Board of Directors, my executive team, and the employees of Voxtur," said Jim Albertelli. "We have created a company that is well positioned for future growth. I remain an ardent supporter of the Voxtur vision and, as a large shareholder, wish for Voxtur’s continued success."

"While the real estate and mortgage markets have suffered headwinds from the rise in interest rates, Voxtur has grown its revenue and has assembled a strategic set of businesses that are well positioned in the market," said incoming Chairman Nick Smith. "The Company must now focus on the integration of its platforms and execution of its business plan. I am optimistic about the Company’s future growth prospects and its ability to produce profits."

About Voxtur
Voxtur is a transformational real estate technology company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur's proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada. For more information, visit www.voxtur.com.

About Rice Park Capital Management

Rice Park Capital Management LP is a private investment firm managing funds and investment vehicles on behalf of institutional investors, family offices and high net worth individuals. Its investment focus is to deliver cycle-resistant returns to its limited partners by unlocking value in complex opportunities in the residential and commercial mortgage and real estate sectors. For more information, visit www.riceparkcapital.com.

Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s strategic initiatives, plans, business prospects, and opportunities. Forward-looking statements should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to: the effects of unexpected costs, liabilities or delays; success of software activities; the competition for skilled personnel; expectations for other economic, business, environmental, regulatory and/or competitive factors related to the Company, or the real estate industry generally; anticipated future production costs; and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions; integration of acquired businesses; implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein.

This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Voxtur’s common shares are traded on the TSXV under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

Contact:

Gary Yeoman
Interim Chief Executive Officer
Tel: (416) 347-7707
gary@voxtur.com

 

FAQ

What led to the resignation of CEO James Albertelli at Voxtur?

James Albertelli stepped down from his role effective April 13, 2023, but specific reasons for his resignation were not disclosed.

Who is the interim CEO of Voxtur following the management change?

Gary Yeoman, the Executive Chairman, has been appointed as the interim CEO.

What are the future plans for Voxtur after the leadership change?

Voxtur aims to continue the rollout of its products and integrate its platforms, focusing on revenue growth and market adaptation.

How has Voxtur performed financially amidst market challenges?

Despite headwinds from rising interest rates, Voxtur has reported revenue growth.

Who is Nick Smith in relation to Voxtur?

Nick Smith has been appointed as the Chairman of the Board and brings over 25 years of relevant market experience.