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Novra Announces Departure of CFO & Management Realignment

2018-01-29

Novra Announces Departure of CFO and Management Realignment

Winnipeg, MB – (CNW, January 29, 2018): Novra Technologies Inc. (“Novra”) (TSX-V: NVI) announces that Steven Archambault, Chief Financial Officer (CFO) for Novra and President & CFO for Novra’s wholly-owned subsidiary, International Datacasting Corporation (IDC), has decided to leave his position in order to accept a senior finance role at another company in a different market space. Mr. Archambault will work closely with Novra management in coming months to ensure a seamless transition. Meanwhile the company has commenced a search for a new CFO to be based at corporate headquarters in Winnipeg.

Harris Liontas, Novra’s President & CEO, will assume the role of President for IDC and direct its sales performance and strategy. Patricia Gair, Novra’s Chief Operating Officer, will continue to oversee IDC’s R&D, operations and customer support.

Steven Archambault said, “I am very grateful to have had the opportunity to work with Harris and his team since Novra acquired IDC in June 2016.  It has been a great journey and with the recent controlling interest acquisition of Wegener Corporation, I believe Novra’s future is quite promising.  Having said that, it is the offer of a golden opportunity to take a private company through an IPO that has led to my decision to leave the Novra Group.  I leave the company financially and operationally sound at an exciting time in its growth, and I look forward to helping with a smooth hand-off over the coming months.”

Harris Liontas, President and CEO, commented, “We are very grateful to Steven for originally agreeing to remain with Novra after the acquisition of IDC to help us with the merger and assist in the Wegener deal.  The past 18 months have been crucial for Novra and Steven’s contributions were invaluable as we restructured, refocused and created a successful template we expect to apply to future acquisitions.   I also appreciate Steven’s commitment to assist with a smooth transition over the next few months. We wish him the very best in his new venture and I would like to pass along my personal gratitude for his hard work, dedication and professionalism.” 

About Novra Technologies Inc.:

Novra (TSX-V: NVI) is an international technology provider of products, systems and services for the distribution of multimedia broadband content.  The Novra Group of companies includes Novra, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.

For more information visit: www.novragroup.com

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws.  Forward-looking statements are generally identifiable by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “predicts”, “outlook”, “potential”, “targeted”, “plans” “possible”, “poised for”, and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved.   These statements are not historical facts but instead represent Novra’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Novra’s control.  It is possible that actual results will differ, possibly materially, from the anticipated results contemplated by these statements.  Factors that could cause actual results to differ, possibly materially, from those forward-looking statements are disclosed in our periodic MD&A filings on SEDAR at www.sedar.com.

For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Contact Information:
Harris Liontas
President & CEO
+1 204 989 4632
hliontas@novra.com