04:28:58 EDT Sun 09 May 2021
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Namsys Inc
Symbol CTZ
Shares Issued 27,286,332
Close 2021-05-03 C$ 1.09
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Namsys talks plans at AGM; changes president, CEO

2021-05-04 14:10 ET - News Release

Mr. Barry Sparks reports


Namsys Inc.'s K. Barry Sparks, the chief executive of the company, stated: "The annual meeting of shareholders was held virtually on April 29, 2021. Following the formal part of the annual meeting, our president, Jason Siemens, presented Namsys's vision for the future, including a conference call for investors.

Mr. Siemens noted that the Smart Safe solution is only one of many initiatives that Namsys is taking to streamline the processing of currency. The present Cirreon initiatives include:

  1. Web and mobile applications for commercial/on-line banking;
  2. Logistics management for cash-in-transit providers;
  3. Exploring industries with similar high-security logistics challenges.

As mentioned previously, these changes to traditional practices take time for the parties to understand and internalize. Shareholders may not understand that a large part of the company's business revenue is based upon the number of Smart Safes connected to the company's system, rather than being based upon the dollar volumes which are being processed through the system. As surprising as it may seem, even though cash coming through retailers has declined markedly, the use of Smart Safes has increased as functional positions in a given retailer are being eliminated with more reliance upon the Smart Safe solution.

The presentation and follow-up discussions with shareholders at the April 29, 2021, annual meeting conference call is recorded on the company's website (investor relations section). Interested parties are welcome to learn more about the company from this presentation.

At the board of directors meeting following the annual meeting, all of the candidates put forward to act as directors received between 93 per cent and 100 per cent of the votes cast. Further, at the board meeting Mr. Sparks advised his colleagues that due to age he wishes to step back somewhat in his responsibilities, in order that the company can eventually restructure itself to operate without his guidance and advice. As a consequence, Mr. Sparks has assumed the title of executive chairman, while Jason Siemens becomes president and chief executive officer, and Christie Gray, who has been our long-standing controller, will assume the additional title of chief operating officer.

It remains the company's belief that it will continue to grow and achieve greater revenue and profitability in 2021 and beyond.

About Namsys Inc.

Namsys products are designed to bring efficiency to the processing of currency and other value instruments in financial institutions, large retailers, public transportation operations and the gaming industry. Namsys's proprietary software products for this market are "open-architectured" and have been developed to interface with clients' legacy systems.

We seek Safe Harbor.

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