Vancouver, BC, November 10, 2008--(T-Net)--Versatile Systems Inc. (TSX VENTURE:VV; AIM:VVS), today announces the appointment of Alessandro Benedetti to its Board of Directors, filling the casual vacancy created by the resignation of Jens Montanana.
Alessandro Benedetti is currently the CEO of SAE Capital Ltd. based in London, UK, which he founded in January 2007. Prior to that, he was the CEO of SAE Capital SPA, based in Rome, Italy. Over the last 20 years Mr. Benedetti has been involved in the structuring and financing of complex transactions, acting on behalf of companies and governments in North America, India, Russia, Ukraine, Kazakhstan, United Arab Emirates, Africa, France and Italy. In 2005, he was instrumental in the acquisition of Wind Telecomunicazioni SpA, based in Italy, which presently has 16 million wireless subscribers, 1.6 million fixed line customers and 28 million registered internet users. At that time the transaction was the largest leveraged buyout in European history, in a deal valued at over 12 billion Euros.
"I have known Alessandro for several years and Versatile is very fortunate to have been able to attract an individual of Mr. Benedetti's outstanding experience, accomplishments and reputation," said John Hardy Chairman and CEO of Versatile. "Mr. Benedetti will be invaluable in providing direction to our Board and Management team to assist the growth of the Company into other markets and verticals."
Jens Montanana has resigned from the Board of Directors.
"We would like to sincerely thank Jens for his valuable contributions and guidance provided to Versatile over the past ten years," said John Hardy, Chairman and CEO of Versatile. "We have thoroughly enjoyed working with him and wish him all the best for the future."
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: www.versatile.com.
This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.