ADVANTEX APPOINTS CFO
2/6/2008 12:00:00 AM
Advantex Appoints CFO
Toronto, February 6, 2008 - Advantex Marketing International Inc. (TSX: ADX), a leading specialist in merchant funding and loyalty marketing programs, today announced the appointment of Mukesh Sabharwal, C.A. as Vice-President and Chief Financial Officer.
Prior to his appointment, Mr. Sabharwal served as Advantex’s Vice-President, Finance. He succeeds Robert von der Porten who was interim CFO. Mr. von der Porten will continue to advise Advantex as Senior Vice-President, Corporate Development on an interim basis. In this capacity, he will manage a number of growth initiatives that Advantex is considering as well as provide ongoing counsel in finance. Mr. von der Porten is a principal of Stoney Bridge Partners, an advisory firm that provides interim executive support as well as restructuring and change management services.
“Since Mukesh Sabharwal joined Advantex in September 2005 as our Vice-President, Finance, he has been involved in every aspect of the extensive work that we have done to improve the company’s financial condition, including implementing improved financial analysis systems and controls,” said Kelly E. Ambrose, President and Chief Executive Officer. “He has worked closely with Rob von der Porten on the successful completion of a number of financings and in the important development of new pricing models that are enabling us to improve Advantex’s profitability. We are very pleased that he is now assuming the additional responsibilities of CFO. We also are pleased that Rob von der Porten has agreed to continue to work closely with us, particularly on the development of a number of initiatives that we are exploring to further our growth.”
Prior to joining Advantex, Mr. Sabharwal held a number of financial control and accounting positions in
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry, managing white-labeled rewards accelerator programs for major affinity groups through which their members earn bonus frequent flyer miles and/or other rewards on purchases at participating merchants. Under the umbrella of each program, Advantex provides merchants with marketing, customer incentives, and secured future sales through its Advance Purchase Marketing model. Advantex partners include more than 700 restaurants, online retailers, golf courses, small inns and resorts, and major organizations, including CIBC, United Airlines, Delta Airlines, Alaska Airlines, and Lufthansa Airlines. Advantex is traded on the Toronto Stock Exchange under the symbol "ADX". For additional information on Advantex, please visit www.advantex.com.
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Advantex Marketing International Inc. (the “Company”) believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding financial and business prospects and financial outlook), including, with limitation, with respect to the expansion of the Company’s Advance Purchase Marketing Program to retailers across Canada, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, and delays in finalizing the retail contract with CIBC. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information:
Vice-President and Chief Financial Officer
Tel: (416) 481-5657, ext. 249