HOUSTON, Aug. 25, 2008 (GLOBE NEWSWIRE) -- Remote Knowledge, Inc. (Pink Sheets:RKNW) today announced that Farid Nagji has been appointed to the Board of Directors of the Company and has been elected to serve as the non-executive Chairman of the Board. Mr. Nagji is currently Senior Vice President, Chief Information Officer and Risk Officer for a subsidiary of Bermuda based insurance group Argo Group International Holdings, Ltd.
L. Byron Way and Ric A. Gijon have also been appointed to the Board of Directors. Mr. Way is currently President & Chief Operating Officer of Bunker Hill Insurance Agency, a subsidiary of Southwest Insurance Partners, Inc. Mr. Gijon is currently Chief Financial Officer of Muragai, LLC.
C. Greg Peters, Chief Executive Officer, said, "We are delighted to welcome the new Directors of the Company." He added, "Our Executive Management Committee will work closely with the new Chairman and keep the Board fully informed of the Company's progress."
The foregoing changes were made in connection with the consummation of certain financing agreements entered into by the Company with a group of investors lead by Muragai, LLC, and its affiliated company SLW International, LLC, as announced August 21, 2008. Pursuant to the terms of those transactions, the number of directors of the Company was reduced to five, and Randy Bayne, Richard C. Webb, D. Henry Houston, William H. Moody and Steve Phelps have resigned their positions as board members. Dan Granader remains a member of the board. Muragai has the right to nominate an additional director and is considering qualified candidates to fill the remaining vacancy.
Mr. Gijon has been elected to serve as the Chairman of the Audit Committee. Mr. Nagji and Mr. Way will also be members of the Audit Committee.
About Remote Knowledge
Remote Knowledge, Inc. is a developer and provider of satellite based high-speed Internet, voice, video, data-management and mobile marketing applications. Remote Knowledge's technologies unite with existing global terrestrial and satellite communications networks to deliver home or office like content and entertainment services to the marine leisure market, maritime commercial customers and marine sporting events around the world.
The Remote Knowledge, Inc logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5172
Forward Looking Statements
This information contains forward-looking statements that relate to our business. Such statements are not guarantees for future performance, and actual results could differ materially from those expressed or implied in such statements as a result of certain factors. All statements, other than statements of historical facts, included in this information that address activities, events or developments that we expect, believe, intend or anticipate will or may occur in the future, including the following matters, are forward-looking statements. These statements are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward looking statements are subject to risks and uncertainties, including, without limitation, those associated with the availability of additional financing on favorable conditions; general economic conditions; market and business opportunities that may be presented to and pursued by us; changes in laws or regulations; and successful exploitation of our market opportunities. Significant factors that could prevent us from achieving our stated goals include, without limitation, our inability to obtain financing for research and development, manufacturing, and marketing expenditures; our inability to compete against existing or future competitors; a substantial increase in the cost of our products; declines in the market prices for our products; and adverse changes in our target markets. We undertake no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.