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OMT Shuffles Board, Hires New Exec Chairman

OMT Shuffles Board, Hires New Exec Chairman

The chairman and four members of the OMT board are out, and a new executive chairman – who led a recent business turnaround at another firm – has been installed.
Bill Baines, president of AML Wireless Networks, joins as executive chairman of OMT, which includes iMediaTouch, a provider of broadcast audio management products.
“Mr. Baines will work directly with the Board and Executive to further develop and assist in the execution of OMT’s market growth strategies,” it stated. As part of the deal, Baines will get incentive stock options.
Baines is former president/COO of Manitoba Telecom Services Communications and former COO of Norigen Communications Inc. In announcing his arrival, OMT noted his acquisition and “successful turn-around” of AML Wireless Networks in 2002.
Retiring from the board are Chairman Jack E. Peterson, as well as four directors: Ted Paley, Bruce McCormack, Scott Farr and Kevin Hooke.
Farr, who also is president/CEO of the Canadian publicly held company, said in a statement, “These changes are intended to reduce the size of the board to increase its effectiveness and add individuals that bring relevant experience. With our recent success in accessing significant new investment to fuel our growth strategies, we welcome the addition of Bill Baines as an experienced business leader.”
The company said in December it had raised $1.4 million through a private placement offering and a financial restructuring. Its stock trades on the Canadian TSX Venture Exchange. It has posted net losses in recent quarters, but narrowed those losses in the most recent quarter and year-to-date reports.