August 19, 2011 - DTI Group Completes Capital Raising and Board Restructure
DTI Group Limited (DTI) is pleased to announce that it has completed a capital raising and has appointed three new Directors to the Board.
With effect from 1 July 2011, Chris Morris, Jeremy King and Richard Johnson were appointed Directors of the Company. Mr Morris, the Non-Executive Chairman of Computershare Limited, will assume the Chairmanship of DTI. Mr Morris has taken an approximate 20% stake in DTI. This investment and his ongoing involvement with DTI are seen as a major benefit to the Company. Mr Morris established Computershare Limited and has extensive international business experience, as well as a range of private investments in emerging technology companies. Mr King is a lawyer by profession and has strong experience in both corporate M&A activity and strategic planning. Mr Johnson is the current CEO of DTI and will move to the role of Managing Director.
The appointments follow the retirement of Peter Harley, who had been Chairman of DTI for seven years, and Mr Lou Magro, a founding Director who served for 11 years. Both Mr Harley and Mr Magro maintain equity interests in DTI.
The capital raising means that DTI is debt-free and has cash reserves to fund the continued growth and expansion of the business.
The capital raising follows a number of important new contract wins for DTI over the past months; namely:
- selection as the preferred supplier for video surveillance systems for Perth taxis
- a contract to provide in-car video surveillance systems for CHOGM in Perth in October
- a contract to provide video surveillance systems for Adelaide trams
- several bus and light rail contracts in the United States
- new bus and rail contracts in Europe.
About DTI Group
DTI provides advanced surveillance systems, solutions and services to the global mobile security industry. DTI’s customers are transit agencies, transit operators, law enforcement authorities and taxi organisations which are offered a range of professional products and services that encompass on-board recording equipment, fleet management systems, back-end mass storage and retrieval facilities and end-to-end managed services. Sales and project delivery is undertaken both by DTI directly and through its global partners’ network.
DTI is a recognised supplier to the mass mobile surveillance market. Core technology development and system design activities are undertaken from the Company’s Perth office and are complemented through a strategic research partnership with Western Australia’s Curtin University of Technology.
DTI is an unlisted Australian public company.
Chief Executive Officer
Phone: (08) 9479 1195
About Chris Morris
Chris Morris is a founding member of Computershare Limited (established in 1978) and was appointed Chief Executive Officer in 1990. Chris’ extensive knowledge of the securities industry and its user requirements from both a national and international perspective, coupled with his passion and long- term strategic vision, has been instrumental in developing Computershare into a global company that is unique in its provision of a full range of solutions to meet the needs of listed companies and their stakeholders.
In September 2010 he relinquished his executive responsibilities at Computershare. He remains Non-Executive Chairman.
In addition to various business interests, Chris retains a keen interest in technology companies and is a board member of ASX listed Webfirm Group Ltd and Chairman of ASX listed Car Parking Technologies Ltd.
About Jeremy King
Jeremy King is a corporate lawyer with over 12 years experience in domestic and international legal, financial and corporate matters. He has extensive corporate experience, particularly in relation to cross-border private equity, leveraged buy-out acquisitions and acting for banks, financial institutions and corporate issuers in respect of various debt and equity capital raisings. As a corporate advisor with Max Capital Pty Limited, he regularly advises a wide range of listed public and private companies in respect of capital raisings, investments, acquisitions and corporate issues. Jeremy is a director of ASX listed Glory Resources Ltd.