Creative Realities Submits Application for NASDAQ Capital Market Up-Listing; Announces Changes to its Board of Directors
13 Sep, 2018, 10:32 ET
LOUISVILLE, Ky., Sept. 13, 2018 /PRNewswire/ -- Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (OTCQX: CREX), a leading provider of digital marketing solutions, has submitted its formal application to list the Company's common stock in the U.S. on the NASDAQ Capital Market and has effected changes in its Board of Directors to comply with NASDAQ governance requirements.
"We believe up-listing from the OTC Market to the NASDAQ Capital Market will broaden access to Creative Realities by the financial community," said Rick Mills, the CEO of Creative Realities. "Being in a position to list our common stock on the NASDAQ Capital Market reflects significant progress that has been made in building our financial and liquidity standards, positioning the Company for future growth and profitability, and strengthening our corporate governance."
Effective as of September 7, 2018, each of Mr. Patrick O'Brien and Mr. Eric Bertrand resigned from the Board of Directors of Creative Realities, Inc. On that same date, the Board of Directors appointed Mr. Joseph Manko, Jr. to serve as a director on the Board of Directors. Mr. Manko has been an observer of the Board since 2014 and is expected to serve on the Audit Committee and Compensation Committee of the Board of Directors, each newly formed and constituted by the Board of Directors.
Mr. Manko is an experienced Board member and Senior Principal in Horton Capital Management LLC, the investment manager for the Horton Capital Partners Fund, LP ("Horton Fund"), and significant shareholder in the Company. Mr. Manko has over 20 years of investment experience in the asset management, investment banking, private equity and corporate securities markets, including senior roles at Deutsche Bank in London and Merrill Lynch in Hong Kong. Prior to founding the Horton Fund, Mr. Manko was a Partner and Chief Executive Officer of Switzerland-based BZ Fund Management Limited. Mr. Manko began his career as a corporate finance attorney at Skadden, Arps, Slate, Meagher & Flom and earned both his B.A. and Juris Doctorate from the University of Pennsylvania.
"We thank Patrick O'Brien and Eric Bertrand for their excellent work and tireless efforts as Board members in serving Creative Realities and helping to drive this organization towards its goals. I am personally grateful for the insights and knowledge each have shared during their time on the Board of Directors and we will continue to rely on their expertise as we take the next steps in our journey," Mr. Mills stated. "Mr. Manko's proven track record in corporate finance and capital markets will be highly valuable as we continue our journey towards being an industry consolidator."
Acceptance for listing Company shares is subject to approval, in part, based on the Company's ability to meet minimum listing requirements for the NASDAQ Capital Market. While the Company intends to satisfy all of the applicable listing criteria, no assurance can be given that its application will be approved. During the NASDAQ review process, the Company's common stock will continue to trade in the U.S. on the OTC Market under its current symbol, CREX.
The NASDAQ Stock Market is global electronic marketplace for buying and selling securities. It was created by the National Association of Securities Dealers ("NASD") to enable investors to trade securities on a computerized, speedy and transparent system. For more about the NASDAQ, go to www.nasdaq.com.
About Creative Realities, Inc.
Creative Realities helps retailers and brands use the latest technologies to inspire shopper engagement in and around their stores. Founded over 15 years ago, the firm's evolving client base has led to recognized leadership in deploying technology aligned with strategic and consumer behavior goals at Retail. The firm has created and delivered consumer/shopper experiences, designs and installs high-end audio-visual networks, and is actively providing recurring SaaS and support services across diverse categories: Automotive, Apparel & Accessories, Banking, Baby/Children, Beauty, CPG, Department Stores, Digital Out-of-Home (DOOH), Electronics, Fashion, Fitness, Foodservice/QSR, Financial Services, Gaming, Luxury, Mass Merchants, Mobile Operators, and Pharmacy Retail.
Cautionary Note on Forward-Looking Statements
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect" and "believe" indicate forward-looking statements.
These forward-looking statements may reflect management's present expectations and estimates regarding future expenses, revenue and profitability, trends affecting our financial condition and results of operations, operating efficiencies, revenue opportunities, potential new markets, and the ability of the Company to effectively compete in a highly competitive market. Nevertheless, and despite the fact that management's expectations and estimates are based on assumptions management believes to be reasonable and data management believes to be reliable, the Company's actual results, performance, or achievements are subject to future risks and uncertainties, any of which could materially affect the Company's actual performance. Risks and uncertainties that could affect such performance include, but are not limited to: the adequacy of funds for future operations; future expenses, revenue and profitability; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the impact of changing customer requirements upon revenue recognition; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; the impact of the Company's financial condition upon customer and prospective customer relationships; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in Company reports filed with the Securities and Exchange Commission.
Given these uncertainties, and the fact that forward-looking statements represent management's estimates and assumption as of the date of this press release, you should not attribute undue certainty to these forward-looking statements. We assume no obligation to update any forward-looking statements publicly, or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements contained in this press release, even if new information becomes available in the future.
SOURCE Creative Realities, Inc.
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