[LOGO OF IMAGICTV]
news release
Investor Relations Contact: Media Contact:
Tracy Torena Rob Begg
iMagicTV iMagicTV
800-660-0333 800-660-0333
ttorena@imagictv.com rbegg@imagictv.com
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iMagicTV Strengthens Executive Management Team
Industry Veteran Gerry Pond Named Chief Executive Officer
LeBrun Assumes Role of President and Chief Operating Officer
SAINT JOHN, NEW BRUNSWICK, CANADA - May 7, 2002 - iMagicTV (Nasdaq: IMTV
and TSE: IMT), a provider of software products that allow telephone companies
and other service providers to deliver multi-channel television and
interactive media services, today announced two executive management changes
that are intended to strengthen the company's overall industry position and
to take the company to its next stage of development.
Effective immediately, Gerald L. Pond will assume the position of
iMagicTV's Chief Executive Officer. Mr. Pond currently serves on iMagicTV's
Board of Directors. Marcel LeBrun, who has served as iMagicTV's Chief
Executive Officer and President since January 1998, will retain the role of
President but assume the additional responsibility of Chief Operating
Officer. Mr. LeBrun will remain on the Board of Directors.
Mr. Pond was elected as a Director of iMagicTV in January 1998. Mr. Pond
currently serves as Chairman of the Board of Q1 Labs Inc., a provider of
enterprise-level network security software products. From March 1999 to
December 2001, Mr. Pond served as Executive Vice President of Aliant, Inc.
and from November 1994 to March 1999, he served as President and Chief
Executive Officer of Bruncor and NBTel. He is currently serving on the Board
of Directors of Assumption Life, a mutual insurance company. Mr. Pond is a
past President of the Canadian Chamber of Commerce.
"Gerry is a seasoned executive who is well known and respected in the
telecom industry and his passion, drive and experience are exactly what we
need to take the company forward to its next stage of development. I am
extremely excited about Gerry's decision to join the iMagicTV team," said
Marcel LeBrun. "I believe it is in the best interests of the company to
obtain a seasoned industry executive like Gerry to help execute and expand
our current business strategy. I believe Gerry will be of tremendous value
to iMagicTV."
"Marcel and his team have created an exciting company with products,
services and expertise that have a tremendous value to telecom carriers. I
see a tremendous opportunity for iMagicTV going
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iMagicTV Strengthens Executive Management Team
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May 7, 2002
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forward," said Gerry Pond, iMagicTV Chief Executive Officer. "The most recent
financial results across the telecom industry are ample evidence of the
effects of increasing competitive pressure and declining margins in their
core business. Telecom companies must focus on increasing revenues from
services and applications, such as broadband video, in order to develop
comprehensive competitive positions against the cable industry. As global
interest in video solutions increases, we believe we're well positioned to
benefit."
"Gerry's contributions as a Director since the company's inception
have been exceptional and we now have the full benefit of his industry
experience and leadership," said Peter Jollymore, Chairman of the iMagicTV
Board of Directors. "We are seeing more positive developments in the
industry. In anticipation of these events, the Board believed it was time to
further strengthen our overall organization. We have a strong executive
management team in place; one that can take iMagicTV to the next stage of
growth."
Marcel LeBrun has served as President and Chief Executive Officer
since January 1998. From June 1992 to December 1997, Mr. LeBrun held various
positions at NBTel Inc. ("NBTel"), including Managing Director of E-Business
Services and other senior technical, marketing and strategic business
planning positions. LeBrun has a Bachelor of Science in Electrical and
Computer Engineering from the University of New Brunswick.
About iMagicTV
iMagicTV (Nasdaq: IMTV and TSE: IMT) provides software products and
related services that enable telephone companies and other service providers
to deliver multi-channel digital television and interactive media services to
their subscribers over a broadband network infrastructure. iMagicTV's
software can be deployed over high-speed broadband networks including ADSL,
VDSL, wireless, Ethernet and Fiber to the Home (FTTH) technologies.
Incorporated in 1997, iMagicTV maintains its global headquarters in
Saint John, New Brunswick, Canada, its European headquarters in Cambridge,
UK, its Asia Pacific headquarters in Singapore, and its US headquarters in
Atlanta. For more information, visit www.imagictv.com.
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Cautionary Note Regarding Forward-looking Statements Under the Private
Securities Litigation Reform Act of 1995: Information in this release that
involves iMagicTV's projections, expectations, beliefs, hopes, plans,
intentions or strategies regarding the future are forward-looking statements
that involve risks and uncertainties, including the occurrence and results of
future market trials. These statements include statements about iMagicTV's
strategies in the marketplace, its market position, its relationship with
customers and its expectations regarding future market trials and commercial
deployments of its solution. All forward-looking statements included in this
release are based upon information available to iMagicTV as of the date of
the release, and we assume no obligation to update any such forward-looking
statement. These statements are not guarantees of future performance and
actual results could differ materially from our current beliefs and
expectations as stated in this release. These and other factors, which are
discussed in the Company's filings with the U.S. Securities and Exchange
Commission (SEC), are risks associated with our business that may affect our
operating results.
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