|By Marketwired .||
|January 24, 2013 12:55 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/24/13 -- The Board of Directors of Teranet Holdings LP ("THLP") announced today that the company had completed a management transition whereby Elgin Farewell assumed the role of President and CEO of THLP and its operating subsidiary Teranet Inc. from Jay Forbes. Mr. Farewell is currently Teranet's Vice President of Electronic Search and Registration. He joined Teranet in 1997 and has had success in a variety of key roles including Vice President of Operations and Vice President of Human Resources.
"Elgin has been a key member of Teranet's leadership team since joining the company in 1997. We are confident that, under his leadership, Teranet will build on its significant accomplishments to date and attain a new level of success," said John Knowlton, Chairman of the Board of THLP. "We would like to thank Jay Forbes for his significant contributions to Teranet over the past three and a half years and wish him the best of luck in his future endeavours."
"Teranet is a true success story driven by a customer focus, an innovative business model and a very committed and talented team. I have been proud to have been part of that success for over fifteen years and it is an honour and privilege to now lead the company," said Elgin Farewell. "I am truly excited, both personally and professionally about the tremendous opportunities that lie ahead for Teranet."
Founded in 1991, Teranet owns and operates Ontario's Electronic Land Registration System, one of the world's most advanced land registration systems, enabling users to conduct electronic registrations as well as title and writ searches relating to real property. Teranet's comprehensive suite of related data products have fundamentally increased the real estate industry's ability to provide efficient and secure services to the public. Teranet has built a well-established customer base and strong brand confidence, providing electronic services to a network of over 80,000 end users including lawyers, paralegals, real estate brokers and agents, search houses, title insurers, financial institutions, governments, police services, utilities, investigators and appraisers. Teranet is owned by Borealis Infrastructure, a leader in direct infrastructure investing with over a decade of investment experience and almost CAD 20 billion in capital under management. Borealis invests in and manages a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and government-regulated services. It has offices in Toronto, London and New York. Borealis is the infrastructure investment arm of the OMERS Worldwide group of companies. OMERS is one of Canada's largest pension funds with net assets of more than CAD 55 billion and an AAA credit rating. For more information about Teranet, visit www.teranet.ca.
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