|By Marketwired .||
|June 2, 2014 12:30 PM EDT||
BELLEVUE, WA -- (Marketwired) -- 06/02/14 -- Hipcricket®, Inc. (OTCBB: HIPP) (OTCQB: HIPP), a leader in mobile engagement and analytics, has appointed Chairman Todd Wilson as interim CEO, and has appointed COO Doug Stovall as president effective May 30. They succeed Ivan Braiker, whose employment ceased on that date. The company has also launched a search for his full-time replacement.
"On behalf of the board, I would like to thank Ivan for his dedication and leadership over the last 10 years," said Wilson. "As our company's co-founder, Ivan played a key role in establishing Hipcricket as a leader in the mobile marketing industry."
Wilson joined Hipcricket's board of directors in June 2010, was appointed chairman in June 2013, and will continue to serve in that capacity as well. He has more than 20 years of experience as an investor, board member and advisor to growing middle market companies. He received an MBA from the Fuqua School of Business at Duke University and a Bachelor's degree in Finance from The Wharton School of Business.
Stovall, a recognized mobile marketing expert, joined Hipcricket in 2010 as senior vice president of sales and was promoted to COO in June 2013. As president and COO, Stovall will be responsible for day-to-day operating activities and executing the company's strategy and vision.
"Doug brings the right talent, experience and leadership to the role of president," noted Wilson. "In fact, he has been highly successful in developing major partnerships and executing on client engagements since he joined Hipcricket in 2010. He has guided the launch of multiple products, like our advertising network, and played a vital role in Hipcricket's execution of 400,000 client campaigns. His strong leadership has helped establish our industry-leading 90% customer renewal rate, which has led to increasing sales. We expect Doug's vision and skilled execution will continue to drive the growth of Hipcricket."
Prior to joining Hipcricket, Stovall held management positions with mobile sales, product and services units with Acuity Mobile, Merkle, TeleCommunication Systems, Aether Systems and Xpedior. He holds a MBA with an emphasis in Organization and Operations Management from William Carey College and a Bachelor's degree in Psychology from the University of Southern Mississippi.
Tom Virgin, the company's CFO since 2007, will also be leaving the company and plans to transition his responsibilities by the end of August 2014.
Hipcricket, Inc. (OTCBB: HIPP) (OTCQB: HIPP) provides a unified mobile engagement platform that drives awareness, sales and loyalty. Its AD LIFE® platform has been used by internationally recognized brands and agencies to power more than 400,000 campaigns across SMS, 2D/QR codes, mobile websites, advertising networks, social media and branded apps. For additional Hipcricket news and information, visit www.hipcricket.com or text "NEWS" to 24474.
Hipcricket®, AD LIFE® and the Hipcricket logo are trademarks of Hipcricket, Inc. All rights reserved. 2009-2014.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future financial performance. All statements other than present and historical facts contained in this release, including any statements regarding our plans for future operations, anticipated future financial position, anticipated results of operations, financing plans, business strategy, competitive position, opportunities for growth and industry trends, are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control. The company's actual results, performance, or achievements may differ materially from those projected or assumed in any of the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include, among others: overall economic and business conditions; the demand for our products and services; competitive factors in our industry; the emergence of new technologies; our cash position; the availability of funding sources; the strength of our intellectual property portfolio; and changes in government regulations in our industry. A more detailed discussion of these factors is set forth in the company's annual report on Form 10-K for the year ended February 28, 2014 and other reports filed with the U.S. Securities and Exchange Commission. The company does not intend, and undertakes no duty, to update any forward-looking statement to reflect future events or circumstances.
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