Pitt Meadows-based broadband systems producer Tranzeo Wireless Technologies (TSE:TZT) switched chief financial officers on Tuesday, the day after reporting its latest quarterly financials.
Chairman Patrick Smith took over from Douglas Howes as the interim CFO. Howes, who joined the company in 2005, resigned but will remain a consultant while the company searches for a permanent CFO. Howes was CFO since the company listed on the Toronto Stock Exchange.
Tranzeo's financial performance on the Toronto Stock Exchange resulted in the threat of delisting. On July 25, the TSX announced it was reviewing Tranzeo’s common shares and gave the company 120 days to regain compliance with listing requirements. Tranzeo is still listed on the TSX, though its share prices have hit lows of $0.12.
Tranzeo’s network equipment is used by government, military, education and business customers via radios, WiMax and mesh networks. The company has satellite offices in San Diego, San Jose and Indonesia.
Tranzeo was founded 11 years ago by Jim Tocher. Monday’s third-quarter financial results included a $600,000 revenue boost to $2.7 million and an $800,000 gross profit, an improvement of $200,000 over the same period in 2010.
EBITDA was $500,000, compared with a $2.2 million loss in 2010’s third quarter.
Bob Mackin