Bridgewater Founder Quits CTO Role

Mr. Freen will continue to serve on Board of Directors

March 1, 2010

2 Min Read

OTTAWA -- Mr. Freen will continue to serve on Board of Directors

Bridgewater Systems (TSX: BWC), the mobile personalization company, today announced that Chief Technology Officer (CTO) and founder Russ Freen will be stepping down from the CTO position effective March 31, 2010. Mr. Freen will continue to serve as a director of the Company.

"Russ has had a long and distinguished career in business and the data networking sector. Through his leadership and vision, he has established a position as an industry expert in the management of mobile data services," said Ed Ogonek, President and CEO, Bridgewater Systems. "During his 13 years at Bridgewater, Russ has established a strong technology and product vision for the Company, and his leadership in this area has been instrumental in providing Bridgewater with an excellent foundation for future growth and innovation. On behalf of the Company and our Board of Directors, I would like to thank Russ for the many contributions he has made to Bridgewater's success. We look forward to his continued contributions as a key member of Bridgewater's Board."

In a separate release:

OTTAWA --

  • Revenue of $66.7 million for fiscal 2009, an increase of 51% over prior year

  • Net earnings of $11.2 million, or $0.44 per share fully diluted, compared with net earnings of $2.8 million, or $0.11 per share fully diluted, in 2008

  • Cash and cash equivalents, and short-term investments increased to $67.3 million

  • Company issues guidance for continued growth in 2010

    Bridgewater Systems (TSX: BWC), the mobile personalization company, today announced financial results for the three and twelve months ended December 31, 2009. This news release contains forward-looking statements. Reference should be made to "Forward-Looking Statements" at the end of this news release. All amounts are stated in Canadian dollars except where otherwise noted.

    "Bridgewater delivered solid financial performance in 2009," said Ed Ogonek, CEO of Bridgewater Systems. "This reflects continued robust demand for our technology to support mobile broadband growth, combined with successful operational execution across the company, highlighted by significant new customer wins and key product launches."

    "Global mobile data traffic grew significantly in 2009, and this is fuelling demand for our solutions as operators implement network and bandwidth management strategies to reduce costs, while also introducing flexible and dynamic pricing models to better align data revenues with network costs," added Mr. Ogonek. "We are well positioned to capitalize on these trends, and in 2010 are focused on growing our core business, increasing revenue from new products and solutions for 3G and 4G networks, and increasing sales outside North America."

    Bridgewater Systems Corp. (Toronto: BWC)

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