BEVERLY, Mass. , Feb. 17 /PRNewswire-FirstCall/ -- LocatePLUS Holdings Corporation (Pink Sheets: LPHC), a business-to-business and business-to-government provider of investigative, identity validation, and homeland security solutions announced today the January 26, 2009 election of an entirely independent Board of Directors.
"This election of a reconstituted independent Board through the consent of a majority of stockholders completes a transition initiated by stockholders over recent months," stated Dr. Christian T. Williamson , Chairman of the Board of Directors.
Board Member and Audit Committee Chair George Isaac , CPA observed, "The credibility and integrity of an organization is of paramount concern when seeking to interact with credit markets and capital sources. Achieving an entirely independent Board is an important first step in reintroducing the Company to the markets and it will enhance the Company's standing with the investment community."
"Our goal in this dramatic and significant response to the Company's current valuation is to take back the high ground of capital market confidence," asserted former professor Richard L. Pyle , MBA, PHD in Business.
The independent Board is made up of seven members as restructured from nine pursuant to the shareholders consent-process election. David Skerrett and Ralph Caruso , longstanding independent Board members have been returned to the Board through the process. Three seats are held by members invited to join the Board in the fall of 2008. They are Christian Williamson , George Isaac , and Richard Pyle . New members James Ahearn and Patrick Murphy hold the remaining two seats.
Mr. Skerrett is a senior vice-president of a Top-400 civil construction firm with operations in the northeast and holds a Bachelors degree in engineering. Mr. Caruso, the other longstanding independent board member, is the founder and President of a construction conglomerate of five companies working in various facets of industrial construction and recently celebrating 25 years of success. He has also diversified into other interests ranging from the donut shop franchise industry, the spa and salon industry, and real estate development to the ownership and operation of a marina.
Dr. Williamson holds a PhD in hydrology with an emphasis on systems engineering and is Vice President of an international business conglomerate where he manages the company's water treatment division and related interests. Mr. Isaac is a CPA with 40 years of experience in all aspects of financial management and compliance. Currently he practices as a consulting CFO and is well familiar with the functioning of audit committees, compensation committees, and executive committees. Professor Pyle brings an academic perspective as well as years of actual management experience. He holds a PhD in Business and currently is CEO of a manufacturing company.
Mr. Ahearn brings an important client-based perspective to the Board. He retired from a 30-year career with the Federal Bureau of Investigation and the Department of Justice as a widely respected and highly honored member of senior management. He continues his career as the Chief Operating Officer of a resort and gaming industry development company. Mr. Murphy is a graduate of the Harvard Law School and a practicing attorney. He also brings significant prior experience as a senior operations manager at a prominent social agency providing services in a crisis-based environment.
"I am pleased to welcome this distinguished group of new board members. In addition to solid management experience, each brings a unique skill-set and adds depth to our board," said David Skerrett , longstanding independent board member. Ralph Caruso joined his colleague in welcoming new members and added: "In addition to a combined total of more than 50 years of commonsense bottom-line management experience, Dave and I have the important perspective of recent service to the Company. We look forward to joining together with the new board members and bringing all of this expertise to bear on the issues facing LocatePLUS today."