MILWAUKEE, Nov. 25, 2013 (GLOBE NEWSWIRE) -- ARI Network Services, Inc. ("ARI") (OTCBB: ARIS ) announced today that William ("Bill") A. Nurthen will join the Company's management team as Chief Financial Officer ("CFO") on November 29, 2013 following an extensive executive search. In his role as CFO, Nurthen will be responsible for all financial, risk and SEC compliance functions. Nurthen's financial background spans nearly two decades including extensive experience in corporate governance, mergers and acquisitions, and investor relations.
"ARI has experienced tremendous growth and change over the past 24 months and I expect that to continue. I believe that Bill is the right person to help update and implement the capital planning required to support our long term growth objectives," said Roy W. Olivier, President and Chief Executive Officer of ARI. "Bill's experience with integrating acquisitions, reducing costs, and leading the financial team will be essential to our success as we take ARI to the next level."
Nurthen's breadth of experience includes work in various industries including technology, software, bio-medical and investment banking. Most recently, Nurthen served as CFO of Cabrera Capital Markets, LLC, an investment bank serving institutional and Fortune 500 clients across the globe. During the first six months of his tenure, he achieved a 30% annual cost reduction across the entire business. Additional notable achievements include raising capital and securing financing for new investments.
"I am very excited to be joining the ARI team," said Nurthen. "The company had strong revenue growth in fiscal 2013 and is well-positioned for future earnings growth. I look forward to working with everyone to help the company achieve its strategic and financial goals."
Prior to joining Cabrera in 2011, Nurthen served in a variety of high-level financial leadership positions including CFO of bioLytical Laboratories, where his financial leadership helped that company achieve 150% revenue growth. From 1999 to 2007, Nurthen served as Vice President of Finance and then CFO of Inforte Corp., a NASDAQ company, where his financial leadership helped to grow and diversify the company's revenue through two acquisitions. Bill's contributions helped Inforte consistently exceed their EBITDA and net income projections until they were acquired by Business & Decision Group. From 1997 to 1999, Nurthen worked in various financial operations roles at Platinum Technology International, Inc., a software and consulting company.
In 2002, Nurthen earned his MBA from The Kellogg School of Management at Northwestern University. He received his BBA undergraduate degree from The University of Notre Dame.
Darin Janecek exited the company as CFO on November 18, 2013. We would like to thank Darin for his many contributions as ARI's CFO and wish him well in his future endeavors.
About ARI
ARI Network Services, Inc. (ARI) (OTCBB: ARIS ) creates award-winning website, digital marketing, software-as-a-service (SaaS) and data-as-a-service (DaaS) solutions that help equipment manufacturers, distributors and dealers in outdoor power equipment, powersports, automotive tire and wheel, durable medical equipment, marine, RV, and white goods Sell More Stuff!™ – both online and in-store. Our innovative products are powered by a proprietary data repository of enriched original equipment and aftermarket content that spans more than 10.5 million active part and accessory SKUs, 469,000 models and $1.7 billion in retail product value. We remove the complexity of selling and servicing new and used inventory, parts, garments and accessories (PG&A) for our customers -- 22,000 equipment dealers, 195 distributors and 140 manufacturers worldwide. For more information on ARI, visit www.investor.arinet.com .
Additional Information
- Follow @ARI_Net on Twitter: www.twitter.com/ARI_Net
- Become a fan of ARI on Facebook: www.facebook.com/ARINetwork
- Read more about ARI: www.investor.arinet.com/about-us
(Roy W. Olivier Photo: http://arinet.com/images/uploads/press_releas...ivier1.png )
(ARI Logo: http://arinet.com/images/uploads/press_releas..._Black.jpg )
Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projects about the markets in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "targets," "goals," "projects", "intends," "plans," "believes," "seeks," "estimates," "endeavors," "strives," "may," or variations of such words, and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties and assumptions that are difficult to predict, estimate or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in Part 1A of the Company's annual report on Form 10‐K for fiscal year ended July 31, 2013, filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company's filings with the Securities and Exchange Commission.
For media inquiries, contact: Colleen Brousil, Director of Marketing, ARI +1-414-973-4323 For investor inquiries, contact: Gregory V. Taylor, CFA, Three Part Advisors +1-214-295-8370
