Appointment of Chairman

RNS Number : 0598F

Lo-Q PLC

18 April 2011

 



18 April 2011

Lo-Q plc

("Lo-Q" or "the Company")

Appointment of Chairman

Lo-Q plc, the AIM listed provider of virtual queuing systems for theme parks and major attractions, announces the appointment of John Weston, former Chief Executive of BAE Systems, as Chairman, with effect from 1 May 2011.

John Weston, aged 59, is Chairman of Acra Control, a supplier of data collection devices for flight test instrumentation; MB Aerospace, a supplier of machined engine components to the aero-engine industry; and AWS Electronics, a company manufacturing circuit boards and wiring harnesses for the defence and aerospace businesses. He is also chairman of the trustees for Ufi (learn-direct), the government's on-line learning organisation.

John was Chief Executive of British Aerospace and then BAE Systems from 1998 to 2002.  At the time it was a £12.5billion business employing over 120,000 people.

Commenting on the appointment, Tom Burnet, CEO of Lo-Q said, "I am delighted to welcome John Weston to the Board.  His very substantial experience will be invaluable to Lo-Q and we are very pleased to have such a knowledgeable addition to the Board.

"I would like to thank John Lillywhite for his contribution as acting Chairman and am pleased that he will remain on the Board as a non-executive director."

John Weston said, "I am delighted to be joining the Board of Lo-Q, and I am looking forward to working with a very dynamic management team to maximize the considerable growth potential of the business."

John will be granted options over a total of 69,444 ordinary shares of 1 penny each in the Company at an exercise price of £1.44. The options will vest on the first anniversary of the grant and expire on the tenth anniversary.

Contacts:

Lo-Q plc	Tom Burnet, Chief Executive	Tel: [phone]
Canaccord Genuity Limited	Simon Bridges/Kit Stephenson	Tel: [phone]
Financial Dynamics	James Melville-Ross/Matt Dixon/Clare Thomas	Tel: [phone]

About Lo-Q

Lo-Q is the creator of a virtual queuing system for theme parks and other leisure attractions that allows users to queue without waiting in line.  Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.  

Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags, Dollywood and Legoland.  These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities.  By the end of 2010, more than six million individuals had used a Lo-Q product and that number is growing.

The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan.  The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new product for other complementary adjacent markets.

Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ."  For further information please visit www.lo-q.com

Further information on John Weston's career history

John Pix Weston, aged 59, has been Chairman of Acra Control, a supplier of data collection devices for flight test instrumentation, since March 2003, MB Aerospace, a supplier of machined engine components to the aero-engine industry, since December 2007; and has been Chairman of AWS Electronics, a company manufacturing circuit boards and wiring harnesses for the defence and aerospace businesses, since October 2008.  John is also chairman of the trustees for Ufi (learn-direct), the government's on-line learning organisation where he joined the board in June 2003. John is also currently a director of Brittpac Ltd

John started his career at the British Aircraft Corporation as an undergraduate apprentice in 1970, and spent over 30 years with the Company, culminating in his role as Chief Executive of British Aerospace and then BAE Systems from 1998 to 2002.  At the time it was a £12.5billion business employing over 120,000 people.

Since leaving BAE Systems, John has held a number of board positions at growing companies, including Spirent plc, a world leader in telecoms testing equipment. John was also Chairman at iSOFT Plc, a supplier of software applications to the healthcare industry, before also taking on the role of CEO in July 2006. John successfully led the turn-round of this business, restoring it to profitability and achieving a successful sale of the organisation. John was also Chairman of Moog Insensys Limited, a company which develops load measurement technology systems and sensors for wind turbine manufacturers, and previously held directorships at Synergy Insurance Holdings Ltd and Synergy Insurance Services UK Ltd.

John is also a Vice President of the Royal United Services Institute. John has served as a member of the council of the Royal Academy for Engineering, and the Prime Minister's Science and Technology Council.  John is a director of the German British Forum and a Governor of the Ditchley foundation.  In addition to his CBE he is also a Commander of the Order of the Pole Star (Sweden), and a freeman of the City of London.

John currently has an interest in 26,200 shares representing 0.15% of the entire issued share capital of the Company.

There is no further information in relation to the appointment of John Weston which is required to be disclosed pursuant to Schedule paragraph (g) and Rule 17 of the AIM Rules.

 

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BOAUBARRAUASAUR