Last year, AlarmForce Industries, a Toronto-based super-regional, announced that its board of directors was looking at selling the company. Now the board says the company won’t be sold but grown instead, and has “terminated” AlarmForce’s longtime President and CEO Joel Matlin.
Alarm Force announced in a news release Tuesday that it had “terminated the employment" of Matlin but said that he will “continue to serve as a director of the company.” Matlin holds a stake in the company of about 8 percent, according to news reports.
Company CFO Anthony Pizzonia is now interim president and CEO, the release said. A search is underway to find a permanent successor to Matlin.
Earlier this month, the company announced that its board had completed its strategic review begun last August and will now focus on growing the company.
Here’s more of what it had to say in a July 3 news release:
During the past eleven months, a special committee of the Board of Directors of the Company (the "Board") comprised of the independent directors of AlarmForce (the "Special Committee") explored and considered available opportunities for the Company, including a possible sale of the Company. The Special Committee has concluded that the strategic review process did not result in a transaction adequately reflecting the Company's value. As such, the Board has decided to conclude the formal process and dissolve the Special Committee. The Company will now move forward with a focus on the Company's growth.
AlarmForce provides security alarm monitoring, personal emergency response monitoring, video surveillance and related services to residential and commercial subscribers throughout Canada and in some locations in the United States. The company says it is a leading provider of two-way voice alarm systems in Canada.