HUNTINGTON BEACH, Calif. -- Foldera(TM), Inc. (OTCBB:FDRA), a next-generation information organizer and messaging/collaboration service, today announced that its Board of Directors has appointed Hugh Dunkerley to serve as the companys president and chief executive officer.
Dunkerley replaces Richard Lusk, who remains as chairman and the companys second largest stockholder. As we move into the next phase of Folderas growth it made sense for me to step down and turn over the day-to-day operating activities of the company to Hugh Dunkerley, who is an internationally experienced executive having proved himself both prior to, and since joining Foldera, said Lusk. Hugh joined the company in June 2006 as the vice president of Corporate Finance and since July 2007 has served as the companys chief operating officer, combining his financial and software development experience with a strong track record of executive leadership and significant personal qualities.
On behalf of the Board of Directors, we are extremely pleased that Hugh has accepted this important position and we look forward to his leadership role in accelerating the development and execution of the companys strategic plans going forward, said Danilo Cacciamatta, one of Folderas independent directors. In addition, the Board wishes to thank Richard for his dedication, passion and vision for the Foldera application and delivering a beta solution to customers, said Mr. Cacciamatta.
Becoming CEO of Foldera at this critical juncture is a tremendous opportunity. I am grateful for the confidence and support that the Board and Senior Executive Management team are showing in me through my new appointment, said Dunkerley. I look forward to capitalizing on and repositioning our efforts to date in order to meet any challenges and opportunities that lie ahead.
In other news, the company confirmed that it has finalized a partnership agreement with a major European Internet Service Provider to further the companys efforts to launch the Foldera service in Europe. Under the terms of the agreement, the company will deliver the Foldera service to third-party Telcos, ISPs and Portals and their subscribers using a Software-as-a-Service (SaaS) delivery model. This approach eliminates the need for the service providers who resell Foldera to build out infrastructure, develop software or host the Foldera service themselves. The companys new partner currently manages 12 million email accounts, delivers broadband internet services to more than 3 million customers and hosts important portals generating over 18 million unique users. Pursuant to the agreement, the company will be solely responsible for all costs and expenses associated with the development; commercialization and marketing of the service in Europe, and the company will determine when the service will be made available.