AVCtechnologies Announces Strategic Realignment in Senior Management and Planned Debt Reduction

Lawrence E. Mock, Managing Partner with Navigation Capital Partners, will assume the role of Chairman of the Board and Robert Willis, Managing Partner with Navigation Capital Partners, will join the Board as a Vice-Chairman, with responsibility for capital markets and investor relations.

Xavier Williams will step down as CEO and will remain as a member of the Board of Directors as a Vice-Chairman to facilitate the transition of leadership. Under his leadership, the company has made significant strides, including the acquisition of Kandy Communications in December 2020. Current COO, Michael Dennis is also departing AVCtechnologies to pursue other opportunities. The Board of Directors thanks Mr. Williams and Mr. Dennis for their contributions to the business.

The Board is also pleased to announce strategic additions to AVCtechnologies’ management team:

Kevin Keough, Managing Director, Operations, for Navigation Capital Partners joins the team as President, AVCtechnologies. Mr. Keough brings extensive operational experience to his role with more than 30 years of senior executive leadership experience across public companies including FirstEnergy, private equity portfolio management, and partner-level leadership at McKinsey & Company.

Chuck Canton has been appointed as President of Kandy, AVCtechnologies’ globally deployed, carrier grade, white-labeled proprietary communications platform. Mr. Canton brings to Kandy deep expertise in technology-enabled businesses and a focus on customer care, through his previous roles as Global Vice President of Customer Success and Operations at Vonage and President of Services and Operations at Compass, a rapidly growing tech-enabled real estate company.

AVCtechnologies is also pleased to announce that it intends to reduce the company’s debt by over 90% by converting over $130 million of outstanding debentures into registered equity securities in accordance with the terms of the debentures.