Former Top Info Technology Holdings (Top Tech) bosses Justin Adriaanse and Chris Kleingeld have been appointed chairman and CEO respectively of pain alleviation technology company APS Technologies.
Top Tech announced the resignations of Adriaanse as chairman and Kleingeld as CEO in late January.
Top Tech went into final liquidation recently, after Strategic Marketing investments - which provided funds for the company - and major shareholder Mike Mackway-Wilson (a former non-executive director), who were owed R16 million, had a request for liquidation served.
Top Tech had total debts estimated at R25 million to R30 million, and the company`s directors did not oppose the liquidation.
Adriaanse, who founded Top Tech and headed the company for 22 years, says he and Kleingeld resigned voluntarily. "We had no control over what happened after that," he adds.
"I was the second biggest loser. I lost R22 million." He adds that while there have been rumours in the market, three independent surveys - by KPMG, Quaestor and the liquidators - did not point fingers at him.
"So now we have put that behind us and we can get down to businesses," he adds.
Listed in the JSE`s development capital sector, APS Technologies develops proprietary technology and products targeting chronic and acute pain sufferers, sports injuries and various veterinary applications.
The company reported attributable income of R556 000 for the year to 31 December 2000, down from R13.5 million the previous year. Headline earnings of 0.79c per share compared with previous earnings of 11.17c per share.
Adriaanse says the changes to the board - with only financial director Paul McDonald and operations director Nico Wessels of the former board remaining - represent a change in the shareholder structure, they do not herald a change of focus for APS in the short-term.
While he says the focus will change in the long-term, he is reluctant to discuss plans at this stage.
"At the moment we need to get our hands dirty and work, not make empty promises," he says.
"We believe there is a lot of substance in the company and its product. What it lacked in the past was vision and passion."
Adriaanse was previously a non-executive director at APS.
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