Loss-making Zaptronix has appointed Jan Nel as its new CEO.
Nel is a co-founder of Zaptronix`s controlling shareholder, Gandalf Trust, and was until now a non-executive director on the Zaptronix board.
He is also a non-executive director of JSE-listed companies Spectrum Shipping and Milkworx, among others.
The company says his initial primary task is to look for opportunities to grow Zaptronix, both organically and acquisitively.
"In addition, the proposed acquisition of DuO Solutions Provider also forms an important part of the growth strategy by adding to Zaptronix`s number of solution channels and giving the company access to central bureau functionality and an in-house development team," it adds.
The DuO deal amounts to a reverse takeover. An issue of shares to acquire DuO will result in that company owning 81% of Zaptronix.
DuO is a public unlisted company operating in the supply chain, logistics and fleet management and vehicle monitoring markets. The acquisition has been valued at about R3.07 million.
First announced in July, the deal is subject to regulatory and shareholder approval and is expected to be finalised this calendar quarter.
Zaptronix incurred a headline loss of 1.27c a share for the year to April 2004, which was an improvement on the 4.5c a share loss for the previous year.
Chairman Karl Gribnitz said at the release of those results that the DuO deal and the strategic initiatives of the combined entity should see a significant improvement by the end of the current financial year.
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