CEO Garman Named QI Systems Inc. Board Chairman

QI Systems Inc. announced that Steven R. Garman, Chief Executive Officer and President, has been elected by the QI Board of Directors to be Chairman of the Board.
Mr. Garman replaces Matthew Yugovich, who has resigned for personal reasons.

"I am sad to be leaving the Company just before QI Systems turns the corner," said Mr. Yugovich. "The interest generated by our new QiWave(TM) contactless product line and our CycleStation(TM) bicycle distribution system is extremely encouraging. The team we have built at QI Systems is second to none and I am confident that the present management of the Company will be successful in realizing QI's true potential."

Mr. Garman stated, "The Board of Directors wants to thank Mr. Yugovich for the strong dedication and leadership he provided to QI Systems over the last several years. I personally want to express my sincere appreciation to him for the support he has given me as CEO and to state that I am honored to be named his successor as Chairman of the Board. Everyone at QI extends their best wishes to Matthew for the future."
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