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Boxlight Corporation Board of Directors Announces Leadership Changes
"Boxlight has grown by acquiring high-quality assets that are relevant and complimentary," commented Mr. Jackson. "We are committed to further integrate those assets and better streamline our operations to drive improved financial results, which have underachieved our expectations over the last several quarters. Dale brings a wealth of operational expertise, overseeing profitable growth at large organizations, and he has built significant knowledge of Boxlight as an independent director. These factors make him the ideal candidate to serve as interim CEO during this next phase in our evolution, supporting the best interests of the Company and our stockholders." "Boxlight is a great company, with award-winning technology, outstanding team members and a global network of valuable partners, well-positioned in a growing industry," commented Mr. Strang. "Both the education and enterprise markets we are serving are large and benefiting from meaningful tailwinds, including investments in immersive and interactive technology such as ours." Continued Mr. Strang, "We are refocusing to maximize customer value with our suite of hardware and software solutions, which in turn will create sustainable value for all our stakeholders." Market Commentary Boxlight continues to experience short-term market softness, extended sales cycles and revenue headwinds that appear to have continued in the fourth quarter. As a result, our preliminary expectations, which remain subject to adjustment as the Company continues to close its books for the fourth quarter, are that revenue for the quarter will be in the range of $36 million to $38 million. Management also expects that adjusted EBITDA will be significantly lower than in the fourth quarter of 2022, in large part due to the lower revenue. Nonetheless, heading into 2024, management believes there are multiple opportunities for growth and market share expansion in both existing and emerging markets. New leadership intends to focus on improved operating results, both in the short-term and longer-term, with the goal of continued margin expansion, disciplined expense management and resource allocation. Management expects to more effectively leverage market data to target expansion initiatives and investments, deeper integration of Boxlight product lines and targeted expense reductions. Additional details about the leadership change will be included in a Form 8-K, filed with the Securities and Exchange Commission. About Boxlight Corporation Boxlight Corporation (Nasdaq: BOXL) is a leading provider of interactive technology, digital signage, and campus audio, and services under its award-winning brands Mimio®, Clevertouch® Technologies, FrontRow, and EOS Education. The Company aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, digital signage, collaboration software, supporting accessories and professional services. For more information about the Boxlight story, visit http://www.boxlight.com. Forward Looking Statements This press release may contain information about Boxlight's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements because of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, competition in the industry, etc. You should not put undue reliance on any forward-looking statements and Boxlight urges investors to carefully review the disclosures Boxlight makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Boxlight's Annual Report on Form 10-K for the year ended December 31, 2022, as such factors may be updated from time to time in Boxlight's filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Except as required by law, Boxlight undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20240105630353/en/
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