TORONTO, March 17 /PRNewswire-FirstCall/ -- Hummingbird Ltd. , a leading global provider of integrated enterprise content management (ECM) solutions, and network connectivity solutions, today announced the appointment of John A. MacDonald and John B. Wade III to the Company's Audit Committee. Messrs. MacDonald and Wade replace Mark D. Spitzer and Jack Langer who retired from the Company's Board of Directors and Audit Committee effective March 3, 2006.
Nasdaq's Marketplace Rule 4350(d)(2) ("the Rule") requires that the Company have an audit committee comprised of at least three independent members. Between March 3, 2006 and March 14, 2006, Stephen A. Crane served as the only member of the Company's Audit Committee. On March 16, 2006, the Company received a letter from The Nasdaq Stock Market noting that for the brief period between March 3 and March 14, the Company was not in compliance with the Rule, but that following the appointment of Messrs. MacDonald and Wade to the Company's Audit Committee the Company had regained compliance with the Rule. The Nasdaq letter further states that the matter is now closed.
In addition to the appointment of John A. MacDonald and John B. Wade III, Stephen A. Crane has been appointed as Chairperson of the Company's Audit Committee. All members of the Audit Committee are 'independent' and 'financially literate' and Mr. Crane is considered an 'audit committee financial expert', each within the meaning of applicable SEC and OSC rules.
About Hummingbird
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Hummingbird Ltd. is a leading global provider of enterprise software solutions. The Company's enterprise software solutions fall into two principal categories: enterprise content management (ECM) solutions, and network connectivity solutions. Hummingbird's ECM solutions enable organizations to manage the lifecycle of enterprise content from creation to disposition, thereby enabling organizations to address critical business needs, such as information management, business continuity, compliance and risk mitigation. The network connectivity solutions provide a comprehensive set of core network technologies that enables the enterprise to connect to any type of legacy system.
Founded in 1984, Hummingbird employs over 1,400 people and serves more than 33,000 customers, including 90% of Fortune 100. Hummingbird solutions are sold directly from 40 offices worldwide and through an Alliance Network of partners and resellers. For more information, visit http://www.hummingbird.com/
