WordLogic Corp. (WLGC), the predictive intelligence technology company, said it named Ian Dowding as its chairman and acting CEO following the abrupt resignation of Frank Evanshen.
Vancouver, British Columbia-based WordLogic also named Les Hughbanks and John Goodman to its board.
Dowding is currently president of Goldthorpe Investments Inc., where he has been since January 2008, and is president of The Interface Financial Group, according to his LinkedIn profile. Hughbanks is CEO of HITCO Inc.
“My final official acts in the capacity of Chairman of the Board of Directors and CEO are to relinquish all responsibility of the day-to-day operation of the company - and, absolve any other parties,” Evanshen said in a June 8 statement. "I have complete confidence in the new board of directors all of whom are prominent shareholders of the company.”
Evanshen said WordLogic “can now move forward getting its REACH technology to market.”
WordLogic’s products include the IKnowU and REACH patented technologies, which try to predict texting word choices and automatically connect the user to commercial websites, respectively. They’re used on Android-type phones.
Representatives from WordLogic didn’t respond to a telephone call for comment.
Evanshen’s departure comes two months after the dismissal of its enforcement action against Touchtype Inc., which does business as SwiftKey. The action, which was filed in 2014, was dismissed following a joint motion in April.
His departure also comes after years of grandiose announcements that never panned out.
For example, a year ago, WordLogic announced a licensing agreement with undisclosed private backers who supposedly were setting up an operating company assisted by Nirvana Canada, a software development and marketing firm founded by former Microsoft program manager Sandeep Mittal.
WordLogic said the terms of agreement called for a one-time $250,000 cash payment where all revenue will be split 40% to WordLogic and 60% to the venture fund after commissions.
The company also claimed an agreement for exclusive rights to monetize specific patented intellectual property in General Electric Co.’s portfolio.
Evanshen said the agreement never yielded results for WordLogic because GE was in the process of reorganizing and spinning off its financial services business.
In August 2014, WordLogic said it agreed to sell the non-exclusive rights to its legal enterprise solutions for North America to several Virginia-based shareholders.
The agreement called for a one-time payment of $1 million, plus a 10% royalty on all sales and a 15% annual software maintenance fee on all sales. The shareholders paid WordLogic only $50,000.
The company did sell a license to RPX Corp. (RPXC) in 2012 for $5 million.
As of Dec. 31, 2015, the latest data available, WorldLogic had $40,123 in assets, $1.35 million in liabilities and a $1.3 million working capital deficit. The company had no revenue in 2015 and a net loss of $1.11 million.
WordLogic was originally incorporated in Nevada as TheAmericanWest.com Inc. in March 1999. The company’s primary business was the development and commercialization of data entry software for handheld computing devices.
In March 2003, AmericanWest reverse merged with WordLogic Corp., a private British Columbia-based corporation and adopted its name and ticker symbol.
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