Skkynet appoints industrial tech leader Lee Tedstone to board

MISSISSAUGA, Ontario - Skkynet Cloud Systems, Inc. (OTCQB:SKKY) announced Wednesday the appointment of Lee Tedstone to its Board of Directors. Tedstone currently serves as CEO of Kobai, an industrial AI and knowledge-graph technology company. The micro-cap company, valued at approximately $22 million, maintains a "FAIR" financial health rating according to InvestingPro data.

Tedstone brings extensive experience in the industrial software sector, having previously held senior positions at global technology firms including AVEVA. His background spans the energy, aerospace, manufacturing, and critical infrastructure sectors.

"Lee’s experience building and scaling technology businesses around the world will be a tremendous asset to Skkynet," said Paul Thomas, President of Skkynet, in a press release statement.

According to the company, Tedstone has led organizations through sustained double-digit growth, supported multi-million-dollar M&A initiatives, and driven international expansion across Europe, North America, and Asia.

Skkynet describes itself as a provider of real-time industrial data communication and connectivity solutions. The company’s technologies connect plant systems, cloud platforms, and AI applications across industrial sectors.

Tedstone expressed optimism about joining Skkynet’s board, noting that industrial companies are "rapidly advancing automation, connectivity, and AI initiatives" and that Skkynet is "uniquely positioned" in this space.

The appointment comes as part of Skkynet’s efforts to strengthen its leadership team as it pursues commercial expansion in the industrial data market. Investors should note the stock has faced significant headwinds, falling over 50% in the past year, and currently trades with a P/E ratio of 258. InvestingPro analysis reveals 15 additional investment insights, including that the company holds more cash than debt and its stock often moves counter to broader market trends with a beta of -0.74.

In other recent news, Skkynet Cloud Systems has announced the appointment of Xavier Mesrobian as the new Chairman of its Board of Directors. Mesrobian, who has been with the company for over ten years, previously held the position of Vice President of Sales & Marketing. In his new role, he is expected to focus on strengthening governance, enhancing stakeholder engagement, and aligning strategic initiatives with market opportunities. This leadership change is part of Skkynet’s efforts to bolster its board and drive future growth. The company did not provide any additional details on financial performance or earnings at this time. There were no announcements regarding mergers or acquisitions, nor were there any analyst upgrades or downgrades reported recently. Investors may be interested in how Mesrobian’s leadership will impact Skkynet’s strategic direction and market positioning.

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