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Dallas, Texas-based Bluestreak Network–which was founded in spring 2002, when John Reed and Tom Peters used their own financial resources to purchase the interactive TV assets of Montreal-based software company, ZAQ, and the streaming-media assets of networking company, Source Media (note: Bluestreak’s flagship MachBlue product line is based on patented technologies from both of those forbears)–has appointed Paul Forostowsky, an executive with significant experience in both selling companies and taking them public, as CEO. Forostowsky, who was named EVP of the company’s mobile division last year, succeeds co-founder Reed, who will continue to serve as chairman of the board. Peters, meanwhile, will continue as the company’s president and will now be in charge of directing its expansion into the Asian market. Sales and business development of the MachBlue product line will be based in the company’s Montreal and Paris offices, while the company’s media services operations will continue to be based in Dallas.

According to Bluestreak, Forostowsky has more than 20 years’ experience in management, sales and mergers and acquisitions, and played a key role in securing the company’s recent deals with mobile carrier, Orange France (see article in this issue). "Paul is precisely the right leader at this explosive moment of growth in Bluestreak’s history," Peters said in a prepared statement. "His extensive background in wireless and electronics, as well as his vision for the potential of our technology, will help accelerate Bluestreak’s global expansion."

Prior to joining Bluestreak, Forostowsky served as CEO of Atlas Telecom Mobile and W4me/Cognicase. He began his career at Thomson CSF, and, at the tender age of 25, was appointed CFO of Thomson Hybrids. He then served as CEO of Valtronic France, a manufacturer of specialized electronics for mobile phones, modems and consumer devices. In 1992, he founded his own holding company, which acquired wireless electronics companies, Gespac, Statec and Efisystemes. He sold those companies to Cofidur four years later, and was then hired by the latter to acquire five additional companies and to oversee international sales. According to Bluestreak, in the course of his career, Forostowsky has sold or taken public nearly 20 companies, including Valtronic, Cofidur and W4me/Cognicase. He holds an MBA from the Paris-based Institut Superieur de Gestion, and is a graduate of Cornell University’s mergers and acquisitions program.

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