IFC hires Sunovia's CFO

SARASOTA — Integrated Freight Corp. named Matthew Veal its new chief financial officer late last week. Veal comes to IFC from Sunovia Energy Technologies Inc., another Sarasota-based firm, where he served as CFO from 2004 until 2010.

Beyond his roles with IFC and Sunovia, Veal has previous experience as a financial executive. From 2004 to 2006, he served as acting CFO for Global Water Technologies Inc.; from 1996 to 2004, he was CFO for Tampa Bay Financial Inc., a venture capital firm; and from 1990 to 1996 he served as CFO for Teltronics Group, a telecommunications equipment manufacturer.

Integrated Freight is a relatively new firm, with just two years of reported revenues to date — although combined operating losses have exceeded $6 million so far. The firm updated its profitability picture in March.

Sunovia's executive team has seen major changes in the past year. Art Buckland took over as CEO in August, and Carl Smith left the company in February.