Photon Control Corporate Update

  • Michael Goldstein Joins the Company's Board of Directors
  • Gerald Adams Appointed to Interim CFO

BURNABY, BC, Aug. 13, 2014 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies, is very pleased to announce the appointment of Michael Goldstein of Vancouver, BC, as an independent director, to the Board.

Michael Goldstein is well known for his entrepreneurial leadership of technology and industrial businesses.  He is credited with doubling the revenue and improving the profitability of Ballard Power; launching Actuality Medical's disruptive medical device business; and leading iFire Technology Inc. to become one of Canada's largest commercial initiatives into a $100 billion consumer flat panel TV industry.   Previously, Mr. Goldstein led global divisions of large multi-national enterprises with end markets in semiconductor, industrial, and process equipment. Mr. Goldstein started his career with General Electric Company, where he was ultimately responsible for design and manufacture of NASA's Mars Observer spacecraft.  He has previously served on the Board of Dantherm Power, and the Advisory Board for the Canadian Department of Foreign Trade & Investment. Mr. Goldstein holds a Bachelor's degree in Engineering from the University of Southern Illinois, and an MBA from the Wharton School of Business, University of Pennsylvania.

Photon Control also announces the appointment of Gerald Adams, who has served as the Company's Controller since February 2011, as Interim Chief Financial Officer.  Mr. Adams succeeds Vernon Smith, who has resigned as the Company's Interim CFO to pursue new business opportunities.

In addition to assuming the Interim CFO role, Mr. Adams will retain responsibilities for the Company's IFRS financial reporting, budgeting, and manufacturing costing.  Since joining Photon Control, Mr. Adams has strengthened the Company's financial controls and business planning.  Prior to joining Photon Control, Mr. Adams has had 30 years extensive experience with both public and private companies in a broad range of finance and operations roles including financial controller and cost controller.  His entire professional career has revolved around the manufacturing field, mainly in high tech industries such as ruggedized industrial computers, electrical connectors, and wireless electronic dispatch equipment.  In addition to Mr. Adams' expertise in financial reporting and operations, he is experienced in engineering project accounting, ERP implementation, MRP, and cost accounting.  Mr. Adams is a Certified Management Accountant (CMA).

"On behalf of the Board and Photon Control, I would like to welcome Michael Goldstein to the Board.  His business acumen and invaluable experience will complement the impressive calibre of our existing members, and together we will continue to grow our Company," said Mr. David C. Dueck, the Company's Chairman of the Board.  "We are also very pleased with the appointment of Gerald Adams to Interim CFO and we look forward to his continuing contribution to Photon Control's business."

Mr. Dueck also thanked Mr. Smith for his considerable contributions to Photon Control during his three year tenure and wishes him the very best in his future endeavours.

About Photon Control Inc.

Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". Additional information about the company can be found at www.photon-control.com/investorrelations.html

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Photon Control Inc.

For further information: For Investor Relations Inquiries please contact: Helena Rebec, CPIR, Chief Administrative Officer, hrebec@photon-control.com, 604.422.8861 Ext 101