VANCOUVER, CANADA, June 14 /CNW/ - Finavera Renewables Inc. ('Finavera
Renewables') (TSX VENTURE:FVR) Chairman Thomas I.A. Allen, Q.C., is pleased to
announce the addition of two members to the Board of Directors, which has been
expanded to six directors. The new directors, Hans Fredrikson and Dr. Charles
Stone, bring significant technology development expertise to the Company: Dr.
Stone is a former Vice President of Research and Development with Ballard
Power Systems and Mr. Fredrikson brings experience from SAAB Aerospace and the
Finavera Renewables CEO Jason Bak said, "These two exciting additions to
our board of directors bring a significant amount of expertise to the Company.
Charles Stone brings critical technology development experience from Ballard
Power Systems, where he was responsible for driving fuel cell technology into
commercial products. Hans Fredrikson, a founder of the company that originally
developed our AquaBuOY wave energy technology, brings significant ocean energy
knowledge to the board. That knowledge and his experience with Boeing will
provide increased depth to the board."
Dr. Charles Stone
Dr. Charles Stone is a world renowned expert in proton exchange membrane
fuel cell technology. He began his career with Ballard Power Systems in 1990
as a research scientist after completing his PhD at the University of British
Columbia. Charles became Ballard's Vice President of Research & Development in
2002. In this role, he had overall responsibility for driving fuel cell
technology into products, in addition to executive responsibility for
intellectual property. Charles was a member of Ballard's executive team from
2002, taking on the role as the executive most responsible for technology
interface to strategic partners DaimlerChrysler, Ford, and EBARA Research in
Japan. Charles left Ballard in March 2007 to start his own consulting firm in
the area of green energy. Charles has made keynote presentations at virtually
all major fuel cell conferences, publishing numerous scientific papers in
addition to being an inventor on 15 issued US patents.
Mr. Fredrikson was trained and educated in Sweden, with studies in
Industrial Engineering/Management and Mechanical Engineering. For the past 26
years, Hans has held numerous senior management positions with companies such
as SAAB Aerospace, SAAB Composite, Independent Finance, and the Boeing
Company, with whom he is currently employed. Hans is one of the co-founders of
AquaEnergy, the company that began development of the AquaBuOY technology and
was acquired by Finavera Renewables in 2006.
Finavera Renewables would also like to announce the appointment of Ralph
Sahrmann as General Counsel. Mr. Sahrmann's experience includes his role as
Senior Legal Counsel for the British Columbia Securities Commission. Mr.
Sahrmann is a seasoned law firm partner, trial attorney and General Counsel
with expertise in corporate and commercial matters, including mergers and
acquisitions. In conjunction with this appointment, Finavera Renewables has
accepted the resignation of Stephen Flechner as General Counsel. The company
thanks Mr. Flechner for his guidance and his significant contribution to the
development of Finavera Renewables.
On behalf of the Board of Directors,
Jason Bak, CEO
For more information, contact the Company at: +1 (604) 288 9051, or by
email at email@example.com.
About Finavera Renewables Inc. (www.finavera.com)
Finavera Renewables Inc. is dedicated to the development of renewable
energy resources and technologies. The Company's objective is to become a
major renewable and green energy producer by developing and operating its
assets in the wind and wave energy sectors. Finavera Renewables Inc. is
developing the licensed and patented 'AquaBuOY' wave energy technology based
on proven buoy technology. The Company is developing wave energy projects for
the AquaBuOY in the United States, Portugal, South Africa and Canada. The
Company is also developing wind energy projects in Canada and Ireland. In
Canada, a two stage 150 MW project is being developed in Alberta. Construction
on this advance stage project is estimated to begin in 2008 and provides for
near term revenue. In British Columbia, four projects totaling 366 MW have
been entered into the provincial Environmental Assessment process, and several
other sites are being developed. In Ireland, two pre-construction wind
projects are under development with a potential capacity of 175MW. Data
collection and environmental studies have been continuing at a number of sites
in both countries.
This news release does not constitute an offer to sell or a solicitation
of an offer to sell any securities in the United States. The securities have
not been and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available. Statements in this news
release, other than purely historical information, including statements
relating to the Company's future plans, objectives or expected results,
constitute Forward-looking statements. Such statements represent management's
conclusion based on numerous assumptions and are subject to all the risks and
uncertainties inherent in the Company's business, including development risks.
Further information concerning such risks is set forth in the Company's formal
disclosure documents filed on SEDAR, including its MD&A. Consequently, actual
results may vary materially from those described in the Forward-looking
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of, this release.
For further information:
For further information: K Capital Source for Finavera Jonathan Neilan,
+353 1 631 5500 firstname.lastname@example.org