TERREBONNE, QC, June 19 /CNW Telbec/ - PowerTech Corporation Inc.
"PowerTech" (TSX-V: PWB) announced today that its Board of Directors accepted
the resignation as Board member of Mr. Pierre Gagnon, whom, going forward will
concentrate on his role of Vice-President responsible for PowerTech's
technology and associated research and development.
Mr. Gagnon will be replaced by Mr. Tony Plescia, currently serving as
Vice-President Services Worldwide for Mechtronix Systems Inc. Mechtronix
Systems is the fastest growing designer and manufacturer of flight simulators,
with a global market presence in the Americas, Europe and Asia. Mr. Plescia
holds a bachelor's degree in electrical engineering in addition to an MBA
designation from McGill University with an international business
specialization from the University of Bocconi (Milan, Italy).
Prior to joining Mechtronix Systems, Mr. Plescia held senior management
responsibilities at United Rentals (largest equipment Rental Company in the
world) and Wajax Industries (Canadian heavy equipment distributor). "I wish to
thank Pierre for his contribution and welcome Mr. Plescia, whose experience
and vision will be a valuable asset for PowerTech.." stated Carol Murray,
Chairman of PowerTech.
These changes coincide with the departure of Mr. Matthew Blackmore as
Chief Financial Officer to pursue other interests. Matthew will be replaced by
Mr. Nick Cristiano. Mr. Cristiano is a chartered accountant with over 15 years
of experience in financial reporting, operations and mergers and acquisitions.
In recent years, he has held the position of Chief Financial Officer and
secretary-treasurer for two Canadian publicly listed companies; Steeplejack
industrial group (SID-TSX) and Speedware Corporation (SPW-TSX).
Carol Murray, added, "I wish to thank Matthew on behalf of the PowerTech
team and wish him all the best on his new project, and would like to welcome
Nick to the PowerTech family"
Grant of options
Following these changes, the board of directors issued, pursuant to the
terms and conditions of the company's Stock Option Plan, 300,000 stock options
to Mr. Nick Cristiano and 100,000 stock options to Mr. Tony Plescia. The
options will be exercisable over a five year period at $0.45 per share. The
100,000 options issued to Mr. Plescia vest immediately. As for the
300,000 options issued to Mr. Cristiano, they are issued as per the following
vesting schedule: 20% after the first year, and 10% per quarter for the
8 quarters that follow.
About PowerTech (www.powertechci.com)
PowerTech is the only company in the world that manufactures and
commercializes percussion technology with interchangeable tools and
accessories for the construction, demolition and military industries.
PowerTech's percussion technology is a technological breakthrough that
combines the power of a hydraulic hammer with the stripping force and
manoeuvrability of a conventional bucket. Powertech's products are marketed
under the PicBucket(R) and PicHammer(R) names as well as private label brands
through OEM agreements with large manufacturers.
The trademarks PicBucket(R), PicHammer(R) and the Powertech logo are
registered trademarks of Powertech Canada Inc.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Mr. Carol Murray, President and Chief Executive
Officer, Power Tech Corporation Inc., (450) 963-6400, Fax: (450) 963-4411,
email@example.com; Investor Relations: Mr. Marc Jasmin, President,
Jasmin Financial communications Inc., (450) 963-6400 ext: 202, Cell: (514)
231-2360, firstname.lastname@example.org; Media Relations: Mr. Frédéric Tremblay,
HKDP, (514) 395-0375, ext. 234, email@example.com