TSX Venture Exchange Symbol: SNV
VANCOUVER, Aug. 26 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or
"the Company") is pleased to report that Richard Wadsworth, P.Eng. will become
the new President and Chief Executive Officer replacing Adam Ranjit Sumel who
will stay on with the Board as Chairman. David Coe, the current Chairman, will
remain on the Board as a Director.
Mr. Wadsworth has more than 18 years of successful experience in
developing heavy oil projects. He has been involved in various projects where
there was little production, poor infrastructure or markets for heavy oil,
growing them into significant assets through his visioning and operational
strengths. He was Co-Founder, President and COO of Bankers Petroleum Ltd.
("Bankers"), an oil and gas exploration, development and production company
listed on the TSX & AIM, from its inception in 2004 until August 2008. During
this period he led Bankers in re-developing its heavy oilfield, building the
team, the necessary infrastructure and relationships resulting in reserves
growing to over 150 million barrels and production from 500 barrels oil per
day (bopd) to over 6,000 bopd.
Mr. Wadsworth previously led and managed a joint venture company for the
initial exploitation of the same oilfield in Albania on behalf of Premier Oil
Plc and its three International E&P partners. Previously, he held various
roles within Koch Petroleum Canada over 9 years mainly in the heavy oil
sector. Mr. Wadsworth is also a Board Director for Gallic Energy Ltd, a junior
public oil & gas company with international assets. Mr. Wadsworth holds a
Chemical Engineering degree from the University of Calgary, and is a
registered Professional Engineer with APEGGA.
Richard Wadsworth stated, "In my short time here as an active Board
member I have become excited at the company's potential, especially its
PetroSonic heavy oil processing technology which we have demonstrated can
increase heavy oil from 10 API to over 25 API increasing each barrels economic
value. This application can have a tremendous impact to heavy oil operations.
With the Board having just completed a strategic review of its business I
expect to execute this new strategy over the coming months which will see
focus and the rapid commercialization of the PetroSonic platform, further
development of SonoAsh and SonoOil and the disposal of non-core assets."
"We are extremely pleased to have Richard take on the leadership role of
Sonic, having someone with such a successful track record in building
companies and projects directly related in our heavy oil focus is an important
strategic appointment for the company. I look forward to working with him."
said Mr. Adam Sumel.
Further changes to Sonic include the departure of Dr. James Hill as
President. Sonic thanks Dr. Hill for his past contributions and wishes him
In association with this announcement the Company has granted 1,925,000
stock options to directors, officers and employees, exercisable at $0.20 per
share. The terms and conditions of the grant are subject to the approval of
the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements in
this release that are forward-looking statements are subject to various risks
and uncertainties concerning the specific factors disclosed under the heading
"Risk Factors" and elsewhere in the Company's periodic filings with Canadian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
For further information:
For further information: please contact Chief Executive Officer, Richard
Wadsworth at: Tel: (604) 736-2552, Email: info@SONICTSI.com,