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TSX Venture Exchange Symbol SNV
VANCOUVER, June 20 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or
"the Company") welcomes Dr. David Kahn and Dr. James Hill to the Board of
Directors of the Company, following election at yesterday's Annual General
Meeting held in Vancouver. As previously announced, Dr. Kahn is directly
assisting the Company in the development and commercialization of its heavy
oil upgrading processes through the operations of PetroSonic Energy Systems
Inc. that he helped found with SONIC.
With his appointment to the Board Dr. Kahn will now also provide the
Company with strategic direction on all SONIC's opportunities. Dr. Hill, who
was also appointed as President of the Company, has been instrumental in
leading the development of the Company's initiatives in the energy and other
Adam Sumel, CEO of SONIC, commented "These appointments reflect the
future direction and focus of the Company and we will continue to build our
management team in the coming months as development milestones are achieved."
In relation to these appointments the Company has issued 600,000 stock
options exercisable at $0.30 per share. The terms and conditions of the grant
are subject to the approval of the TSX Venture Exchange.
The Company also confirms that, in connection with its recently completed
private placement announced on June 13, 2008, Sonic agreed to pay an arms'
length third party a finder's fee on a portion of the non-brokered
subscriptions under the offering in the amount of Cdn.$10,000, which fee
represents 5% of the subscription proceeds sourced by such third party.
SONIC develops and markets Sonoprocess(TM) technologies utilizing sonic
energy to create more sustainable processes. PetroSonic Energy Systems is
developing heavy oil processes and SonoOil is developing improved oil sands
processes. Sonic Environmental Solutions markets the Sonic Treatment System
via licenced soil remediation partners, and SONIC is also developing
opportunities related to bio-energy, bio-waste, and materials processing.
- Sustainable - Efficient - Economic -
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This release
contains statements that are forward-looking statements and 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 forward-looking statement.
For further information:
For further information: Adam Sumel, CEO, SONIC Technology Solutions
Inc., www.SONICTSI.com, Tel: (604) 736-2552 or Email: info@SONICTSI.com