EDMONTON, May 1 /CNW/ - Titanium Corporation Inc. (the "Company") (TSX-V:
TIC) today announced the appointment of Vincent J. Gallant as the new Chief
Financial Officer. During a transition period Mr. Gallant will work closely
with the current Chief Financial Officer, Victor Wells, until June 2009.
Vincent Gallant was most recently the acting Chief Financial Officer of
North American Energy Partners Inc. (TSX and NYSE: NOA) where he held various
positions including Vice President, Finance and Vice President, Corporate.
Previously, Mr. Gallant held a number of positions, including Comptroller at
Alberta Energy Company Ltd. and Controller for Edmonton Telephones. He
obtained his Chartered Accountant Designation in 1983.
"We are extremely pleased to welcome Vince to the management team. His
background in the oil sands industry and financial expertise are a good fit
for the Company and he will provide great value that will assist us in
achieving our long-term objectives." stated Scott Nelson, the Company's
President and Chief Executive Officer.
All aspects of the Company's business model have been reviewed and steps
are underway to consolidate functions and more efficiently support the core
research and development programs. As part of this initiative, the Company
moved its head office to Edmonton, Alberta on May 1, 2009. Instead of
relocating to Edmonton, the current Chief Financial Officer, Mr. Wells, will
continue to focus on his role as a Corporate Director.
Effective today, the Board of Directors also approved the grant of
150,000 incentive stock options to Mr. Vincent Gallant and 250,000 incentive
stock options to Mr. Kevin Moran, Vice President, Process Development of the
Company. These stock options are all exercisable at $0.45 per share for a
period of five years, pursuant to the Company's stock option plan and in
accordance with the policies of the TSX Venture Exchange.
About Titanium Corporation Inc.
Titanium Corporation Inc. is developing the technology necessary to
recover heavy minerals and bitumen contained in the waste tailings streams
from oil sands mining operations near Fort McMurray, Alberta. The potential
benefits from this "Value from Waste" proposition are twofold. First, the
recovered minerals will have intrinsic value and will provide shareholders
with a source of revenue. Second, by using an integrated approach to
recovering minerals and bitumen, there is potential for industry-wide
environmental benefits. The Company's shares trade on the TSX-V under the
symbol TIC. For more information, please visit www.titaniumcorporation.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: Scott Nelson, President & CEO, Tel: (403)
561-0439, Email: firstname.lastname@example.org