"UNX" TSX-V "3U2A" Frankfurt Shares Outstanding: 80,002,871
CALGARY, April 15 /CNW/ - Universal Power Corp. ("Universal" or the "Company") announced today that Ms. Maria Elliott has been appointed as the Company's Vice-President, Finance and Chief Financial Officer. Mr. Barry Swanson, Universal's current Chief Financial Officer and Director, has resigned in both capacities and will remain with the Company until April 30, 2010, to help ease the transition of responsibilities.
"Universal continues to build its management team with seasoned professionals while in the process of moving its headquarters from Vancouver to Calgary. As Canada's oil and gas hub, Calgary offers world class access to geo-science, engineering, and financial expertise specific to the industry. The hiring of Ms. Elliott is an excellent example of the city's talent pool, as her background and understanding meets every skill set and experience we had hoped for as we sought to replace Mr. Swanson. In particular, her professional experiences at Sherritt International were key attributes to her hiring, as the company evolved from exploration to becoming a major producer in Cuba and early stage producer in other countries," said Mr. Gabriel Ollivier, CEO of Universal.
Universal's Chairman, Mr. Duane Parnham stated, "We want to thank Mr. Swanson for his many contributions over the past three years, in helping to build Universal's dynamic portfolio of growth opportunities. Mr. Swanson has indicated his interest in returning to the fund management industry and we respect his decision to step down from the Board to avoid any potential conflicts of interest. We wish him all the best in his future endeavors."
Ms. Elliott is a Certified General Accountant with over 17 years of oil and gas financial and reporting experience, of which 15 years are specific to international operations. Prior to joining the Company, Ms. Elliott was the CFO and Controller of Action Energy Inc. She also held the respective positions of Chief Internal Auditor and Controller at Sherritt International. Ms. Elliott has set up international offices, negotiated with government officials, implemented and monitored internal controls locally and internationally, including compliance and risk management, and has been a leader in all areas of financial reporting.
Universal also wishes to announce that it has granted incentive stock options to certain consultants and officers for the purchase of a total of 500,000 common shares of the Company at a price of $2.27 each valid until April 14, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.
About Universal Power Corp.
Universal Power Corp. is an oil and gas company focused on building a portfolio of high impact exploration targets in offshore Namibia, Africa. The Company has more than 32,000 square kilometers of concessions along the prolific South Atlantic Margin. The Company has a newly expanded managerial and technical team supported by strong Namibian partnerships, and is thus well positioned to make a significant contribution to the exploration and development of Namibia's offshore oil concessions.
On Behalf of the Board of Directors
of Universal Power Corp.
For further information visit our website at www.universalpowercorp.com
Sedar Profile No. 00016276
Forward Looking Information
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE UNIVERSAL POWER CORP.
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