WATERLOO, ON, Nov. 11 /CNW/ - ARISE Technologies Corporation ("ARISE" or "the Company") (TSX: APV and Frankfurt: A3T), a leader in high-performance, high-quality, cost-effective solar technology, today announced the appointment of Mr. Peter Harder as Chairman of the Company's Board of Directors, succeeding Mr. Vern Heinrichs, who remains President and CEO.
"I am very pleased to announce that Peter Harder will be taking over as Chairman of the Board," said Vern Heinrichs, President and Chief Executive Officer of ARISE. "Peter has been a tremendous support to me during my tenure as Chairman and brings a great deal of experience and knowledge to the position. This transition will give us the benefit of Peter's insight and leadership at the Board level, while allowing me to focus fully on my responsibilities as President and CEO."
In addition, ARISE today announced several changes to the Company's senior management team. Effective immediately, Mr. Ian MacLellan will take over as President, of the PV Cells Division, relinquishing his current roles as CTO and President of the Systems Division. Mr. William ("Bill") White, currently VP of ARISE's Systems Division, becomes Executive Vice President responsible for all systems-related activities.
ARISE also announced Mr. David Chornaby's resignation from the position of Chief Financial Officer. Mr. Chornaby will be replaced by Mr. Douglas McCollam, effective November 23, 2009. Mr. Chornaby will remain with the Company during the transition period.
"On behalf of the Board of Directors, I would like to thank Dave for his many contributions as CFO of ARISE. We look forward to his continued leadership during the transition period. Dave has played a key role in the growth of the Company and we wish him all the best in the future," stated Mr. Heinrichs. "Both Bill and Doug are seasoned technology executives and we are very excited to welcome them to our leadership team. We believe they have the skills and vision necessary to help guide ARISE as we progress towards the next stage of our growth as a company."
Peter Harder is a Senior Policy Advisor with Fraser Milner Casgrain LLP ("FMC") and has more than 30 years of experience at the centre of government decision making. Prior to joining FMC, Mr. Harder was a long serving Deputy Minister in the Government of Canada and has provided leadership in a number of key federal departments. Mr. Harder also served as Co-Chair of the Canada China Strategic Working Group. Peter sits on the Boards of Power Financial Corporation, IGM Financial Corporation, Telesat Canada, KRIA Resources Inc., Pinetree Capital Limited, and Uranium Star Corp. Peter is a member of a Board of Governors of the University of Ottawa, The United Church Foundation, Canada World Youth and other charitable organizations. Mr. Harder holds an M.A. from Queen's University, a B.A. and an honourary Doctorate of Laws from the University of Waterloo.
Doug McCollam is a senior financial executive who was most recently Chief Financial Officer at Corel Corporation. Prior to joining Corel, Mr. McCollam was Executive Vice President and Chief Financial Officer of Nordx/CDT. Mr. McCollam also spent more than 15 years in progressively senior management positions with Northern Telecom, including Vice President of Finance and operations for the company's Caribbean and Latin American markets. Mr. McCollam holds a Masters of Business Administration from the University of Chicago and a Bachelor of Commerce-Honors Finance from Concordia University.
Prior to joining ARISE Technologies in 2009, William ("Bill") White was President of E.I. DuPont Canada Inc., an enterprise with approximately 1,000 employees and annualized revenue of approximately $1 Billion in Canada. Mr. White joined DuPont Canada in 1974 and held a number of progressively senior management positions, including Director, Global Operations and Director, Global Marketing, Sales and Consulting Solutions, until his appointment as President in 2006. Mr. White holds a B.Sc. in Mechanical Engineering from Purdue University. He serves on the Board of Directors of MaRS Discovery District in Toronto; he is Chair of the Advisory Committee for Mechanical Engineering at Purdue University; and a Director of the Sustainable Chemistry Alliance - Canada.
2009 Third Quarter Results
ARISE plans to release its 2009 third-quarter and nine-month financial results after the close of trading on the Toronto Stock Exchange on Wednesday, November 11, 2009. The Company will hold a conference call and webcast for investors on November 12, 2009 at 8:30 a.m. (Eastern).
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company operates through three divisions. The PV Cell Division manufactures PV (photovoltaic) cells at its first manufacturing plant opened in April 2008 in Bischofswerda, Germany. The division is developing proprietary technology with a target of achieving a step-by-step progression to a high-efficiency level of greater than 20%. The PV Silicon Division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV Systems Division has been providing PV solutions for solar farms and rooftop installations since 1996 throughout North America. ARISE is planning to expand its systems business in Ontario under the Ontario FIT (Feed-In-Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.
Forward-Looking Statements and Risk Factors
Certain statements in this news release may be considered to be forward-looking. Such statements are based on management's current expectations, estimations, and assumptions based on experience, trends, and other factors that are subject to the significant risks and uncertainties described in our regulatory filings. Please refer to these. Such risks and uncertainties may include, but are not limited to, the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, the requirement for additional capital, risks associated with manufacturing, industry supply levels, competitive pricing pressures and misjudgements in the course of preparing forward-looking statements.
Risk factors relating to ARISE are discussed in the Risk Factors section of ARISE's Annual Information Form and under the headings Liquidity and Capital Resources and Risk and Uncertainties in ARISE's year-end Management's Discussion and Analysis which are or will be available at www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on ARISE's forward-looking statements.
ARISE assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SOURCE ARISE TECHNOLOGIES CORPORATION
For further information: For further information: ARISE Technologies Corporation, 65 Northland Road, Waterloo, Ontario, Canada, N2V 1Y8; Dave Chornaby, Chief Financial Officer, (519) 772-5732, Dave.Chornaby@arisetech.com, www.arisetech.com