RICHMOND, BC, Oct. 17 /CNW/ - Empower Technologies Corporation (TSX-V:
EPT) is pleased to announce that Mr. Peter Ballachey has been appointed as its
Chief Financial Officer, effective October 16, 2007.
Mr. Ballachey has been a financial executive and advisor to many
organizations across varying industries. From 2004 to 2006, Mr. Ballachey was
the Chief Financial Officer of Railpower Technologies Corporation, a
successful Vancouver company in the field of locomotive engine technology.
Railpower Technologies Corp. is listed on the Toronto Stock Exchange and
raised over $120 million in equity during his time with that company. In 2002
and 2003, Mr. Ballachey was the VP of Finance and CFO of BC Rail, then an
enterprise with revenues of approximately $450 million, where he was involved
in improving the operating profit and the disposition of significant assets.
From 1989 to 2002, Mr. Ballachey held various executive positions with
Canadian Pacific Railway, most recently as Director of Internal Audit.
Mr. Ballachey holds a Bachelor of Commerce degree from the University of
Toronto and a Master of Business Administration (MBA) degree from York
University. He is a Chartered Accountant and Certified Internal Auditor.
"Peter's addition will bring a wealth of corporate know-how and
management skills to Empower's already well-seasoned senior executive team.
His years of experience as a senior financial officer will help Empower to
strategize and to shape its financing plan in order to execute the Company's
ambitious growth strategy." said Paul Leung, founder, President & CEO of
Empower Technologies has granted Mr. Ballachey a total of 100,000 stock
options, at a price of $0.85 per share, exercisable for five years.
Mr. Ballachey takes over the Chief Financial Officer's position from Ms.
Amy Chan, who becomes the Vice-President of Operations and General Manager.
Ms. Chan, the co-founder of Empower, has been part of the Company's senior
management team ever since the Company's inception in 2000. She has overseen
the day-to-day operations and the increasingly complex sales, procurement and
manufacturing processes, and she has a vital role in the administration and
building the Human Resources department. She had also played a crucial role in
taking Empower Technologies public in September 2003. Empower would like to
express its gratitude to Ms. Chan for her dedication and many years of hard
work. We wish her the very best in her new role.
The Company is also pleased to announce it has extended the investor
relations agreement with Exponent Communications Inc. on a monthly basis,
starting September 1, 2007.
For further information:
For further information: Media & Investor Relations: Exponent
Communications Inc., Toll-free: 1-866-914-5861, Tel: (778) 292-1174, Fax:
(778) 292-1176, Email: firstname.lastname@example.org