CALGARY, Aug. 1 /CNW/ - Galvanic Applied Sciences Inc. ("Galvanic" or the
"Corporation" ) announces that James A. Banister, Douglas L. Fraser and
Kenneth MacRae, have reconsidered their resignations as directors of Galvanic
as announced by press release on July 25, 2007 and have consented to continue
to act as directors of the Corporation until the next annual and special
meeting of the shareholders, currently scheduled to be held August 28, 2007,
at which time their resignations will become effective.
The continued service of these individuals as directors of Galvanic for
the interim period until the close of the annual and special meeting of
shareholders will permit the Corporation to continue to meet the requirements
of the TSX Venture Exchange and other applicable corporate and securities laws
and regulations until new directors can be elected by the shareholders of the
The board of directors is recommending the nomination of Gerald Hipple,
the current Chief Executive Officer and Chairman of the Board and three new
individuals, Peter Bourgeois, Walter Chayka and S. Grant Reeves for election
as directors at the next annual and special meeting of shareholders as set out
in the Corporation's Information Circular which is being sent to shareholders
Mr. Bourgeois is currently a management consultant and serves on the
boards of several public and private companies, including Circa Enterprises
Inc., a Calgary-based manufacturing company listed on the Toronto Stock
Exchange, GreenCore Composites Inc., a private start-up company created by the
University of Toronto Foundation and the Hudson's Bay Company. From 1998 to
2002 he served as Group Vice-President and General Manager of PGI Fabrene Inc.
and PGI Difco Inc., both North American manufacturing companies.
Mr. Reeves is President of PBI Performance Products Inc., a wholly-owned
subsidiary of The InterTech Group, Inc. of North Charleston, South Carolina
and material science engineering company engaged in the development,
manufacturing and marketing of high performance polymers for extreme thermal,
corrosive and abrasive applications in the aerospace, semiconductor, oil and
gas and industrial sectors. Mr. Reeves has served as the Chief Operating
Officer of the Oriented Polymers Division of Polymer Group, Inc., a public
Mr. Chayka is an associate with Lomax Group Inc., an investment banking
firm specializing in mergers and acquisition and divestitures in the small
capitalization sector of the oil and gas services industry. He was president
of National-Oilwell Canada Ltd., a manufacturer and distributor of oilfield
drilling equipment and supplies and president of Continental-Emsco Company
Limited, a supplier and manufacturer of goods for the production and drilling
sectors of the Canadian petroleum industry prior to joining Lomax.
While management knows of no reason why Messrs Bourgeois, Chayka and
Reeves would be unable to serve as directors, their nominations are subject to
review and acceptance by the TSX Venture Exchange.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Gerald Hipple, Chief Executive Officer or Helen
Cornett, Chief Financial Officer, Telephone: (403) 252-8470, Fax: (403)
255-6287, E-Mail: firstname.lastname@example.org, Website: www.galvanic.com