TSX Venture Exchange symbol: HGS
TORONTO, Feb. 4 /CNW/ - The Board of Directors is pleased to announce
that recently appointed, President & Chief Executive Officer, Hugo T.
Sorensen, has been appointed to the Board of Hy-Drive Technologies Ltd.
Concurrently, Tom Brown, Hy-Drive's former C.E.O., who retired from the
company at year-end, has tendered his resignation from the Board.
Further, Thomas Wallace, who has been with Hy-Drive for the past twelve
months, and who brings many years of senior financial experience, has been
appointed as Vice-President and Chief Financial Officer of the Corporation.
Additionally, following an in-depth review led by new management,
together with Dan Doucette, Hy-Drive's Chairman, it was decided that
Hy-Drive's Board of Directors will be substantially reduced in size
commensurate with the timing of our Annual General Meeting, which has been
scheduled for 1:00 pm on Wednesday, May 7, 2008 at the Toronto Board of Trade.
This decision, along with the fact that henceforth Hy-Drive will directly
manage its own Investor Relations functions, is representative of the
Corporation's commitment to even greater cost efficiencies.
Mr. Sorensen commented that, "Hy-Drive's management continues its
commitment towards full commercialization of our Hydrogen Generating System,"
adding that "in order to accelerate this process, we have elected at this time
to concentrate solely on the North American marketplace. As such, continued
penetration in the European and Australian markets will be paused for a period
of up to one year."
"Hy-Drive is revitalized and we have reset our agenda for the future. We
will be intensely focused on continued product development, selective market
penetration, a leaner cost organizational structure, and absolute transparency
relative to disclosure. All of which are expected to contribute to our
singular goal of adding shareholder value."
As previously announced, the Company will host it's next Company Update
Conference call on February 14, 2008 at 10:00am EST. Details for the call will
be issued the day before.
Hy-Drive is an energy technology firm that has developed a proprietary,
patented hydrogen generating system. The Hy-Drive system generates and injects
hydrogen gas into internal combustion engines, enhancing the combustion
process by allowing fuel to burn more efficiently and completely. For further
information, visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute
forward-looking statements. Such statements reflect Hy-Drive's current views
with respect to future events and are subject to certain risks, uncertainties
and assumptions. Many factors could cause Hy-Drive's actual results,
performance or achievements to be materially different from any future
results, performance or achievements that may be expressed or implied by such
forward-looking statements, including among other things, those which are
discussed under the headings "Risk Factors" and elsewhere in documents that
Hy-Drive files from time to time with securities regulatory authorities.
Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Hy-Drive does not intend, and
does not assume any obligation, to update these forward-looking statements.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Investor Relations: Hugo T. Sorensen, President
and C.E.O., Hy-Drive Technologies Ltd, Tel: (905) 542-3024, ext 222,
firstname.lastname@example.org; OR Thomas H. Wallace C.A., CPA (Illinois), Vice
President and C.F.O., Hy-Drive Technologies Ltd, Tel: (905) 542-3024, ext.