TORONTO, Dec. 18 /CNW/ - Hy-Drive Technologies Ltd. (TSX-V: HGS) is
pleased to announce the appointment of Hugo T. Sorensen to the position of
President and Chief Executive Officer effective January 2, 2008. Mr. Sorensen
brings to Hy-Drive a wealth of proven executive leadership experience in both
the private and public company sector. Most recently, Mr. Sorensen served as
President and Chief Executive Officer of a high performance multi-division TSX
listed company with revenues in excess of $1.5 billion.
"We are delighted Hugo has elected to join Hy-Drive at this important
time in our Company's history," stated Dan Doucette, Hy-Drive's Chairman of
the Board of Directors. "Hugo's background experience, proven leadership
ability and impressive track record of facilitating top and bottom line
Company growth will expectedly bring significant value to our Company as we
"I'm excited to join Hy-Drive to help the Company facilitate
commercialization and growth of its hydrogen generating system technology,"
stated Mr. Sorensen, "I look forward to building on the Company's existing
foundation at Hy-Drive and to advance the potential of generating solid
returns for our shareholders."
Pursuant to the Company's stock option plan, and as part of Mr.
Sorensen's compensation package, he will be issued options to purchase
1,000,000 common shares at $1.00 per share which will vest in three different
tranches over the next 18 months and expire ten years after the date of grant,
with the second and third tranches becoming exercisable only if the company's
share price reaches targets of $2.12 and $4.24 per share respectively.
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 a regular internal combustion engine, enhancing the
combustion process by allowing fuel to burn more efficiently and completely.
For further information, visit www.hy-drive.com.
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.
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