TORONTO, Sept. 24 /CNW/ - Hy-Drive Technologies Ltd. (TSX-V: HGS) today
announced a number of management changes including a series of enhancements in
its internal structure as part of the ongoing Corporate Strategy and
Transition Committee's management succession plan. The changes include the
resignation of Mr. John Wright as Chief Operating Officer as well as the
promotion of Grove Bennett to Vice President of Sales & Marketing, the
promotion of Shannon Brander to the position of Vice President of
Administration and Corporate Secretary and the promotion of Trevor Hall to the
position of Vice President of Operations. Mr. Bennett, Ms. Brander and Mr.
Hall will all report to the CEO, Tom Brown.
"Mr. Wright has served Hy-Drive admirably since he joined our team,"
stated Tom Brown, CEO of Hy-Drive Technologies. "I have often stated that we
have a great team at Hy-Drive and I credit Mr. Wright with pulling much of our
team together. He will be missed and we wish him the best in his future
endeavors. In light of the fact that we do have a great team, we are happy to
announce the promotions of Mr. Bennett, Ms. Brander and Mr. Hall. They are
three important individuals within our overall management team and will play
significant roles as we move forward with rounding out senior executives and
working towards fully commercializing our leading hydrogen generating
technology," concluded Mr. Brown.
As previously announced, the Company has begun the process of identifying
and eventually naming a new CEO to lead the company following the retirement
of Mr. Brown expected some time at the end of 2007 or early 2008.
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.
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: Glen Akselrod, Bristol
Capital Ltd., Tel: (905) 326-1888, firstname.lastname@example.org; Corporate Information:
Tom Brown, President & CEO, Tel: (905) 542-3024 x222, email@example.com