Hy-Drive Technologies Ltd. (HGS-V)
MISSISSAUGA, ON, March 16 /CNW/ - The Board of Directors of Hy-Drive Technologies Ltd. ("Hy-Drive") is pleased to announce the promotion of Fred F. Florence, C.A. to the position of Chief Operating Officer effective March 16, 2010. Mr. Florence joined Hy-Drive as Vice President and Chief Financial Officer in December 2008. Prior to joining Hy-Drive, Mr. Florence was Chief Operating Officer for Expert Customs Brokers, a division of Trans-X, one of Canada's largest private fleet trucking companies. Mr. Florence is a graduate of University of Toronto and a Member of the Institute of Chartered Accountants for Ontario. In his new role, Mr. Florence will focus on the continued commercialization of the HGS product, expansion of distribution and continued improvements in manufacturing efficiency.
Additionally, the Company announces Hugo Sorensen's retirement from his full-time position as President & CEO of Hy-Drive effective June 1, 2010. He will be retained in a consultative capacity to ensure a seamless leadership transition.
Hugo Sorensen joined Hy-Drive in December 2007 to assist in prioritizing the technical development of the HGS product line, to right-size the company and to bring about greater financial and operational discipline at Hy-Drive. Mr. Dan Doucette commented that, "Those objectives have been well accomplished and the Board enthusiastically thanks Mr. Sorensen for his leadership at Hy-Drive".
The company has begun a search for a candidate to replace Mr. Sorensen. Mr. Doucette stated that, "as the company now embarks on full commercialization, we are seeking an individual who can lead Hy-Drive into its next growth stage now and into the future."
The Board of Directors also announces that Dan Doucette, Hy-Drive's Chairman, will assume the responsibility of Executive Chairman of the company effective immediately.
Hy-Drive is a technology firm that has developed a proprietary, patented hydrogen generating system. Hy-Drive's Hydrogen Generating System ("HGS(TM)") 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 more information, please visit www.hy-drive.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information concerning Hy-Drive's marketing and technological development efforts. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Hy-Drive and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include risks associated with the marketing, development and commercialization of Hy-Drive existing and prospective product lines, numerous risks associated with best efforts financing activities, including agreement on the size and terms of any offering, the ability to raise sufficient funds as well as receipt of all required regulatory and other approvals as well as those risk factors discussed in Hy-Drive's Management's Discussion and Analysis for the period ended September 30, 2009 at www.sedar.com. Although Hy-Drive has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Hy-Drive undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE HY-DRIVE TECHNOLOGIES LTD.
For further information: For further information: Daniel R. Doucette, Executive Chairman of the Board of Directors, Hy-Drive Technologies Ltd., Pne: (262) 953-4640