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AFS Announces New President and CEO
CALGARY, Nov. 4 /CNW/ - Alternative Fuel Systems Inc. ("AFS" or the
"Company") (TSX:ATF) announced today, that effective immediately, AFS Board
member Jim F. Perry, will become the Company's new President and CEO. Mr. John
S. Webb, AFS' President and CEO since January of this year, has resigned his
executive and Board positions to pursue other opportunities.
"John Webb has been a significant asset to the Company during his tenure
with AFS", said Allan Amey, the Company's Chairman. "Under his leadership the
Company developed much needed stability, a strengthened board of directors,
the achievement of record revenues and a significantly reduced cash burn rate.
The Board would like to thank Mr. Webb for his contributions and wishes him
continued success in the future. As a result of Mr. Webb's efforts, the
Company is now well positioned to be taken to the next level".
Mr. Perry has executive and Board experience with several alternative
energy and energy service companies in Canada. Most recently, Mr. Perry was
President, CEO and Director of Global Thermoelectric ("Global"), a TSE listed,
world leader in the development of solid oxide fuel cells. During Mr. Perry's
five-year tenure at Global, the company raised $150 million in the equity
markets, made significant strides in the commercialization of its fuel cell
technologies and formed strategic alliances with well known industry players.
Prior to working at Global, Mr. Perry was Executive Director, International
Development for Petro-Trade, President of Computalog Ltd. and President of
Schlumberger of Canada. He was also previously a Director of Plains Energy
Services Ltd. and Enertec Geophysical Services Inc., both formerly TSE listed
companies.
"I look forward to being a part of the continued growth of this exciting
company", said Mr. Perry. "AFS has the staff and products to tackle a number
of worldwide engine emission problems. Increasing attention on environmental
issues and the alternative fuel sector should provide an excellent opportunity
for this Company going forward".
AFS is a Canadian environmental technology company providing innovative
and cost-effective solutions to the growing global problem of harmful exhaust
emissions from internal combustion engines. AFS has commercialized electronic
engine management systems enabling diesel and gasoline engines to operate on
cleaner burning natural gas. AFS' natural gas systems and components are
installed worldwide in new vehicles manufactured by Original Equipment
Manufacturers ("OEMs"), or retrofitted in existing fleets. AFS is
headquartered in Calgary, Canada and trades on the Toronto Stock Exchange
under the trading symbol ATF.
Forward-looking statements - this news release may contain
forward-looking statements about AFS' business, marketing and product
development plans based on the current expectations of management.
AFS cautions investors that any forward-looking statements are subject to
various risks, uncertainties and other factors that could cause the Company's
actual results to differ materially from those expressed in, or implied by
forward looking statements. These risks, uncertainties and other factors
include, without limitation, uncertainty related to the Company's ability to
successfully implement its business strategy; the risk that product
development projects may not be completed successfully or in a timely manner;
the ability of the Company to successfully negotiate and execute definitive
agreements with its customers; the development of competing technologies and
the possibility of increased competition; fluctuating energy prices;
uncertainties involving government policies and government regulations
affecting the Company's business. |
