Active Control Strengthens Management Team
posted on
Aug 26, 2009 12:21PM
We make wireless work.
Peter Gimon appointed CFO as ACT builds ActiveMine(TM) deployment momentum TSX-V: ACT
TORONTO, Aug. 26 /CNW/ - Active Control Technology Inc. (TSX-V: ACT.V) announced today that Peter Gimon, MBA, CMA, P.Eng. has been appointed E.V.P Finance, Chief Financial Officer & Treasurer to support the Company's commercialization momentum. The appointment takes effect September 8th.
"We are delighted to have Peter join our team," said Steve Barrett, President and CEO, Active Control. "His leadership role will capitalize on his proven skills in management, capital markets, operations, team-building and technology, and his experience in both large and emerging technology companies."
Barrett added, "This senior appointment to our management team reflects the company's evolving business and positions us well for future success. With a proven, hardened and fully approved product, we can now focus on leveraging the sustainable competitive advantage and attaining the higher margin potential of our unique IP ownership."
Mr. Gimon has a financial and engineering career spanning more than 25 years, beginning with General Electric where he worked as an industrial engineer. He has extensive experience in financial and operational management of global organizations. Most recently, Mr. Gimon was the E.V.P. Finance, Chief Financial Officer & Treasurer for Rand Worldwide, where he directed the privatization and sale of the company. Mr. Gimon was Vice President, Controller, at ShawCor Limited where he directed 150 employees in North America, Europe and Asia and initiated programs to increase cash flow, manage foreign exchange risk, oversee internal control compliance initiatives and integrate acquisitions. Prior to joining ShawCor, Mr. Gimon spent twelve years at Nortel Networks in a variety of increasingly responsible roles in the areas of financial and operational management, mergers and acquisitions, and treasury. Mr Gimon holds a Master of Business Administration (MBA) from York University, a Bachelor of Applied Science in Industrial Engineering (BASc) from the University of Toronto, is a Certified Management Accountant (CMA), and a Professional Engineer (P.Eng).
Peter replaces Graham Warren, who has served as the Company's part-time CFO since January 2004. Mr. Warren was appointed to the board of directors in May 2006 and will continue as a director of the Company. "We are very grateful for Graham's valuable support over the past years, and we look forward to his continued strong contributions to ACT as a director on our board," Barrett added.
Mr. Gimon has been granted 1,500,000 stock options exercisable at $0.11 per share until August 26, 2014. Mr. Gimon's appointment is subject to regulatory approval.
About Active Control Technology
Active Control Technology is a mining services company specializing in advanced wireless productivity and safety systems. The company's MSHA-approved ActiveMine system provides two-way wireless voice communication, real-time tracking of personnel and assets, and high bandwidth data applications such as streaming video and operational data from mining machinery, over a robust wireless Wi-Fi network. Located in Burlington, Ontario, Canada, Active Control trades publicly on the TSX Venture Exchange under the symbol ACT. For more information, visit www.activecontrol.com.
Get more out of your mine.(TM) 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.
Cautionary Note Regarding Forward-Looking Statements: This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the Company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
Contacts
Steve Barrett
President & CEO
Active Control Technology
Tel.: (905) 635-3130
Email: sbarrett@activecontrol.com