Vancouver, BC – Targeted Microwave Solutions Inc. (TSX-V:TMS / BF:A14TUD / OTCQX;TGTMF) (“TMS” or the “Company”) announced today that Lawrence Siegel has decided to retire as Chief Executive Officer of TMS effective June 30, 2016. Dr. James Young will act as interim Chief Executive Officer of TMS until a qualified replacement for Mr. Siegel is identified.
Dr. James Young, Chairman of the Board, stated: “We respect Larry’s decision to retire. On behalf of the Board, I wish to thank Larry for his contributions to the TMS business over the last few years. Larry has been involved in the development of the TMS business since 2014, and has been instrumental in leading TMS through its early stage development. The Board wishes to thank Mr. Siegel for his efforts over this transformative period, and looks forward to working with him in his capacity as a newly elected board member.”
Under Mr. Siegel’s tenure, TMS achieved a number of significant milestones, including most recently successfully listing the TMS common shares on the TSX Venture Exchange. Mr. Siegel also helped oversee the construction and commissioning of TMS’s commercial demonstration facility in Virginia, the establishment of TMS’s R&D centre in Maryland, and the completion of its joint commercial production testing program with Nestle-Purina. Previously, Mr. Siegel helped oversee the transition of former management, negotiated and executed TMS’s joint venture agreements with its partners in India and China and helped TMS obtain significant financing.
A search for a highly qualified individual to replace Mr. Siegel and help lead TMS through its next stage of growth is underway. Additional information will be provided to shareholders through one or more subsequent news releases.
Grant of Stock Options
TMS also announced today the grant, in the aggregate, of 975,000 options to purchase common shares of the Company, exercisable on or before June 8, 2021, with an exercise price of $0.56 per share, to certain directors and officers of the Company, pursuant to the Company’s long-term performance incentive plan. The granting of such options is subject to regulatory approvals.
About Targeted Microwave Solutions Inc.
TMS is a microwave process developer specializing in clean emission, high-throughput industrial drying solutions. TMS’s proprietary microwave beneficiation systems are being developed to specifically address the increasing environmental costs of a cornerstone of the global manufacturing and processing economy, industrial drying. The TMS process represents a unique, vertical microwave system that may be deployed to dry, re-size and calcinate industrial aggregates at high throughput capacity. TMS believes that its technology will allow for superior energy efficiency, process control and a clean emission profile, allowing TMS to deliver effective drying solutions that can fundamentally challenge the mainstream narrative that large-scale industry is incompatible with responsible, environmental policy. TMS has completed constructing a commercial-scale facility in King William County, Virginia, U.S.A. and has entered into joint ventures for China and India to develop and market its technology.
On behalf of the Board of Directors,
“Dr. James Young”
Chairman of the Board of Directors
For further information, please contact:
Targeted Microwave Solutions Inc.
Telephone: (778) 995 5833
This news release contains certain statements which are, or may be deemed to be “forward-looking statements”. Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future. Forward-looking statements consist of statements that are not purely historical and, in this news release, include, without limitation, statements regarding Mr. Siegel’s transition from an executive leadership role to a board leadership role. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “projects”, “will”, “believes”, “intends”, “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of our management. Because forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict, our actual results, performance or achievements or the actual results or performance of the industries and markets in which we operate and intend to operate may be materially different from those anticipated in our forward-looking statements. Forward-looking statements involve significant uncertainties and risks, should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in our forward-looking statements, including the matters described in our public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon our forward-looking statements and we undertake no obligation to publicly revise such statements to reflect subsequent events or circumstances, except as required by law.
Neither the 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.