2nd May 2008 12:00
Turbo Power Systems Inc02 May 2008 2 May 2008 BOARD CHANGES AND NOTIFICATION OF AGM The Board of Turbo Power Systems Inc ("TPS" or "the Company"), the innovativeelectrical machines and electronic systems provider, today announces thatMichael Hunt will step down from his current role as Chief Executive Officer andBoard member at the Company's Annual General Meeting (AGM). Mr Hunt will remainat the Company as Director of Business Development. TPS are currently in finalnegotiations with an identified successor and expect to announce the appointmentin the coming days. TPS will hold its Annual General Meeting (AGM) at 10:00am on Thursday 29th Mayat the offices of KBC Peel Hunt Ltd., 111 Old Broad Street, London, EC2N 1PH. The Board of TPS also announces today that Mr Douglas Clark will join theCompany's Board of Directors as a Non-Executive Director subject to shareholderapproval at the AGM. Current Non-Executive Directors, Mr Wayne McLeod and MrNicholas Brigstocke will be stepping down from the Board. The Board arecurrently in the process of recruiting an additional Non-Executive Director andwill update the market at the appropriate time. Mr Clark, who is currently a consultant to the management at D.L Clark &Associates, was previously President of the Sensors and Components Division ofSmith Industries plc based in Florida and has held senior positions at SmithsIndustries since 1983. Mr Clark, A US citizen, has worked in the technology andengineering sectors for nearly 40 years and has an MBA from Saint Joseph'sUniversity in Philadelphia. Commenting on The Board changes, Graham Thornton, Chairman said: "I would liketo thank Michael Hunt for his hard work during his tenure as CEO. Over the lastthree years Michael has overseen a very significant expansion in the company'sturnover and operational capability and we are extremely pleased that he willcontinue with us in a business development role." Stephen Sadler, former Chief Financial Officer, has now left TPS as indicated inthe announcement issued on 26 February 2008. The search for his successor as CFOwill continue once the new CEO and Non-Executive Directors have had sufficienttime to fully assess the needs of the Company. Effective immediately, Mr RichardBayliss, who has served as Financial Controller at TPS since November 2005, willbecome Finance Director. Under Schedule 2, paragraph (g) of the AIM Rules, the following information isdisclosed in relation to Douglas Clark in addition to the information above: Full Name: Douglas Lloyds ClarkAge: 66 yearsDirectorships held in the past five years: None Other than the information contained within this announcement, there is nofurther information required by Schedule 2, paragraph (g) of the AIM Rules to bedisclosed with regards to Douglas Clark. For further information, please contact: Turbo Power Systems Tel: +44 (0)20 8564 4460Richard Bayliss Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400Ken CroninMichael Turner KBC Peel Hunt Tel: +44 (0)20 7418 8900Oliver ScottNicholas Marren Company Website: www.turbopowersystems.com About Turbo Power Systems Turbo Power Systems Inc (AIM:TPS.L). is a leading UK based designer andmanufacturer of innovative power solutions. The Group's products are all basedon its core technologies of power electronics and high speed motors andgenerators and are sold into a number of market sectors including aerospace,rail, and various industrial sectors. The Company's products provide improvedefficiency and reduced energy consumption compared to existing technologies. Turbo Power System's existing customers include bluechip companies such asHamilton Sundstrand, Bombardier, The National Rail Equipment Company, EatonAerospace and Lotus. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TPS.L