29th Nov 2007 15:19
Traction Technology PLC29 November 2007 Traction Technology Plc (AIM: TRAC) Appointment of Managing Director to Traction Technology (UK) Limited and Fundraising Traction Technology Plc ("Traction" or the "Company"), a designer and delivererof environmentally friendly, low emission series diesel electric hybrid enginesystems, announces the appointment of Andrew Walmsley as Managing Director ofits sole operating subsidiary, Traction Technology (UK) Limited, with effectfrom 3rd December 2007 and a fundraising of £524,220 before expenses. Managing Director appointment Mr Walmsley, aged 55, has over 15 years experience in the global automotiveindustry. He has a strong operations and commercial background with asuccessful track record of delivering results mainly in the sports car andengineering consultancy sectors. It is this experience that the Company islooking to Andrew to bring to bear alongside the existing Directors and senioremployees to exploit the true potential of Traction and its hybrid enginesystems as the Company enters the commercialisation phase of its development. Previously Mr Walmsley has been Group Commercial Director of Lola CarsInternational Limited and Managing Director of Lola Automotive. From 1999 to2004 Mr Walmsley worked as both Project Director and then Managing Director ofMcLaren Cars Limited where he was responsible for all aspects of McLaren Cars'activities, in particular the Mercedes Benz SLR McLaren sports car project.Prior to joining McLaren Cars Limited Mr Walmsley was at Cosworth Engineeringand Group Lotus. Until recently Mr Walmsley was a board member and ViceChairman of the Automobile Division of the Institution of Mechanical Engineers. Fundraising The Company is pleased to announce that it has raised a total of £524,220 beforeexpenses by means of a placing of 2,184,249 new ordinary shares of 3p each ('Shares') at a price of 24p per share. The funds raised through the placing willbe used to support the fulfillment of the Optare order announced on 19 November2007 and further orders anticipated in the near future. Andrew Walmsley has participated in the placing and application will be made forthe 2,184,249 new Ordinary Shares issued today, which will rank pari passu withthe existing Ordinary Shares, to be admitted to trading on AIM. Admission isexpected to occur on 3 December 2007. Nick Brayshaw, Chairman of Traction, commented: "We are very excited to be welcoming Andrew to the Company. With his broadexperience in the automotive industry, especially with blue chip names such asMcLaren, Cosworth and Lotus, Andrew will play a key role in advancing themanufacturing and distribution of Traction's hybrid engine systems. Since wenow have a direct route into the market through our new agreement with Optareannounced recently, and further funds raised in this latest placing to supportour current working capital needs, Andrew's role will be crucial to theCompany's future success." For further information please contact: Traction Technology PlcNick Brayshaw, Chairman +44 (0) 1403 791 392Bob Dover +44 (0) 1403 791 392 +44 (0) 7969 887 889 Ambrian Partners LimitedRichard Brown/ Richard Greenfield +44 (0) 20 7776 6400 Parkgreen Communications Limited +44 (0) 20 7479 7933Paul McManus +44 (0) 7980 541 893 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
T42 Iot Track.