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OTTAWA, Feb. 26 /CNW Telbec/ - Allen-Vanguard Corporation ("Allen-Vanguard" or the "Company") (TSX:VRS) announces that Roy Peers-Smith, Managing Director of the Company's UK operations, has indicated his intention not to seek an extension of his employment agreement with the Company which expires in August 2007. He has also indicated that he will not be seeking re-election as a director at the end of his present term.
"Roy is a talented and valued innovator," said David E. Luxton, President and CEO, "and we understand his wish to plan to withdraw from his involvement in day to day management at this stage in the growth of the Company."
The Company and Mr. Peers-Smith are in discussions to arrange an orderly transition in the remaining months, including an ongoing advisory role with the Company. As well, the Company has engaged advisors to assist with succession planning in the context of its announced strategy to develop two business segments, the first in Defence Electronics, anchored by its Electronic Counter Measures (ECM) technology, and the second in Protective Products & Services, anchored by its Explosive Ordnance Disposal (EOD), Search, and CBRN business lines.
About Allen-Vanguard
Allen-Vanguard Corporation and its subsidiaries worldwide operate under the brand "Allen-Vanguard". Allen-Vanguard develops and markets technologies, tools and training for defeating and minimizing the effects of hazardous devices and materials, whether Chemical, Biological, Radiological, Nuclear or Explosive ("CBRNE"). Allen-Vanguard's equipment is in service with leading security and military forces in more than 120 countries. Products include Electronic Counter-Measures ("ECM") equipment for jamming remote detonation of terrorist devices, specialty security equipment for Explosive Ordnance Disposal ("EOD"), remote intervention robots for hazardous applications, vehicle barrier systems, and personal protective wear for use in dealing with bio-chemical agents. Allen-Vanguard is the sole, worldwide licensee and/or developer of patented technologies, such as the Universal Containment System and CASCAD Foam for blast mitigation and decontamination of bio-chemical warfare agents. Head office operations are located in Ottawa, Ontario, Canada, with manufacturing operations in Stoney Creek, Ontario; Tewkesbury, U.K.; and Cork, Ireland, and sales offices in Canada, the U.S., the U.K. and Asia. Allen-Vanguard's shares are listed on The Toronto Stock Exchange (TSX: VRS).
This press release contains forward-looking statements, which reflect Allen-Vanguard's current expectations regarding future events. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Allen-Vanguard disclaims any obligation to publicly update or revise any such statements.
To find out more about Allen-Vanguard Corporation (TSX: VRS), visit our website at www.allen-vanguard.com.
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