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TSX Venture Exchange Symbol SNV
VANCOUVER, June 20 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or "the Company") welcomes Dr. David Kahn and Dr. James Hill to the Board of Directors of the Company, following election at yesterday's Annual General Meeting held in Vancouver. As previously announced, Dr. Kahn is directly assisting the Company in the development and commercialization of its heavy oil upgrading processes through the operations of PetroSonic Energy Systems Inc. that he helped found with SONIC.
With his appointment to the Board Dr. Kahn will now also provide the Company with strategic direction on all SONIC's opportunities. Dr. Hill, who was also appointed as President of the Company, has been instrumental in leading the development of the Company's initiatives in the energy and other sectors.
Adam Sumel, CEO of SONIC, commented "These appointments reflect the future direction and focus of the Company and we will continue to build our management team in the coming months as development milestones are achieved."
In relation to these appointments the Company has issued 600,000 stock options exercisable at $0.30 per share. The terms and conditions of the grant are subject to the approval of the TSX Venture Exchange.
The Company also confirms that, in connection with its recently completed private placement announced on June 13, 2008, Sonic agreed to pay an arms' length third party a finder's fee on a portion of the non-brokered subscriptions under the offering in the amount of Cdn.$10,000, which fee represents 5% of the subscription proceeds sourced by such third party.
About SONIC
SONIC develops and markets Sonoprocess(TM) technologies utilizing sonic energy to create more sustainable processes. PetroSonic Energy Systems is developing heavy oil processes and SonoOil is developing improved oil sands processes. Sonic Environmental Solutions markets the Sonic Treatment System via licenced soil remediation partners, and SONIC is also developing opportunities related to bio-energy, bio-waste, and materials processing.
Sonoprocess(TM) Technologies
- Sustainable - Efficient - Economic -
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.