RICHMOND, BC, March 3 /CNW/ - VRB Power Systems Inc. (TSX-V: VRB) announces the appointment of Justin K Lacey as Vice President, Sales and Marketing.
Mr. Lacey brings to VRB Power a wealth of knowledge and expertise in marketing and selling complex, high technology product and services to customers around the world. Most recently, Justin K Lacey was head of the worldwide marketing efforts for the business aircraft division of Bombardier Aerospace where his efforts contributed to an unprecedented growth in sales around the world, particularly in growth and emerging marketing outside of North America.
"I am excited to have an executive of Justin's caliber and energy join the senior management team of VRB Power - I believe it's a testament to the potential of the VRB Energy Storage System ("VRB-ESS(TM)") to meet a multitude of customer applications and requirements throughout the world," remarked Mr. Tim Hennessy, Chairman and CEO of VRB Power.
Mr. Lacey will be responsible for providing the strategic direction, as well as day-to-day management for all aspects of marketing and communications, sales, investor relations and capital markets. Over the next 12 months, Mr. Lacey will be leading VRB Power's efforts to put into place a world-class sales and marketing organization, and implementing well defined, integrated sales and marketing strategies that result in sales growth in VRB Power's key target markets.
"I am pleased to be joining VRB Power at such an important time for this organization, and look forward to working closely with Tim Hennessy and the rest of the senior management team to fully realize the significant potential of the VRB Energy Storage System," remarked Mr. Lacey.
Mr. Lacey has a B.A. in Economics from the University of Western Ontario, an MBA from McGill University, and a degree in International Business from the Stockholm School of Economics.
Brian Beck, who held the position of Vice President of Sales and Marketing, will move to the role of Vice President of Business Development.
"On behalf of the senior management team, and the board of directors, I would like to thank Brian Beck for his significant contribution to VRB Power," said Mr. Hennessy. "Brian and Justin will be working closely to ensure a seamless and timely transition," concluded Mr. Hennessy.
The company also announces the granting of 400,000 incentive stock options to Mr. Lacey at a price of $.23 CAD for a period of 5 years. These options will vest 50% after 1 year and the balance after 2 years of employment with the company. These options are granted pursuant to the company's stock option plan and are subject to regulatory approval.
About VRB Power
Headquartered in Richmond, Canada, VRB Power Systems Inc. is an energy storage technology developer which is marketing, selling and manufacturing products utilizing the patented VRB Energy Storage System ("VRB-ESS(TM)"). The VRB-ESS can economically store and supply large amounts of electricity on demand and is focused on stationary applications. It is a long life, cost effective, low maintenance, efficient technology that allows for the scalability of power and storage capacity independently. The VRB-ESS is particularly beneficial to renewable energy providers, utilities and end users through its ability to "inventory" electricity, allowing for the optimal match of supply and demand.
The VRB-ESS is well suited for a variety of applications. Enabling the provision of "firm" capacity from intermittent renewable generation such as wind and solar; more cost effective and efficient generation of electricity in remote areas; capital deferral for utilities; and load levelling (peak shaving) applications. The VRB-ESS is also capable of providing backup power solutions including applications for utility sub-stations and telecommunication sites. The VRB-ESS is characterized by having the lowest ecological impact of all energy storage technologies and is unlike most other conventional energy storage systems that rely on substances such as lead or cadmium.
Caution regarding forward-looking statements: VRB Power's press releases may contain forward-looking statements. These statements are based on management's current expectations and beliefs which are subject to a number of known and unknown risks and uncertainties (including, but not limited to, the risk factors described in VRB Power's Annual Information Form filed with the British Columbia Securities Commission and available at www.sedar.com) that could cause actual results to differ materially from those expressed or implied in our forward-looking statements. The Company does not assume any obligation to update any forward-looking statements contained in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Vince Sorace
President