Forest Gate Hires CFO
November 02 2010 - 9:49AM
PR Newswire (Canada)
MONTREAL, Nov. 2 /CNW/ -- Symbol & exchange: FGE-V MONTREAL,
Nov. 2 /CNW Telbec/ - Forest Gate Energy Inc. reports it has
appointed L. Derek Lindsay as Chief Financial Officer of the
company. Mr. Lindsay joins Forest Gate from Eloda Corporation, a
publicly traded media software company, where he held the position
of Vice President and Chief Financial Officer from 2008
onward. At Eloda, Mr. Lindsay was involved in helping arrange
equity offerings for the company as well as spearheading key
business development initiatives. From 2006 to 2008, Mr.
Lindsay was Vice President and Chief Financial Officer at CryoCath
Technologies Inc. His various achievements at CryoCath included
implementing a $2.5 million cost reduction program and assisting
with the divestment of a non-core division of the company. He was
also a key architect in transforming an R&D company into
profit-oriented business. On the capital markets side, Mr. Lindsay
was involved in secondary equity offerings and helped to increase
the company's profile among investors and analysts. From 2002 to
2006, Mr. Lindsay was a partner at Sierra Financial Corporation,
which advised software and digital media on business development,
mergers and acquisitions and on financing and capital
markets-related issues. Mr. Lindsay was Vice President, Finance
& Administration, for Air Canada's Aeroplan division from 2000
to 2002. He helped Aeroplan prepare itself for its Initial Public
Offering while updating financial control systems and accounting
policies. From 1994 to 2000 Mr. Lindsay worked at Bell Canada
Enterprises (BCE) and Bell Canada International where he held
various senior financial positions. He was Executive Vice-President
and Chief Financial Officer of Comcel S.A., one of South America's
largest cellular phone companies. Mr. Lindsay helped initiate
Comcel's acquisition of Occell, Columbia's third largest cellular
phone provider for US$355 million. He also helped arrange a US$300
million debt financing for Comcel. Mr. Lindsay holds an MBA from
the Tuck School of Business at Dartmouth, Hanover, New Hampshire
and a Bachelor of Arts (Economics and French) from Middlebury
College, Vermont. "Derek is a seasoned and well-rounded financial
executive with international business experience," said Michael
Judson, Forest Gate's President and Chief Executive Officer. "He
brings to Forest Gate a strong background in accounting and
financing management. He also has a lot experience in the capital
markets." About Forest Gate Energy Forest Gate Energy Inc. is a
publicly listed oil and gas exploration and production, and
non-energy resource company trading on the TSX Venture Exchange
under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy
and other resources in Canada and internationally. FORWARD-LOOKING
STATEMENTS Certain statements regarding Forest Gate, including
management's assessments of future plans and operations and Forest
Gate's anticipated financial performance, may constitute
forward-looking statements under applicable securities laws and
necessarily involve known and unknown risks and uncertainties, most
of which are beyond Forest Gate's control. These risks may cause
actual financial and operating results, performance, levels of
activity and achievements to differ materially from those expressed
in, or implied by, such forward-looking statements. Such factors
include, but are not limited to: the impact of general economic
conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results
of exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth
potential of Forest Gate's various assets; fluctuations in foreign
exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required
approvals of regulatory authorities. Neither TSX Venture Exchange
nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or the accuracy of this release. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/November2010/02/c8086.html
pRobert Kramberger, V-P, Investor Relationsbr/
1-866-666-3040 br/ a
href="mailto:rkramberger@forestgate.ca"rkramberger@forestgate.ca/a br/
a href="http://www.forestgate.ca/"www.forestgate.ca/a/p
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