Directorate Change
February 14 2008 - 2:03AM
UK Regulatory
RNS Number:9772N
Vycon Inc
14 February 2008
DIRECTORATE CHANGES
The Board of Vycon, Inc ("Vycon" or the "Company"), the designer and
manufacturer of high-speed flywheel based energy storage systems, announces
changes in Directors' duties and the departure by mutual consent of two board
members with immediate effect:-
1. Mr David Potter, who has been a non-executive director of the Company since
May 2007, has been appointed Chairman of the Board of Directors, succeeding
Mr John Uttley
2. Mr. Vatche Artinian, currently a non-executive director of the Company, will
assume the role of Chief Executive Officer on a full time basis in place of
Mr. Tony Aoun who is leaving the Company to take on another role in the
Calnetix group of companies.
Mr Artinian (aged 42) is co-founder and Chairman of Calnetix Inc. ("Calnetix"),
and was instrumental in the creation of Vycon, which was initially a subsidiary
of Calnetix. Calnetix and Calnetix Holding Company continue to hold a combined
21% ownership stake in Vycon. Mr. Artinian has stepped down from his role as
Chief Executive Officer of Calnetix in order to take up this position. He has a
BS in Electrical and Computer Engineering from California State Polytechnic
University, and a MS in Electrical Engineering and a MBA from the University of
Southern California (USC).
David Potter, Chairman of Vycon, commented:
"The Board, which includes representatives of a number of major shareholders, is
delighted that Vatche has agreed to take on this new role. He has deep knowledge
and understanding of Vycon and its markets, and possesses the strategic vision
and experience necessary to grow the business. His appointment coincides with
the next phase in Vycon's development. Our product is now proven and our focus
will be on driving sales and contracts through direct sales and distribution
channels, and on exploiting our global market opportunity.
"Having sat on the Vycon Board for the last nine months I am encouraged by the
progress that has been made since the IPO. I was therefore delighted to accede
to the request to take the chair."
The Board would like to take this opportunity to thank John Uttley for his
advice and guidance as Chairman since listing.
Finally the Board would also like to recognize and thank Tony Aoun for his
significant contribution in building the business to date, and specifically for
his hard work in bringing the Company to a successful listing in London on AIM.
In addition to his new role within the Calnetix group of companies, the Board is
pleased to announce that Mr. Aoun has agreed to act as a consultant to the
Company.
The Board wishes both Tony and John well in their future endeavours.
Enquiries:
Smith & Williamson Corporate
Finance Limited Nick Reeve +44 (0) 117 933 3344
Martyn Fraser
Cardew Group Rupert Pittman +44 (0) 20 7930 0777
Shan Shan Willenbrock
Emma Consett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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