Coretec Inc.
TSX : CYY

Coretec Inc.

January 30, 2007 16:13 ET

Coretec Announces Organization Changes

TORONTO, ONTARIO--(CCNMatthews - Jan. 30, 2007) - Coretec Inc. (TSX:CYY) today announced the appointment of Paul S. Brannen as Vice President of Marketing and Sales. Mr. Brannen will assume the leadership role for Coretec's sales organization which has offices across North America and in the UK. Furthermore, Mr. Brannen will oversee and develop marketing strategy at Coretec.

Mr. Brannen brings to Coretec over 15 years of sales and marketing management expertise from the IT consulting, telecommunications and computing sectors. Additionally, Mr. Brannen has a strong financial background, having served as a financial analyst in both the public and private sectors, earlier in his career. Mr. Brannen received his BA, Economics and Marketing from Carleton University, in Ottawa, Ontario.

"We believe Paul's extensive experience in marketing will enable us to drive further market share gains in the U.S., particularly in regions that we have not aggressively targeted, namely the southwest," said Paul Langston, Coretec's President and CEO.

Mr. Brannen replaces Jeff Canavor, who is no longer with the company.

Coretec also reported today that Mr. Anaya Vardya has resigned from the position of Chief Operating Officer, a position he assumed in November 2005.

"During his tenure Mr. Vardya created a depth of management in operations that will ensure little disruption to the organization following his departure. We are of course disappointed by Mr. Vardya's decision but we all wish him much success in his pursuit of other opportunities," said Paul Langston, President and CEO of Coretec Inc.

"This was an extremely difficult decision for me professionally, however, returning to the United States was the best decision for my family at this time. Working with the team members at Coretec has been an all around positive experience that I will remember for a long time," said Mr. Vardya.

Mr. Vardya will be available to Coretec for assignments following his departure.

Coretec is one of the leading designers and fabricators of printed circuit boards for the prototype and quick turnaround production segments of the North American and European markets. Coretec distinguishes itself from its competitors by providing complete printed circuit board solutions, including design, advanced prototyping and quick turnaround production across an outstanding range of product technologies.

This news release may include statements about future expectations, plans and prospects that may constitute forward-looking statements. Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results or developments may vary materially from those projected or implied in the forward-looking statements as a result of any number of factors, including currency exchange rate fluctuations; variability of operating results; dependence on certain industries; management of growth and expansion; integration of operations; ability to attract and retain key personnel; nature of sales; product complexity and product defects; international operations; material cost fluctuations and limited availability of raw materials; potential loss of customers; competition; industry contraction and slow economic growth; technological change and process development; environmental liability; need for additional financing; product liability; pricing pressure; ability to reduce costs; and other risks listed in Coretec's public disclosure documents and other filings with securities regulatory authorities found at www.sedar.com.

Additional information about Coretec Inc. is available at www.coretec-inc.com.

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