QWIP Systems Inc.

May 30, 2006 17:51 ET

QWIP Engages Strategic Adviser & Accepts CEO Resignation

EDMONTON, ALBERTA--(CCNMatthews - May 30, 2006) - QWIP Systems Inc. (the "Corporation") (TSX VENTURE:QWP) announces the engagement of Rob Salmon as a Senior Adviser to the Board of Directors, and accepts the resignation of Riad Chehayeb as the CEO of the Corporation.

The Board of Directors of the Corporation has engaged Rob Salmon, CA, as a Senior Adviser to the Corporation and its US subsidiary, QWIP Technologies, Inc. Mr. Salmon, a former tax partner of KPMG LLP, has served as a senior officer and director of a number of public companies.

At KPMG LLP, Mr. Salmon's practice focused on taxation and corporate finance. He was lead partner on a number of major engagements related to re-financings, "going public" transactions, acquisitions, mergers, structuring of international operations and technology transfers.

The Corporation accepts the resignation of Mr. Riad Chehayeb and would like to thank Riad for his contribution to the operations of the Corporation over the past seven years.

QWIP Systems Inc.

QWIP System Inc., through its US subsidiary, QWIPTECH, holds a world wide exclusive license from the California Institute of Technology (Caltech) to produce and sell infrared detectors and sensors based on their QWIP technology. This technology developed by the renowned NASA Jet Propulsion Laboratory in Pasadena, California has many applications in defense as well as in the field of security and surveillance. To date, in excess of US$15 million has been spent on developing the QWIP technology, which in April 2001 was inducted into the NASA Space Hall of Fame. The Company is currently developing of an aerial land mine detection system for the US Army Research Laboratory. It has also been contracted by SELEX, a world renowned leader in infrared systems, to supply infrared detectors for their Sigma Hunter large format infrared camera.

QWIP Systems Inc., trades on the TSX Venture Exchange under the symbol QWP.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • QWIP Systems Inc.
    Margo Kaufmann
    Sr. V.P.
    Mobile: (623) 810-2967