Coretec Inc.

Coretec Inc.

October 13, 2005 09:01 ET

Coretec Inc. Announces Key Organizational Changes for Growth

TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2005) - Coretec Inc. (TSX:CYY) reported today that Mr. Anaya Vardya has accepted the position of Chief Operating Officer with responsibility for all of the Company's manufacturing, quality/customer care and manufacturing engineering operations. Prior to joining Coretec Mr. Vardya held several senior executive positions with Merix Corp. from 1997-2005, most recently as Senior V.P. of Operations. Prior to joining Merix, Anaya was the Corporate Development Manager for Continental Circuits (now a Division of Sanmina Corp.) as well as held various managerial positions with IBM's printed circuit operations in Texas and New York. Mr. Vardya holds a Masters of Chemical Engineering Degree from the University of Cincinnati.

Mr. Vardya has been involved with Coretec since June 2005, first in assisting with a due diligence assignment associated with the Company's aborted merger discussions with Unicircuit Inc., and thereafter with the leadership of the Company's rigid flex operation in Cleveland. "Our Cleveland site has experienced improved operational and financial performance as a result of Anaya's leadership. The site leadership team has been restructured by Anaya and is now in a position to execute on a meaningful growth strategy in a sector of the PCB industry that is experiencing changes in the competitive landscape and stronger demand relative to the rigid PCB market. Anaya will continue to play a mentoring role for the operation and is focussed on identifying and recruiting a General Manager to accelerate the growth and financial improvement at the site", said Paul Langston, Coretec CEO and President.

In addition to Marketing, Sales and Customer Service, Executive Vice President Jeff Canavor will be assuming responsibility for the Company's offshore business strategy as well as corporate IT. "With respect to the former, we are experiencing opportunities to assist key accounts with their supply chain strategy which includes sourcing of product from low cost regions. Mr. Canavor's experience in the EMS sector will bring significant credibility to our plan. Furthermore we are looking at IT as a key differentiator in the marketplace particularly as relates to online customer education and information services such as order placement, job/project tracking, quality statistics and compliance data (i.e. RoHS). Once again, Jeff's background and customer centric philosophy will bring the required focus to this portion of our organization", said Paul Langston.

Additionally Mr. Gareth Parry, the Company's Chief Technology Officer is assuming responsibility for all corporate CADCAM operations. His mandate will be to coordinate this group with our Field Applications Engineering organization's activities as well as drive harmonization of the engineering/tooling activities at each of the Company's sites. Additionally he focuses on expanding our tooling capacity at each site as well as set up CADCAM locations in key geographic regions throughout the US.

"These initiatives are designed to prepare Coretec for continued better-than-market growth and renewed prosperity. We have continued to gain market share during the past difficult 12 months but have experienced strengthened demand since mid Q3. We believe that our ability to take share is a function of our scale, technology, broad product offering and focus on key sectors of growth in the electronics industry. Through these organizational changes, we are positioning ourselves to be the leading service provider to the PCB industry sectors that we serve, namely those requiring time sensitive and high reliability PCBs", continued Mr. Langston.

Jonathan Schofield, who held the office of COO for the Company from January 2005 until recently, has left Coretec to pursue other interests.

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 and approvals.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 growth and expansion; 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

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