Coretec Inc.

Coretec Inc.

February 24, 2009 12:59 ET

Coretec Inc. Announces the Resignation of Robert Olsen as Chairman

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2009) - Coretec Inc. (TSX:CYY) today announced the resignation of Mr. Robert Olsen as Chairman of the Board of Directors.

Mr. Olsen recently changed his career path; leaving Goldman Sachs Canada to assume a position at Deloittes as a National Partner in charge of their Capital Advisory business. As a result, Mr. Olsen is unable to continue, his leadership position or, any form of participation with the Coretec board.

"Mr. Olsen has served the Coretec Inc. Board of Directors sine 1999 as Director, Lead Director and Chairman. He's played a key role in guiding the business through various financings, acquisitions, consolidations and macroeconomic challenges. Although we are excited for Mr. Olsen with respect to his new career direction, his commitment and expertise will be missed," said Mr. Langston, President Coretec Inc.

Mr. Langston will act as interim Chairman until the Company's Annual General Meeting in May 2009.

About Coretec

Coretec is one of the leading designers and fabricators of printed circuit boards in North America. Coretec distinguishes itself from its competitors by providing an extensive suite of printed circuit board services including field applications engineering support and education; technology roadmap consulting, CAD layout; rapid response manufacturing for prototypes; quick turn production for small-to-middle volume quantity requirements; and facilitation of higher volume requirements via partnerships in lower cost jurisdictions. The Company is also differentiated by its broad range of PCB technologies.

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