MTI Global Inc.
TSX : MTI

MTI Global Inc.

June 04, 2009 18:45 ET

MTI Global Announces Board of Directors Changes

MISSISSAUGA, ONTARIO--(Marketwire - June 4, 2009) - Subsequent to its Annual General Meeting held yesterday, MTI Global Inc. (TSX:MTI) announced the appointments of Dirk Schlimm, Principal, Jenoir Management Consultants and Daniel Marks, President and Principal, Stonehouse Capital Management Inc., to the Board of Directors of the Company effective immediately. MTI Global also announced the retirement of Arne Strand, Director and the stepping down of Major General Lewis W. MacKenzie from the Board of Directors.

Mr. Schlimm brings over twenty years of executive and legal experience to MTI Global. Over the course of his 14 year career at Husky Injection Molding Systems Ltd., Mr. Schlimm was responsible for Board management, governance practices, and human resources. Mr. Schlimm is a graduate of the Institute of Corporate Directors at The Rotman School of Management in Toronto and holds a Doctorate in International Banking Law from the University of Konstanz, Germany.

Mr. Marks brings over twenty years of investment management experience to the Board of Directors. Mr. Marks is the sole shareholder of Stonehouse Capital Management Inc., an investment counsel and portfolio management firm. Mr. Marks holds a Chartered Financial Analyst (CFA) designation and an MBA earned at McMaster University in Hamilton, Ontario.

"We are pleased they have accepted to serve on MTI's Board of Directors and look forward to working closely with Messrs Schlimm and Marks, alongside our management team in our ongoing commitment to return the Company to profitability", said Robert E. Lord, Chairman of the Board of MTI Global.

Following these changes the composition of MTI's Board of Directors now consists of five independent directors and one non-independent director. The total number of directors remains unchanged at six.

About MTI Global:

MTI Global Inc. (TSX:MTI) designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on two main areas: Silicone and MTI Polyfab, comprising, Aerospace and Fabricated Products. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI Global also produces and distributes specialty silicone elastomer products. MTI Global's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in MTI Sterne SARL of Cavaillon, France. MTI Global's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Milton, Florida and a contract manufacturer venture in Ensenada, Mexico. The Company also maintains engineering support centres in Brazil and Toulouse, France. The Company's website is www.mtiglobalinc.com.

Contact Information

  • MTI Global Inc.
    Bill Neill
    President and Chief Executive Officer
    (905) 564-9700
    or
    Fleishman Hillard Canada
    Alison Ford
    Investor Relations
    416-214-0701