Sernova Corp

Sernova Corp

May 03, 2007 09:31 ET

Sernova Directors and Management Established for 2007/2008-Dr. George Adams Named Chair; Justin Leushner Becomes CEO

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 2007) - Sernova Corp. (TSX VENTURE:SVA) is pleased to announce that Sernova Director Dr. George Adams has been appointed Chair of the Board of Directors, effective immediately. Dr. Adams, who is also CEO and a director of Amorfix Life Sciences Ltd. (TSX VENTURE:AMF), replaces long time Chairman Dr. William Cochrane, who asked to step down from the position. Dr. Cochrane will continue to serve as a director and member of board committees.

The Company wishes to thank Dr. Cochrane for his steady and experienced guidance during his 6 year tenure as Chairman of the Board, and expresses its appreciation that Sernova will continue to benefit from his wealth of wisdom and knowledge.

At the same meeting Devinder Randhawa, Chairman and CEO of Strathmore Minerals Corp. (TSX VENTURE:STM) and Pacific Asia China Energy Inc. (TSX VENTURE:PCE) was appointed as Vice-Chair and Justin Leushner assumed the position of President and CEO. Patrick Groening will remain as Corporate Secretary and CFO, and Phil Morehouse as Executive Vice-President.

On April 19, 2007 the company held its annual general meeting and elected 6 directors to the Board: Dr. George Adams, Charles Allard, Dr. William Cochrane, Justin Leushner, Devinder Randhawa and Dr. Eldon Smith.

About George Adams

Currently CEO and director of Amorfix Life Sciences, Dr. Adams has an extensive history of combining science and entrepreneurial ventures. In the late 1980's he left his position as a Senior Scientist with The Canadian Red Cross Blood Transfusion Service to found the University of Ottawa's Artificial Heart Development Program which is now World Heart. In the early 1990's, he started his own company Hemo-Stat in alliance with DuPont Canada to develop diagnostic products. In 1994 he became the controlling shareholder and President of Corvita Canada and financed its research program until the company was purchased by Pfizer in 1996 and later re-sold to Boston Scientific in 1998. He has also previously served as CEO of the University of Toronto Innovations Foundation where he founded and obtained financing for several companies based upon breakthrough discoveries. He obtained his Ph.D. in Medical Sciences from McMaster University after completing his B.A.Sc. and M.A.Sc. in Mechanical Engineering at the University of Waterloo.

About Devinder Randhawa

Mr. Randhawa founded and is currently the President of RD Capital Inc., a privately held consulting firm providing venture capital and corporate finance services to emerging companies in Canada and the US. Mr. Randhawa also founded Strathmore Minerals Corp. in 1996 and Pacific Asia China Energy Inc. in 2005 and is currently Chairman and CEO of both companies. Mr. Randhawa was formerly the President of Lariat Capital Inc. which merged with Medicure Inc. in November 1999, and was the founder and former President and CEO of Royal County Minerals Corp. which was acquired by Canadian Gold Hunter in 2003. He received his Masters in Business Administration from the University of British Columbia in 1985.

About Justin Leushner

Mr. Leushner has had an extensive and diverse business career in the life sciences and biotechnology industries. In addition to developing a clinical islet transplant program for the London Health Sciences Centre, he co-founded Sertonex Inc. with Dr. David White, now Sernova's primary researcher on the diabetes project. Mr. Leushner was also responsible for developing a national molecular diagnostics program for MDS Inc., Canada's largest life sciences company, and served as a business analyst and portfolio advisor to the Canadian Medical Discoveries Fund. An MBA graduate of the University of Western Ontario's Ivey School of Business, Mr. Leushner also holds a B.Sc. in Cell Physiology/Genetics from the University of British Columbia and numerous technical designations in Forensic Science and Molecular Biology.

About Sernova

Sernova Corp. is a Canadian based, health sciences company focused on commercializing medical technologies and currently working to cure insulin dependent diabetes using its patented Sertolin technology. According to the American Diabetes Association approximately 9 million Americans require insulin injections and it is the sixth leading cause of death in the United States. Over $100 billion per year is spent in the US on treating diabetes and its complications, and worldwide expenditures on insulin is estimated to be $25 billion annually.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


Justin Leushner, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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