Contact Information: For further information, please contact: Adam Sumel President and CEO SONIC Technology Solutions Inc. Tel: (604) 736-2552 Or Email:
SONIC to Retain Services of Dr. David Kahn
Heavy Oil Industry Specialist to Expand Relationship With the Company
| Source: SONIC Technology Solutions Inc.
VANCOUVER, BC--(Marketwire - May 6, 2008) - Ewire -- SONIC Technology Solutions Inc.
(PINKSHEETS : SNVFF ) (TSX-V : SNV ) ("SONIC" or "the Company") today announced
that it has agreed to terms to retain the services of Dr. David Kahn to
assist SONIC in the development and commercialization of its heavy oil
upgrading processes. Dr. Kahn will focus specifically on the operations of
PetroSonic Energy Systems Inc. that he helped found with SONIC. Dr. Kahn
will act as a special advisor to the Company leading the broad business
strategy of SONIC for the oil sector.
Adam Sumel, CEO and President of SONIC, commented, "We are extremely
pleased to welcome David's expanded role with SONIC. He brings to the
Company the necessary insight and vision for us to make PetroSonic a
success. We expect David to assume a significant role with the Company as
we move forward in the broad development and expansion of SONIC within the
oil and bio-oil sectors."
Under the terms of our agreement Dr. Kahn will receive an option package
commencing with the grant of 300,000 options at an exercise price of $0.30.
Dr. Kahn will also receive common shares of the Company based on the
achievement of milestones related to the installation of heavy oil
upgrading plants, and equal to a value of $150 per barrel/day of installed
upgrading plant processing capacity for the first four plants.
Dr. Kahn has 15 years of diverse experience in the petroleum industry. For
the past seven years he has been a principal of companies focused on
developing strategies for exploiting unconventional oil and gas assets,
including: United Heritage Petroleum; Pearl Exploration; Rolland Energy;
Megawest Energy; and Gastem Energy. Dr. Kahn received his Ph.D. from Ecole
Nationale Superieure du Petrole et des Moteurs in petroleum reservoir
engineering.
The transaction is subject to certain conditions, including completion of
definitive agreements and approval of the TSX Venture Exchange.
About SONIC
SONIC develops and markets Sonoprocess™ technologies utilizing sonic
energy to create more sustainable processes. Sonic Environmental Solutions
markets the Sonic Treatment System via licenced soil remediation partners,
PetroSonic Energy Systems is developing heavy oil processes and SonoOil is
developing improved oil sands processes. SONIC has also developed
opportunities in BioSonic processing and materials processing.
Sonoprocess™ Technologies
-- Sustainable -- Efficient -- Economic --
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This release
contains statements that are forward-looking statements and are subject to
various risks and uncertainties concerning the specific factors disclosed
under the heading "Risk Factors" and elsewhere in the Company's periodic
filings with Canadian securities regulators. Such information contained
herein represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume the obligation
to update any forward-looking statement.