VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 29, 2016) - Targeted Microwave Solutions Inc. (TSX VENTURE:TMS)(OTCQX:TGTMF)(FRANKFURT:A2ACNT) ("TMS", the "Company") is pleased to announce a series of initiatives aimed at driving shareholder value, and global commercialization. To accomplish this objective, the Board has appointed Dr. James Young, currently Interim Chief Executive Officer and Chairman, to take on the role of Chief Executive Officer on a full-time basis, effective immediately.
"Dr. Young is the architect and visionary behind the Company's technology. He has a distinguished career overseeing and executing research and development programs, delivering commercial deployment and capitalizing on global growth strategies. In addition, he has a deep understanding of TMS's technology and its operations," said Dr. Rajiv Modi, Director of the Board as well as Chairman and Managing Director of Cadila Pharmaceuticals Ltd., one of the largest privately held pharmaceutical companies in India.
Dr. Young served as Chairman since May 2015 and has acted as interim CEO of TMS since June 2016. During Dr. Young's time as interim CEO, the Company has:
- taken steps to better align the interests of management and shareholders, including eliminating cash compensation to directors, improving management efficiency, and refining research and development strategies,
- raised C$2.5 million in a private placement financing led by a major Canadian investment bank,
- designed, built and installed Generation 3.0 reactors, and
- expanded material testing from low-rank coals and clays with Nestlé Purina to include biofuel based feedstock.
To further align shareholder interests, Dr. Young has elected to forgo his salary as CEO, provided TMS finalizes a competitive stock based compensation package on market terms. The Company expect to finalize the stock based compensation package in the near term.
"I am enthusiastic about my long-term role as Chief Executive Officer. My full-time focus will be on creating shareholder value by preparing the Company to take our technology to market. We will aim to add new Board members with specific industrial and capital markets experience as well as expand our organization's capabilities with key partners and contractors. In addition, I will be spearheading our global commercialization strategies, which will include the USA, Canada, China and India. We will also roll out a new investor relations strategy and increased communications. Together, we believe that these initiatives will help position TMS as a leading innovator in industrial de-hydration technology and a high growth company in attractive markets," said Dr. James Young.
About Dr. James Young
In addition to TMS, Dr. Young also serves as the Chairman of the Board of Directors of Novavax, Inc. and is on the Board of Directors for 3-V Biosciences, Inc., a private drug company. Dr. Young was President of R&D for MedImmune, Inc. from 1989 through 2008 following its USD$15.6 billion sale to AstraZeneca PLC in 2007. During his tenure, Dr. Young was directly involved in the development of approximately twenty clinical programs and the commercialization of numerous key drugs while managing approximately 1,500 people and controlling an annual budget in excess of USD$700 million. Prior to his tenure at MedImmune, Dr. Young was a Director in the Department of Molecular Genetics at Smith Kline and French Laboratories, now part of GlaxoSmithKline. Dr. Young has served on the Boards of Xencor, Inc., Iomai, Inc. and Arriva Pharmaceuticals, Inc. Dr. Young received his Ph.D. in Microbiology and Immunology from Baylor College of Medicine.
On behalf of the Board of Directors,
Dr. James Young
Chief Executive Officer and Chairman
About Targeted Microwave Solutions Inc.
Targeted Microwave Solutions Inc. is a clean technology company that designs microwave reactors to dry and process coal, clay and biomass. The technology is more efficient, requires significantly lower capital expenditures and is more environmentally friendly than traditional drying technologies. TMS' reactors are designed to be fully automated, require less maintenance, occupy a much smaller footprint and dry more product in less time than conventional counterparts.
The Company's R&D and commercial demonstration plant in King William, Virginia is strategically located near several major industrial clay and biofuel manufactures. The marketing and testing facility in Shanghai, China collects and analyzes material samples from nearby coal power plants and coal mines.
The Company is a reporting issuer in Canada and is listed on the following stock exchanges: (TSX VENTURE:TMS)(FRANKFURT:A2ACNT)(OTCQX:TGTMF)
For further information, please visit www.tmsenergy.com or review the Company's public disclosure filing on www.sedar.com.
This news release contains certain statements which are, or may be deemed to be "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future. Forward-looking statements consist of statements that are not purely historical and, in this news release, include, without limitation, statements regarding: TMS's goals at driving global commercialization and creating shareholder value; adding new Board members with industry and capital markets experience; expanding TMS's capabilities with key partners and contractors; and positioning TMS as a leading innovator in de-hydration technology. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of our management. Because forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict, our actual results, performance or achievements or the actual results or performance of the industries and markets in which we operate and intend to operate may be materially different from those anticipated in our forward-looking statements. Forward-looking statements involve significant uncertainties and risks, should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in our forward-looking statements, including the ability to finalize a competitive package for Dr. Young, or retaining Dr Young as CEO, identify and attracting satisfactory board members with appropriate industry and capital markets experience; identifying and attracting satisfactory partners and contractors to bring the TMS technology to market, and negotiating and executing definitive documentation on reasonable commercial terms and such other matters described in our public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon our forward-looking statements and we undertake no obligation to publicly revise such statements to reflect subsequent events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.