Universal Power Corp.

Universal Power Corp.

February 09, 2010 09:24 ET

Universal Announces Management Appointments

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2010) - Universal Power Corp. ("Universal" or the "Company") (TSX VENTURE:UNX)(FRANKFURT:3U2A) is pleased to report the following management and Board appointments: Mr. Gabriel Ollivier is appointed as the Company's new Chief Executive Officer (CEO), and Mr. Curtis Evert has been appointed as the Vice-President (VP), Exploration and New Ventures. Mr. Barry Swanson, C.A., until recently serving as CEO, will remain with the Company as the Chief Financial Officer (CFO). Mr. Mauro Baessato will assume the position of the Company's Corporate Secretary. In addition, Mr. Mark Frewin joins the Company as a new independent member of the Board of Directors (the "Board").

Mr. Gabriel Ollivier, the Company's new CEO, brings a wealth of capital markets and energy experience to Universal, and has helped many junior energy companies build successful and accretive growth platforms. His credentials were highlighted in the Company's January 11, 2010 press release, which announced his appointment as a Board member.

Mr. Evert becomes the Company's VP, Exploration and New Ventures. He is a professional geologist with over 25 years of experience in the energy sector. Over the past 12 years, he has held various senior management roles with companies such as Marathon Canada, Sherritt International Corporation, and Husky Energy Corporation (Husky). Of particular importance to Universal, Mr. Evert has extensive experience in international oil and gas exploration and development, as well as an in-depth understanding of offshore drilling and field development. He has most recently overseen several large offshore deepwater discoveries made by Husky in the South China Sea.

Added to the Board is Mr. Mark Frewin of London, England. Mr. Frewin is a Partner at McCarthy Tetrault, and brings his extensive legal and commercial expertise to the Company's Board. Mr. Frewin has a particularly strong background in dealing with international law. In addition, he has extensive experience in Africa, with specific knowledge of the legal environment in Namibia where he has served with Mr. Duane Parnham, Chairman of Universal, on the board of Forsys Metals Corp (TSX:FSY), a permitted emerging Namibian uranium producer.

Mr. Knowledge Katti, Universal's in-country non-executive director and representative from the Company's BEE partners states "I am pleased to welcome the new executives and our new director to the Board of UNX. Their long standing financial, legal, and energy sector expertise will not only be valuable to the Company in the current economic conditions, but also to the Namibian economy as we move forward to untap the massive oil pools we know reside off our shores."

Mr. Duane Parnham, Chairman of Universal, was quoted "Universal's strategy is ultimately very simple: assemble the best team possible to ensure that we maximize our chances of success in unlocking Namibia's massive offshore oil potential. The additions of Mr. Ollivier and Mr. Evert support this objective by launching the process of building an impressive in-house team based in Calgary, to complement our existing Namibian operations. Moreover, our ongoing advisory agreement with HRT Oil and Gas ensures we are getting the best possible scientific guidance and evidence to support our objective of securing farm-in partners during the upcoming risked capital phase of our program in offshore Namibia. Add our strategic in-country relationships with Black Economic Empowerment, the government of Namibia, and the state-owned energy company, NAMCOR, and it is clear that we are on track to meeting our near and intermediate term objectives. In terms of expert advisory, Mr. Frewin's addition to the Board adds a dimension of depth in preparation for what we expect to be a significant amount of interest in our 32,000 square kilometers of offshore acreage."

In recognition of the realignment of Mr. Barry Swanson to Chief Financial Officer, and Mr. Mauro Baessato to Corporate Secretary, Mr. Parnham further stated "Mr. Swanson and Mr. Baessato have been excellent in their roles these past 3 years, and the Board commends them for navigating the Company through a critical development phase. In the spirit of teamwork, I believe each member of the team recognizes the role in which they can be most effective in supporting the pursuit of success in Namibia, and as significant stakeholders, they both welcome our new energy-specific expertise along with us."

Consequential of the above-mentioned appointments, the Company also wishes to announce that it has granted incentive stock options to certain directors and officers for the purchase of a total of 900,000 common shares of the Company at a price of $1.00 each until February 9, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.

About Universal Power Corp.

Universal Power Corp. is an independent oil and gas exploration and development company with broad based Black Economic Empowerment partnerships, trading its common shares publicly on Canadian and German exchanges. The Company currently holds interests in 6 Blocks of offshore concessions covering over 32,000 square km in Namibia, Africa.

On Behalf of the Board of Directors of Universal Power Corp.

Duane Parnham, Chairman

For further information visit our website at www.universalpowercorp.com

Sedar Profile #00016276

Shares Outstanding: 77,693,000


Forward Looking Information

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

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.

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