VGS Seismic Canada Inc.

VGS Seismic Canada Inc.

September 11, 2008 14:19 ET

VGS Announces New President & CEO and CFO

CALGARY, ALBERTA--(Marketwire - Sept. 11, 2008) - VGS Seismic Canada Inc. ("VGS" or "the Company") (TSX VENTURE:VGS) is pleased to announce two executive appointments.

David Mairs joins VGS as President and Chief Executive Officer, and member of the Board of Directors. He is expected to begin his new position in mid-October.

Richard White, Interim CEO, says, "We are very fortunate to land someone of Dave's calibre, which includes executive-level experience here at VGS. His leadership and marketing skills, as well as strong long-term relationships with our seismic customers and geophysical contractors will be tremendous assets in leading the future growth of our company."

Mr. Mairs brings more than 20 years of experience related to the seismic industry, beginning his career as a mining engineer in 1976, and holding various technical and sales positions with a significant explosives firm before co-founding Western Explosives Ltd. in 1987. He served as President and CEO for Western Explosives and later for its successor company Dyno Nobel Canada Inc. ("DNCI"). Under Mr. Mairs' leadership, DNCI grew from a small seismic explosives distributor in Western Canada to a national manufacturer and distributor of explosives to the mining, seismic and construction industries, grossing more than $200 million in revenue in 2006.

VGS also announces the appointment of Lorraine Myers as its new Chief Financial Officer. Ms. Myers is expected to begin her new role in late September.

"We are excited that Lorraine is joining our executive team on a full-time basis after contributing as a consultant for the past nine months," comments Richard White. "Her experience with public companies, financial budgeting and forecasting, along with strong finance and banking relationships, will be important additions to our strategic planning efforts."

Ms. Myers brings significant experience with chartered accounting firms, having served as a partner of Meyers Norris Penny and Co. and its predecessor firms for 16 years before joining Western Explosives Ltd. as Vice President Finance and CFO from 1995 to 2007. A Chartered Accountant, Ms. Myers also holds a Master of Business Administration degree and Bachelor of Commerce degree.

Mr. Scott Milroy, current CFO, will be leaving VGS to pursue other opportunities and will remain at VGS until mid-October to assist in a smooth transition Mr. White adds, "While we are delighted that Lorraine Meyers is joining us, we will miss Scott Milroy, our departing CFO. Scott has done a terrific job at VGS and we wish him well in his new endeavour."

Dave and Lorraine led the senior management team of DNCI and Western Explosives through significant growth and development for over thirteen years. Dave commented "We look forward to leading the VGS team through new challenges and growth. We hope to develop significant opportunities for growth in value for our shareholders and the professional and personal development of our VGS team".

Based in Calgary, Alberta, VGS Seismic Canada Inc. identifies, creates and markets digital seismic data for licensing to oil and natural gas exploration companies. The Company's growing data library is concentrated in British Columbia, Southern Alberta and Eastern Saskatchewan. VGS shares trade on the TSX Venture Exchange under the symbol VGS.

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

Contact Information

  • VGS Seismic Canada Inc.
    Richard White
    Interim Chief Executive Officer
    (403) 984-5321