Hy-Drive Announces Appointment of New President and Chief Executive Officer
TORONTO, ON, December 18, 2007 – Hy-Drive Technologies Ltd. (TSX-V: HGS) is pleased to announce the appointment of Hugo T. Sorensen to the position of President and Chief Executive Officer effective January 2, 2008. Mr. Sorensen brings to Hy-Drive a wealth of proven executive leadership experience in both the private and public company sector. Most recently, Mr. Sorensen served as President and Chief Executive Officer of a high performance multi-division TSX listed company with revenues in excess of $1.5 billion.
“We are delighted Hugo has elected to join Hy-Drive at this important time in our Company’s history,” stated Dan Doucette, Hy-Drive’s Chairman of the Board of Directors. “Hugo’s background experience, proven leadership ability and impressive track record of facilitating top and bottom line Company growth will expectedly bring significant value to our Company as we enter 2008.”
“I’m excited to join Hy-Drive to help the Company facilitate commercialization and growth of its hydrogen generating system technology,” stated Mr. Sorensen, “I look forward to building on the Company’s existing foundation at Hy-Drive and to advance the potential of generating solid returns for our shareholders”.
Pursuant to the Company’s stock option plan, and as part of Mr. Sorensen’s compensation package, he will be issued options to purchase 1,000,000 common shares at $1.00 per share which will vest in three different tranches over the next 18 months and expire ten years after the date of grant, with the second and third tranches becoming exercisable only if the company's share price reaches targets of $2.12 and $4.24 per share respectively.
About Hy-Drive
Hy-Drive is an energy technology firm that has developed a proprietary, patented hydrogen generating system. The Hy-Drive system generates and injects hydrogen gas into a regular internal combustion engine, enhancing the combustion process by allowing fuel to burn more efficiently and completely. For further information, visit www.hy-drive.com.
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