ThermoCeramix Strengthens Management Team with Appointment of Daniel Cyr as VP, Supply Chain, and President of Downtown Grill Inc.
-Appointment Adds Key Operational Capabilities to Support Ramp-up of Commercial Sales and Production of the Downtown Grill Hibachi-
MONTREAL, May 6, 2015 /CNW/ - ThermoCeramix Corporation ("ThermoCeramix", "TCX" or the "Company") (TSX Venture Exchange: TCX.V), a technology-licensing company engaged in the development of high-performance, energy-efficient electric heating solutions, announced today that it has appointed Mr. Daniel Cyr as Vice President, Supply Chain of ThermoCeramix. In addition to this, Mr. Cyr will serve as President and General Manager of Downtown Grill Inc. ("DTG"), a wholly-owned subsidiary of the Company.
"Daniel has a proven track record of optimizing supply chains and driving operational efficiencies. His experience will be critical in driving down production costs and ramping-up commercial sales of our lead application, the Downtown Grill Hibachi (the "Hibachi"), ultimately, accelerating validation of our propriety 'heat-transfer' technology. We're confident that the Downtown Grill's commercial success will help us secure broad licensing contracts for our technology across the aerospace, automotive and appliance industries," stated Louis Desmarais, CEO of ThermoCeramix.
Prior to his appointment at ThermoCeramix, Mr. Cyr served as Vice President and General Manager of A.T.L.A.S. Aeronautik, a tier 1 integrator specializing in the manufacturing and assembly of aeronautical components. In this role, Mr. Cyr was responsible for managing an operating budget of $26 million and contributed to increased sales of 37%. Prior to that, he was the Director, Lean National Practice at Fujitsu Consulting Canada where he specialized in developing operational efficiency solutions for a variety of clients. Mr. Cyr has also held senior supply chain roles with Railpower and Rolls Royce Canada. Mr. Cyr received his Bachelor of Industrial Engineering from the Royal Military College of Canada and is a member of Quebec's Order of Engineers.
In his capacity as President and General Manager of DTG, Mr. Cyr will work in close collaboration with the Company's senior leadership team to achieve mass-market commercialization of the Hibachi over the next year by strengthening its network of retail distributors in North America and driving cost efficiencies across its supply chain.
ThermoCeramix also announces the resignation of Mr. Lloyd LeBlanc as Senior Vice President of Strategy and Business Development of the Company and as a director and President of DTG, effective May 8, 2015. ThermoCeramix would like to thank Mr. LeBlanc for his service to the Company and wishes him the best in his future endeavours.
Option Grant
The Company also announces that it has granted 200,000 stock options ("Options") to Mr. Daniel Cyr in connection with his appointment as Vice President, Supply Chain of the Company and as President and General Manager of the Downtown Grill.
Each Option is exercisable for one common share of the Company at a price of $0.30 per share for a period of ten years from the date of grant. The Options are governed by the stock option plan of the Company and will vest over a four year period with 25% of the Options vesting upon the first anniversary of the date of grant and the balance of the Options vesting in 36 equal monthly installments thereafter.
The grant of the Options remains subject to TSX Venture Exchange approval.
About ThermoCeramix
ThermoCeramix Corporation (TSX.V: TCX) is a technology-licensing company engaged in the development of high-performance, energy-efficient electric heating solutions. The Company's patented and proprietary TCX™ heating technology uses thermally sprayed heaters applied as a coating directly to almost any profile and material that requires heat. The technology is energy-efficient, scalable, and adaptable to almost any size and shape. The Company holds a strong and broad intellectual property portfolio of over 25 patents. The Company's strategy is to commercialize one application of its technology platform through the development, production and sales of a unique electric indoor-outdoor grill, then license the technology for numerous additional consumer, commercial & industrial applications. For more information, please visit the Company's web site at www.thermoceramix.com.
Caution Regarding Forward Looking Information
Certain information set forth in this press release may contain "forward-looking statements" or "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein may constitute forward-looking statements. Any such forward-looking statements may be identified by words such as "could", "estimated", "will", "expects", "anticipates", "believe", "projects", "plans", "to be" and similar expressions. Any such statements are not guarantees of future performance and undue reliance should not be placed on them. Any such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that any such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. For more information relating to risks which may cause the Company's actual results to be different from expected and historical results, please see the Company's "Filing Statement" dated March 26, 2014 filed under the Company's SEDAR profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ThermoCeramix Corporation
ThermoCeramix Corporation, Louis Desmarais, Chief Executive Officer, (450) 641-5461 ext. 5651, [email protected]; TMX Equicom, Marina Proskurovsky, Investor Relations, (416) 815-0700 ext. 288, [email protected]
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