Photon Control Appoints Two New Independent Directors
Burnaby, B.C., November 03, 2016 – Photon Control Inc. (“Photon Control” or the “Company”) (TSX-V: PHO), a leading developer of optical measurement technologies, is pleased to announce that it has appointed two independent directors to its Board of Directors; Messrs. Michael Torok and Neil McDonnell. With these changes, effective November 2, 2016, Photon Control’s Board is now comprised of five independent directors and one executive director.
Michael Torok is co-founder and managing director of JEC Capital Partners, a technology-focused investment company with offices in the United States and Germany. He was previously the CFO of Integrated Dynamics Engineering, which successfully leveraged its core technology to grow rapidly in the semiconductor equipment industry before being acquired by Aalberts Industries (AMS: AI) in 2008. Prior to Integrated Dynamics Engineering, Mr. Torok held various positions at PricewaterhouseCoopers. Mr. Torok holds a bachelor’s degree and a master’s degree in finance from Boston College.
Neil McDonnell is currently chair of Agreement Express and director of TitanStar Properties. He is a recognized leader in the Canadian technology space, serving most recently as chair of QHR Technologies (acquired by George Weston in 2016) and CEO of Wurldtech Security Technologies (acquired by General Electric in 2015). Previously, Mr. McDonnell held senior positions at several British Columbia’s most successful companies, including chair and CEO TeraSpan Networks, COO TIR systems (a Royal Philips company), COO Mobile Data Solutions, and CEO Intrinsyc Software. He is active as an Executive in Residence for the British Columbia Technology Industry Association, an advisor to the ICBC board (Transformation Committee) and as a director for the British Columbia Lottery Corporation (2001 – 2011). Mr. McDonnell holds a Master of Business Administration from the University of British Columbia and a Bachelor of Commerce from the University of Toronto.
“The Board is delighted that Michael and Neil were put forward by our shareholders for appointment to the Board,” said Company Chairman and acting CEO, Michael Goldstein. “On behalf of the Board and the entire Photon Control team, we look to benefit from their collective guidance and expertise to further expand our business and drive long-term value for our shareholders.”
In connection with the appointments of Messrs. McDonnell and Torok, the Company granted to each of them stock options under its Stock Option Plan to purchase 270,000 common shares of the Company at an exercise price of $0.71 per share for a term of 5 years, subject to the Company’s standard vesting provisions. In addition, the Company awarded each of them under its Restricted Share Unit Plan 129,000 restricted share units (RSUs) entitling the holder to receive one common share of the Company for each RSU upon vesting. In accordance with the Restricted Share Unit Plan, the RSUs will vest as to one-third on each of the first, second and third anniversaries of the award date.
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control’s products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ‘’PHO”. Additional information about the company can be found at www.photon-control.com/investorrelations.html
Investor Relations Contact:
Matt Glover or Najim Mostamand
Liolios Group, Inc.
Neither 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.
News Release 16-16