Nov. 9, 2010 (Canada NewsWire Group) --
VANCOUVER, Nov. 9 /CNW/ - Lignol Energy Corporation (TSX-V: LEC) ("Lignol" or "the Company"), a leading technology company in the cellulosic ethanol and biorefining sector, today announced the appointment of Colin South Ph.D Bio-process Engineering, as its Chief Technology Officer. Mr. South will continue to serve on Lignol's Board of Directors.
Mr. South holds an undergraduate degree in Chemical Engineering from the University of Canterbury in New Zealand, as well as a Masters in Engineering Management and a Ph.D in Bio-process Engineering from the Thayer School of Engineering, Dartmouth College. He was the founding President of Mascoma Corporation and previously held senior leadership positions in the life sciences industry with Fonterra Co-Operative Group and ViaLactia Biosciences.
"Colin is highly respected as a pioneer and an industry 'thought leader' in the bioenergy and alternative fuels sectors and we are delighted to have him join our team in this important new role," said Ross MacLachlan, President and CEO of Lignol. "Since joining our board earlier this year Colin has provided valuable input to our technology development program and opened new business opportunites for Lignol to pursue. The timing of this appointment comes at a critical time for Lignol as we embark on scaling our technology to a commercial phase and bring novel renewable products to the global marketplace."
"I am impressed with the progress that Lignol has made advancing its technology and am excited to be joining Lignol as its Chief Technology Officer", said Dr. South. "I look forward to working with an exceptional team and world class development partners to deliver Lignol products into a broad portfolio of applications. Lignol is a leader in the development of high value lignin applications and alternate fuels from cellulosic feedstocks. From these developments Lignol is well positioned to create shareholder value through the development and commercialization of novel green products."
As part of this appointment, the Company announced that Mr. South will receive a signing bonus of 400,000 shares, and 250,000 stock options. The 400,000 shares are subject to regulatory approval and the terms of an escrow agreement, which includes quarterly vesting over a period of eighteen months; although vesting may be accelerated in the event of a change of control or a termination of employment without cause. Vested shares may only be sold eighteen months from their date of issue, except in the case of a change of control event in which case they may be sold at that date. The stock options were issued pursuant to the Company's stock option plan at an exercise price of $0.23 per share, will vest quarterly over two years and are exercisable for a period of five years.
Separately, Lignol announced that its Vice President of Research Dr. Alex Berlin will be leaving the Company with effect from January 1st, 2011 to join Novozymes as Manager, Protein Chemistry Division. Lignol and Novozymes have an active joint development program to make cost effective cellulosic ethanol from wood and remain committed to the collaboration. "Alex has played an important role at Lignol for the past four years and his dedication and innovation will be missed," commented Ross MacLachlan, President and CEO of Lignol.
Lignol (TSX-V: LEC) is a Canadian company undertaking the development of biorefining technologies for the production of fuel-grade ethanol and other biochemical co-products from non-food cellulosic biomass feedstocks. Lignol's modified solvent based pre-treatment technology facilitates the rapid, high-yield conversion of cellulose to ethanol and the production of value-added biochemical co-products, including high purity HP-L™ lignins. HP-L™ lignin represents a new class of high purity lignin extractives (and their subsequent derivatives) which can be engineered to meet the chemical properties and functional requirements of a range of industrial applications that until now has not been possible with traditional lignin by-products generated from other processes. Lignol is executing on its development plan through strategic partnerships to further develop and integrate its core technologies on a commercial scale. Lignol also intends to invest in, or otherwise obtain, equity interests in energy related projects which have synergies with its biorefining technology. For more information about Lignol, please visit our website at www.lignol.ca.
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.
Caution concerning forward-looking statements:
Certain statements contained in this document may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, without limitation, statements or information about our ability to fund our Baseline Operations, (using the definition of "Baseline Operations" as set out in Lignol's Management's Discussion & Analysis of Financial Condition and Results of Operations for the three month period ended July 31, 2010), the development status of our fully integrated biorefinery pilot plant in Burnaby, British Columbia, the planning and development of our proposed cellulosic ethanol commercial demonstration plant, our ability to exploit commercial opportunities and broaden our market opportunities for a range of cellulosic derivatives and environmentally sustainable biochemicals and our ability to pursue these opportunities with strategic partners, the ability of Lignol and Novozymes to successfully complete their joint development program, and the receipt of future funding by way of government awards and corporate contributions. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements or information reflect Lignol's current views with respect to future events and are subject to certain risks, uncertainties and assumptions including, without limitation, our ability to establish the validity of our technology at the fully integrated biorefinery pilot plant scale, our ability to satisfy the conditions of existing government grants and to obtain new additional grants, the timely receipt of funding under various government awards and corporate contributions, our ability to finance and complete the development of the commercial demonstration plant, our ability to develop our products, our ability to obtain requisite regulatory approvals and our ability to enter into agreements with strategic partners on terms acceptable to us. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Lignol's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, the technological challenges that remain to be surpassed in obtaining the necessary operating data from our fully integrated biorefinery pilot plant that is required prior to completing the next design scale-up of the technology, the complexity of the development of the commercial demonstration plant, financial market conditions which will effect our ability to finance our operations, risks relating to the protection of Lignol's core technology from infringement and those risk factors which are discussed elsewhere in documents that Lignol files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
|Lignol Energy Corporation |
Chief Financial Officer
|The Equicom Group|
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