09/02/2009 - 11:59

New board for Stirling Products

09/02/2009 - 11:59

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Perth-based Stirling Products has this morning elected three new board members after the current board decided to step down in its entirety.

New board for Stirling Products

Perth-based Stirling Products has this morning elected three new board members after the current board decided to step down in its entirety.

Earlier this month, the company announced it had entered into an agreement with Sydney-based Alpha Securities to raise a total of $1.76 million through several tranches.

Stirling added that the board and chief executive Calvin London had resolved to stand down, saying it was time for a change for the company.

Today the board of Stirling elected Peter Boonan as executive director, Gulshan Jugroo as director, chief financial officer and company secretary, and George Karantzias of Alpha Securities as a non-executive director.

Dr London and outgoing chairman Clive Page will stay on Stirling's Pulmovet ApS board to assure continuity of the Danish joint venture for the commercialisation of equine respiratory products.

 

 

The announcement is below:

 

 

Stirling Products Limited (ASX:STI) advises that further to the announcement of an initial placement of $140,000, the Company has appointed three new Directors to the Board to replace the outgoing Directors.

As announced on February 3, 2009 and more recently February 9, coincident with the placement of the first tranche of funds (35 million shares to raise a total of $140,000) through Alpha Securities Pty Ltd to sophisticated investors the current Board would step down in its entirety and the current CEO would also be replaced to make way for a new Board and executive management.

At a Board meeting before market this morning the Company elected Mr Peter Boonen as an executive director, Mr Gulshan Jugroo as a director, CFO and Company Secretary and Mr George Karantzias of Alpha Securities Pty Ltd as a non-executive director.

The Company further advises that both Dr Calvin London and Professor Clive Page will be staying on the Company's Pulmovet ApS board to assure the continuity of the Danish joint venture for the commercialisation of equine respiratory products.

Dr London has also agreed to be available to the Company on a negotiated consultancy basis over the next six months to assist the transition of strategic and operational activities and to preserve the continuity of the Company's existing business initiatives.

Particulars of the incoming directors are as follows:

Peter Boonen - Executive Director - is a businessman with over 30 years of experience in the property, investment and equity markets. Mr Boonen has an intimate knowledge of the Company's key animal growth promotion agent R-Salbutamol, having originally been responsible for the introduction of the patent and product to the Company. Mr Boonen is the Managing Director of boutique investment group, Zodiac Capital Limited and the President of US based Key Capital Corporation.

Gulshan Jugroo - CFO and Company Secretary - graduated with an Honours in Accounting (Major) and Business Information Systems (Minor) from the Middlesex University in the UK and holds a Masters of Business in Accounting from Victoria University in Melbourne, specialising in corporate forensic accounting. Mr Jugroo is theCompany Secretary of a number of public companies and has previously held accounting appointments in Australia, Mauritius and the UK.

Mr George Karantzias - non-executive Director - is the Managing Director and principal of Alpha Securities Pty Ltd which is acting for the Company in the current capital raising. Mr Karantzias has accumulated vast experience and many valuable friendships and relationships in the stockbroking industry since commencing his career at Bain & Company in 1987 following which he was with HSBC and of late being the Head of Operations and a Director of E*TRADE Australia Securities Ltd. George is a Master Stockbroker with the Securities & Derivatives Industry Association (SDIA), a member of the Australian Institute of Company Directors and a co-chair of Omgeo Australian Advisory Board. George has a Post Graduate Diploma in Accounting and Finance from the University of Technology Sydney and is a non executive director of OneTrade Pty Ltd and a director of the Australian Stockbroking Foundation which supports a variety of charities.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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