CERRITOS, CA – California Nanotechnologies ("Cal Nano") is pleased to announce the appointment of Mr. Roger Dent to replace Mr. Donald J. Kelly on the Board of Directors of Cal Nano. Mr. Roger Dent is the chief executive officer of Quinsam Capital Corporation and is a director of Quia Resources Inc and ACUITYAds Inc. Mr. Dent and Quinsam Capital Corp. have a major vested interest in the success of Cal Nano, having subscribed for an aggregate of over 40% of Cal Nano's recent private placement. He is also a member of the advisory board of Energex Petroleum Inc. From 2003 to 2011, he held various positions including portfolio manager with Matrix Fund Management Inc., where he managed the Matrix Strategic Small Cap Fund and the Matrix Small Companies Fund. He was formerly vice-chairman of one of Canada's largest independent investment dealers and was managing director and deputy manager of research at CIBC World Markets. He has an MBA from the Harvard Graduate School of Business Administration and a B. Comm. from Queen's University. Mr. Dent will also take Mr. Kelly's position on the audit committee.
Mr. Kelly resigned from the Board of Directors, effective at the end of the Board meeting held in Cerritos, California on April 25, 2014. Mr. Kelly has been a member of the Board since the Company's inception and as such has made a very significant contribution to the Company's success. Mr. Kelly will continue his efforts to support the Company as a consultant. "The Company thanks Mr. Kelly for all his invaluable guidance over the years and wishes him success in every future endeavor that retirement allows," stated Christopher Melnyk, CEO.
Roger Dent will receive 100,000 incentive stock options at a price of $0.115 CAD per share as compensation for joining the Board. The options are governed by the Company's stock option plan approved at the last annual meeting held on October 18, 2013 and as such vest over three years and are exercisable over a term of five years. All options offered by the Company are subject to TSX Venture Exchange (TSX-V) approval. Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risk and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein.
SOURCE California Nanotechnologies Corp.
For further information:
Andrew Bengis, Chief Financial Officer
T: (562) 991-5211
F: (562) 926-6913