BOREALIS ANNOUNCES CHANGES TO BOARD OF DIRECTORS
Refers to BOREF, COLCF, CHOMF, PWCHF
Gibraltar, 10 March 2006 -- Borealis Exploration Limited (BOREF) announces that Nechama Katan and Mel Simon have joined the board of directors.
Nechama Katan completed a BA in Mathematics from Barnard College, an MS in Mathematics from NYU and a MA in statistics from Columbia University. She worked for Intel Corporation for more than seven years, in performance analysis, cpu design, process development and high volume manufacturing process control. Since May 2005 she has been Program Manager for Avto Metals, Power Chips and Cool Chips, posts in which she continues.
Mel Simon worked for IBM for 34 years. Amongst his many roles he was UK Internet Marketing Manager, UK Head of Network Consultancy, European Open Systems Manager and Global Strategy Manager for Capital Markets. Subsequently he was e-Commerce Director for Moneybox plc. Mr. Simon has been working with the Borealis Family of Companies in various consultative roles since 2001.
"We have made some substantial changes to the membership of our Board, and it serves to strengthen Borealis' expertise and capabilities as we drive toward products and profits," said Dr. Rodney T. Cox, Borealis' Chairman. "The last few months have had a great deal of change as our subsidiaries have continued to devolve and seek to independently create value for their shareholders. We look forward to great things from these companies."
Borealis Exploration Limited also announces with regret that Robert T. Bauer has resigned from the boards of Borealis Exploration Limited, Chorus Motors plc, Cool Chips plc and Power Chips plc. Benjamin J. Cox has also resigned from the board of Borealis Exploration Limited. The Board of Directors thanks them both for their contributions to the Borealis Family of Companies and wishes them every success in his future projects.
Joseph J. Cox has joined the board of directors of WheelTug plc, a majority-owned subsidiary. He is now the President and COO of WheelTug plc.
In another change, Dr. Robert L. Carman Jr has stepped down as the WheelTug Program Manager at Chorus Motors plc. Dr Carman stated "I wish to document my pleasure in working with you and your organization. The WheelTug(tm) demonstration project was certainly a challenging opportunity where the entire WheelTug team certainty got an opportunity to showcase all our skills. It is always great when programs work successfully. Thanks for the opportunity to work with the WheelTug team. Let me know of anything else you need from me to aid and assist as the program moves forward to the next stages of development."
The Borealis Family of Companies also includes:
Borealis Exploration Limited (BOREF) is a research and development company founded in 1968 and based in Gibraltar in the European Union. Borealis has 5,000,000 shares outstanding. Borealis' business is reinventing the core technologies used by basic industries, including electric motors, steelmaking, electrical power generation, and cooling and refrigeration. For more information and forward looking statements please visit its web site at www.borealis.gi.
Chorus Motors plc (CHOMF) has developed the proprietary Chorus and Meshcon(tm) electric motor technologies which offer substantial cost and performance improvements over comparable motor and drive systems. The Chorus Motor system produces high torque at startup speeds and is ideal for traction applications such as automobiles, trucks, locomotives, and ships. Its advantages enable several potentially innovative applications in aerospace. As of 31 March 2005, Chorus Motors plc had 6,493,769 shares outstanding.
Cool Chips plc (COLCF) and Power Chips plc (PWCHF) are developing proprietary technologies for cooling and power generation applications. Cool Chips and Power Chips are projected to produce cooling and electric power, respectively, more efficiently and less expensively than existing or emerging technologies. As of 31 March 2005, Cool Chips plc had 8,245,347 shares outstanding, and Power Chips plc had 8,035,118 shares outstanding.
Chorus is a registered trademark of Chorus Motors plc.
For further information please contact:
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Wheeltug and Chorus are Registered Trade Marks of Borealis Technical Limited
Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml