MED.L Regulatory News (MED)

26 Apr 2007 07:01

MicroEmissive Displays Group PLC26 April 2007 For immediate release: 26 April 2006 MicroEmissive Displays Group plc ("MED" or "the Company") Directorate Changes MicroEmissive Displays Group plc, the AIM listed designer and manufacturer oflow-power light emitting polymer displays, announces that Christopher Smith,non-executive Chairman, is to step down from the Board of MED at the Company'sAnnual General Meeting on 30 May 2007 (the "AGM"). George Elliott, 54, has beenappointed non-executive Chairman and will assume the role with effect from theAGM. Commenting on Mr Smith's departure, Bill Miller Chief Executive of MED said:"Christopher joined MED in May 2005, at a critical phase of its development. Hebrought with him a strong background in helping to turn companies around andthose skills have been of particular value to MED. "The last two years has seen a period of significant change for MED. This hasincluded a restructuring of the Board; strengthening of the management team; andthe development of a sales and manufacturing strategy, which has culminated inthe establishment of a new volume manufacturing facility in Dresden. Christopherhas been a key contributor to this period of change. As the Company enters itsnext phase of development, we are grateful for all the hard work and advice hehas given us and wish him every success for the future." Mr Smith will be replaced by George Elliott. Mr Elliott is a charteredaccountant who for the last seven years has been Chief Financial Officer ofWolfson Microelectronics plc ("Wolfson"), a £100 million turnover businesslisted on the main market of the London Stock Exchange. During his tenure at theCompany, Mr Elliott has overseen the company's Initial Public Offering in 2003and was instrumental in helping turn a loss-making, early stage company into aleading global provider of high performance semiconductors to the consumerelectronics market with blue-chip multinational customers that include Apple,Sony, Microsoft, Samsung and HP. Wolfson has also won numerous awards includingthe Fabless Semiconductor Association's annual award for Outstanding FinancialPerformance by a Public Company and Company of the Year at the CBI's GrowingBusiness Awards. Mr Elliott brings with him the wealth of experience gained from previous roles,including being a partner at Grant Thornton where he was responsible forcorporate finance and practice development. He was also Business DevelopmentDirector of McQueen Limited, managing its transformation from a printingbusiness into leading European provider of integrated manufacturing and supportservices for the IT industry; Managing Director of his own consultancy firmhelping smaller companies to refocus strategy; and Director of Calluna Plc, amanufacturer of hard disk drives. Commenting on Mr Elliott's appointment, Bill Miller added: "We are delighted towelcome someone of George's calibre to the Company and we look forward to theinjection of experience and enthusiasm his appointment brings. His wealth ofexperience and contacts lies in highly relevant sectors to our business and hewill no doubt prove an invaluable addition to the team as we take MED into thevolume manufacturing phase and beyond." AIM Rules disclosures for George Reginald Elliott Mr Elliott has confirmed that, save for the disclosures below, there is nofurther information required to be disclosed under Schedule 2(g) of the AIMRules. Current directorshipsVASTox plcElliott Corporate Development Limited (dormant) Previous directorshipsWolfson Microelectonics plc Mr Elliott was a director of Calluna Technology Limited ("CTL"), a subsidiary ofCalluna plc, from 1998. He handed in his notice of resignation on 21 July 1999.In February 2000, CTL appointed an administrator. At that time CTL had externaldebts of £5.4 million and intergroup debts of £31.9 million. -ends- For further information, please contact: MicroEmissive Displays 0131 650 7764Bill Miller, Chief Executive Tavistock Communications 020 7920 3150John WestMatt Ridsdale This information is provided by RNS The company news service from the London Stock Exchange