PUR.L Regulatory News (PUR)

15 Nov 2007 07:01

Pure Wafer PLC15 November 2007 15 November 2007 Pure Wafer plc ("Pure Wafer" the "Company" or the "Group") Directorate Change Swansea based Pure Wafer plc, the provider of high quality silicon wafer reclaimservices for many of the world's leading semiconductor manufacturers, providesthe following update. Management The Company today announces that Keith Baker has been appointed Chief OperatingOfficer of the Company and as a Director takes up the important role of the dayto day running of the Swansea site and for the operational business in PrescottArizona as the successful roll out of its 300mm facilities continues apace.Keith, one of the industry's leading innovators, will also take responsibilityfor the Group's technical development and new product innovation. Keith's responsibilities as CEO have been taken up on an interim basis by PeterHarrington, the Group's Strategic Planning Director. Peter Harrington is aco-founder of the Company and has over 30 years industry experience incommercial and project management roles. Peter was previously withMeissner+Wurst, one of the world's leading constructors of semiconductorfabrication facilities. In addition, James Dearing has stepped down from his responsibilities as GroupFinance Director and will be replaced on an interim basis by Director PaulDolan. James will retain his responsibilities as Company Secretary and aDirector and remains UK Finance Director. Paul Dolan has spent many years as apartner at the Cardiff office of Deloitte, which included running the audit forseveral semiconductor and technology companies. Following his retirement fromDeloitte in 2004, Paul took up the position of non-executive director at XPPower plc, and remained in this position until the relocation of XP Power plc toSingapore in 2006. Paul joined the board of Pure Wafer plc in June 2007. A search for a full time CEO and a full time Group Finance Director hascommenced. Current Trading Following the trading update issued on 8 November 2007 the Board wanted to makeclear that the core business of 300mm reclaim is continuing to growsatisfactorily, and confirm that the smaller diameter and other offeringscontinue to contribute to the business as expected. In addition, the integrationof the US business acquired earlier in the year is progressing well, reducingthe Group's future exposure to US$ weakness. Giles Clarke, Chairman of Pure Wafer said: "The executive team deserves credit for building Pure Wafer into a profitablemarket leader in the wafer reclaim space. The time has come for a new team tobe appointed to take the business forward to the next stage of its developmentas we consolidate our growth position as a multi-national market leader. "I am very pleased Keith Baker will be taking on direct responsibility for theUS business and driving forward the essential areas of innovation and newproduct development as we broaden out our product range. "Current trading in our core 300mm and smaller wafer reclaim lines continues tobe satisfactory. I believe the market reaction to the delay in our new productline has been excessive, taking account of the substantial cash generation ofthe business, the progress in the core business and the Group's long term growthpotential." Ends For further information, call: Giles Clarke, Chairman, Pure Wafer plc - c/o Billy Clegg, 020 7831 3113 Billy Clegg/Edward Westropp, Financial Dynamics - 020 7831 3113 Stuart Skinner, Numis Securities - 020 7260 1000 This information is provided by RNS The company news service from the London Stock Exchange