Servelec Group Regulatory News (SERV)

22 Jun 2007 16:21

Servocell Group PLC22 June 2007 SERV.L Servocell Group plc ("Servocell" or the "Company") Board Changes Following the trading update released on 30 May 2007, the Board of ServocellGroup plc embarked upon a review to assess its sales and marketing strategies,operational and technical activities and existing resource deployment. As a result of this process, the Company today announces a restructuring ofroles on the Board, which will take place with immediate effect. Simon Powell, currently Chief Executive Officer, will become Chief TechnologyOfficer and will be responsible for product development and delivery as well assupporting the Company's sales and marketing programme. Mike Hartley, currently non-executive Chairman will become Executive Chairman,on a part-time basis. He will bring to bear his extensive PLC and globalbusiness experience and will assume operational responsibility for the business. Mike Hartley commented: "Agreements with major distribution and lock companies, such as Hafele andBeloxx, demonstrate that the market has a strong appetite for Servocell'sinnovative products. My new role will enable me to capitalise on this interestand focus our resources on bringing our products into volume production andsales." Simon Powell commented: "This redeployment will enable me, as the originator of the Active Latchtechnology, to focus on product development and delivery, which underpins oursales and marketing strategy. I am looking forward to working with Mike as wemaximise the best use of our skills sets to drive the business forward." For further information please contact: Mike Hartley, Executive ChairmanServocell Group plc 020 7448 1000 Gregor Paterson, AnalystBrewin Dolphin Investment Banking 0845 213 4211 Jon Fitzpatrick, Corporate FinanceBrewin Dolphin Investment Banking 0845 213 4222 Shane DolanBiddicks 020 7448 1000 About Servocell Servocell is a provider of Active Latch technology that controls with low energyinputs the movement or motion of mechanisms, such as locks. The Group's devicesare underpinned by piezo ceramic actuators, which are well established in manyapplications such as reversing sensors for motor vehicles. Through significantinvestment, Servocell has developed a unique low-cost methodology for creatingactuators which give relatively large movement at a low power input. The Companyhas applied this technology into modules under the Active Latch brand for saleinto lock manufacturers' products. More recently, to accelerate application of the technology, the Group has beendeveloping a range of "Ready to Go" sub-assembly products under the CabinetLatch and Active Escutcheon brands. These are being sold to both lockmanufacturers and major distributors. This information is provided by RNS The company news service from the London Stock Exchange