TPG.L Regulatory News (TPG)

1 Dec 2008 07:00



CORAC GROUP PLC

(The 'Company')

BOARD CHANGE

Corac Group plc announces that John Gunn, Non Executive Director, has resigned from the Board with effect from 1 December 2008 to allow him to focus on his other business interests. The Board would like to record its appreciation of the knowledge and experience that John Gunn has brought to the Company and his significant contribution to its development since his appointment in July 2000.

Commenting on the departure, Gerry Musgrave, Executive Chairman, said:

"John Gunn was inspirational in seeing the value of Corac's technology from early in its development and made a significant contribution towards the Company's flotation on the London Stock Exchange. His wise counsel has been of great value to the Board and we all wish him well in his future endeavours."

For further information:

NOTES TO EDITORS

Corac is an intellectual property, engineering and licensing group which holds many patents. It focuses on high speed electrical direct drive turbo machinery based on its unique expertise in gas bearings. Corac has created an innovative 'no oil' turbo compressor together with a unique gas seal, and is part of a joint industry programme for the downhole gas extraction industry. 

Further information on Corac is available on the internet at www.corac.co.uk