Directorate Changes

26 Mar 2008 07:01

Corac Group Plc26 March 2008 FOR IMMEDIATE RELEASE 26 March 2008 CORAC GROUP PLC Directorate Changes The Board of Corac Group plc ('Corac' or the 'Company') (AIM: CRA) announces theappointment of a new full time Finance Director and Company Secretary withimmediate effect. Philip Newell BSc, FCA, aged 49, has considerable experience with small, hightechnology companies including that of Finance Director of AIM listed HydrodecGroup Plc. He has held senior financial roles at Cable and Wireless plc and was Group Financial Controller of UK and US listed LEP Group plc. Thesepositions have given him valuable experience for his broader role in Corac'ssenior management team. Philip qualified as a Chartered Accountant with ToucheRoss & Co in 1982 and has also worked for Pricewaterhouse. Professor Gerry Musgrave, Executive Chairman, said: "I am delighted to announce Philip's appointment as Finance Director & CompanySecretary and to welcome him to Corac's Board. This full time appointment willstrengthen our management team in line with our forward planning. Philip's experience of strategic and business development, as well as corporate financewill be used to help the overall administration of the Company enabling othersenior staff to focus on important roles to move Corac further in its commercial growth." Tom Ivings has stepped down from his position as part time Finance Director withimmediate effect although he is continuing to support Corac during a two monthhandover period. The Board would like to thank Tom for his contribution to thedevelopment of the Group over the last two years and wish him well in thepursuit of his other existing business interests. The companies of which Philip Newell has been a director in the past five yearsare as follows: Austenwood Limited*Yorkgreen Power Limited*Hydrodec Group plcClosed Joint Stock Company Sakhalin Telecom MobileCable & Wireless CIS Services LimitedCable & Wireless Western Hemisphere Luxembourg S.A.R.L. * Current Directorships No further disclosures are required to be made in relation to Philip Newellunder schedule 2 (g) of the AIM rules. For further information: Corac Group plc 01895 813 463Professor Gerry Musgrave, Executive Chairman Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks, Ben Romney Cenkos Securities plc 020 7397 8900Camilla Hume Notes to editors: Corac is an intellectual property, engineering and licensing companyspecialising in innovative high speed compressor technology. It has developed aDownhole Gas Compressor for the downhole gas extraction industry which issupported by partners via a "joint industry programme" and also industrialcompressors for the efficient delivery of compressed air. Further information onCorac is available at www.corac.co.uk This information is provided by RNS The company news service from the London Stock Exchange