2013-03-04 15:29:48 -
Calgary, Alberta CANADA, March 04, 2013 /FSC/ - Sparta Capital Ltd. (SAY - TSX Venture),has announced some exciting new changes as it moves forward to the next stages in its growth. Tom Brown has been appointed to the Board of Directors of Sparta Capital Ltd. In December Mr. Brown took over as President and Chief Executive Officer of the Corporation. Known for both his eco and economic savvy, Brown implemented a strategy for another emissions reductions device as President of the public company, Hy-Drive Technologies between 2004 and 2007. In fact, he raised approximately $50 million dollars in support of Hy-Drive Technologies. Mr. Brown is also currently the chair of the private company, SuperNova Performance Technologies Ltd. SuperNova optimizes engine
performance to benefit the environment.
"Now that Sparta's product has been refined and brought to commercialization, the buzz is growing. We are transitioning as planned. With our advanced product and our accomplished, skillful team, there is more and more reason to be excited," Tom Brown has said.
Part of the transition of leadership will be at the Head of the Board. Chairman Carmine Falcone has resigned from his position. Mr. Falcone has brought a wealth of experience to Sparta. His business acumen, as well as his strong leadership ability has long been applauded by management and board members. Sparta has also received the resignation of long serving Board member and member of the Audit Committee, Mr. Bruce Clark. The Board and management have great respect for the extensive executive leadership experience Bruce brought forward and know that Sparta has benefited greatly from his guidance.
Mr. Ted Rousseau, the former Chairman of the Board for Sparta, and a man who has had a successful career building companies from start-ups to publicly traded companies, will fill the role of Chairman until the next Annual General Meeting.
Ray Ludwig brought both his travel and international accounting experience to Sparta Capital in the role of Chief Financial Officer and VP Operations, and while he will be leaving these positions, Sparta has confirmed they have acquired the talented, Daryn Gordon as their new CFO.
Mr. Gordon is a Chartered Accountant with over thirteen years of finance and accounting experience with publicly traded companies. He obtained his Chartered Accountant designation at an international accounting firm in Calgary, where he gained extensive audit, corporate reporting and financial control analysis experience. As a manager with a national accounting firm, Mr. Gordon acquired a high level of experience with junior start-up companies.
"We know that we wouldn't be ready for the bright future we are now looking at, if it weren't for the expertise of those who are leaving us. At the same time, we look forward to working with the industrious newcomers. We are more than ready to blaze a new trail in the emissions reduction and fuel savings field", Tom Brown stated.
Sparta is in the early commercialization stage of a fuel savings and emission reduction product, the AddecoTech Precision Fuel Additive Injector - Model SS10L (the "Product"). Sparta acquired the world-wide right to manufacture and distribute the Product in December 2009. Thereafter, Sparta completed product development and obtained third party product safety certification. The Product was developed for commercial distribution as a means to automate the process of adding fuel additive into the fuel tank of diesel engines at each refueling. Further information about the Product may be obtained at www.addecotech.com.
For information related to Sparta, please contact:
Tom Brown, President, CEO
Telephone: (855) 539- 1946 Ext 99
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the projected use of the proceeds of the Offering by the Corporation. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of this press release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
This release is available as a PDF. Please click on the following link to view the PDF:
Source: Sparta Capital Ltd. (TSXV SAY) www.spartacapital.com
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