Enablence Appoints Tim Thorsteinson as President and Chief Operating Officer
December 31, 2009
OTTAWA, CANADA--(Marketwire - Dec. 31, 2009) - Enablence Technologies Inc. (TSX VENTURE:ENA) ("Enablence" or the "Corporation"), a leading supplier of fiber-to-the-home (FTTH) equipment for triple-play residential and business services and optical components and subsystems for access, metro and long-haul markets, is pleased to announce today the appointment of Tim Thorsteinson as President and Chief Operating Officer.
Tim Thorsteinson, who recently retired as President of the Broadcast Division of Harris Corporation, is a well recognized international business leader who has served as a Harris Corporate Officer and as a member of the Harris Executive Committee. Prior to joining Harris Corporation, he was President and CEO at Leitch Technology where he was the architect of a turnaround that restored Leitch to a successful public company which was later acquired by Harris Corporation. He has held several senior and executive management positions including those at Thomson Broadcast & Media Solutions, the Grass Valley Group and the Video and Networking Division at Tektronix.
As part of Mr. Thorsteinson's compensation in his new role, the Board has granted him one million stock options priced at $0.49 as of the close of business on December 29th, 2009.The grant of these options is in accordance with the Corporation's Amended and Restated Stock Option Plan with a four year vesting period including the first 25% vesting at the anniversary date of the grant of the options. The options expire six years after the four year vesting period.
"As we continue to grow it is critical that we add experienced executives on our management team. Tim's strong background in building successful companies and his operational capabilities are of great value to the company as it continues on its profitable growth objectives," said Arvind Chhatbar, Chief Executive Officer of the Corporation.
About Enablence Technologies Inc.
Enablence Technologies Inc., (TSX VENTURE:ENA) a publicly traded company headquartered in Ottawa, Canada, designs, manufactures and sells optical components, subsystems and systems to a global customer base.
Enablence's Systems Division has an expanding fiber-to-the-premise (FTTP) product portfolio featuring a variety of architectural options. It enables service providers to evolve their access networks from traditional copper-based networks to advanced optical communications access networks that are based on state-of-the-art IP and Ethernet standards, for triple-play voice, video and data services including HDTV, IP Telephony and ultrafast internet access. The Division's network equipment has been deployed with 420 service providers worldwide that serve over 4 million subscribers.
Enablence's Optical Components and Subsystems Division is a global leader in applying Planar Lightwave Circuit (PLC) technology to integrate multiple components into a single optical chip to reduce footprint and costs. Network and equipment designers around the world turn to Enablence for a variety of components and subsystems for access, metro and long-haul including transceivers, splitters, waveguides, optical channel monitors, multiplexers, ROADMs, switches, tunable dispersion compensators, and photodiodes. The Division serves over 120 system and subsystem developers and its products have been integrated in all major communications networks worldwide, serving tens of millions of subscribers.
Forward Looking Statements
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Corporation's most recent short form prospectus and the Corporation's continuous disclosure documents that can be found on SEDAR www.sedar.com. Enablence does not intend, and disclaims any obligation, expect as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Enablence Technologies Inc.
Arvind Chhatbar
Chief Executive Officer
613-270-7859
www.enablence.com
