SmarTire Systems Appoints Two to Board of Directors
15 September 1998
SmarTire Systems Appoints Two to Board of Directors
RICHMOND, British Columbia--Sept. 14, 1998--SmarTire(VSE:SES.) (OTC Bulletin Board:SMTR) SmarTire Systems Inc. (OTC/BB: SMTR) announced today the appointment of Mark Desmarais and Bernard Pinsky to its Board of Directors.
The Company also announced that Lawrence Kuppin has joined the Board of Directors of SmarTire USA, Inc. a subsidiary.
In announcing the new directors, Robert Rudman, President and Chief Executive Officer of SmarTire Systems, said, "These new directors bring to SmarTire over 70 years of combined experience in the automotive market, product development, marketing, and securities law. We believe their expertise and guidance will add significantly to our future growth."
Mr. Desmarais is Director, Product Planning, North America for TRW Automotive Electronics Group, a leading producer of electronic safety, security and convenience products. He was instrumental in developing the strategic relationship with SmarTire to develop, manufacture and sell tire monitoring systems.
Mr. Desmarais has over 21 years of business experience. In his current position at TRW Automotive Electronics Group, he has responsibility for planning and developing new business opportunities. He began his career as a senior tire development engineer for B.F. Goodrich. He also held management positions at Foxboro Company, Sippican Ocean Systems Inc. and AMP Keyboard Products. He holds a Masters Degree in Management from Kellogg Graduate School of Management at Northwestern University, Evanston, Ill., and a Masters Degree in Materials Engineering and a Bachelor's Degree in Mechanical Engineering from Worcester Polytechnic Institute, Worcester, Mass.
Mr. Pinsky, corporate and securities counsel to the Company, is a partner who heads the securities department at Clark, Wilson, one of Vancouver's most respected law firms. Mr. Pinsky was called to the Bar in 1980. He has advised a variety of public and private companies on legal matters related to acquisitions, mergers, takeovers, initial public offerings, secondary financings, public company disclosure requirements and stock exchange practice.
Mr. Kuppin, an attorney, with extensive marketing and product distribution experience, is currently engaged in overseeing various entertainment and real estate investments. Mr. Kuppin, previously served as Co-Chairman of New World Entertainment, Ltd., an AMEX- listed company, that was a developer and international distributor of motion pictures, and a marketer and international distributor of television programming. Through its wholly-owned subsidiary, Marvel Entertainment Group, Inc., the company published and was a distributor of comic books and children's books. After arranging to sell NWE to a company controlled by financier, Ronald Perelman, Mr. Kuppin became Chairman of Interfilm, Inc., a NASDAQ-listed company.
SmarTire is the developer and marketer of proprietary tire monitoring systems for the North American and European automotive market. The Company is pursuing the passenger car market segment in response to the introduction of the new "runflat" tires which operate up to fifty miles without pressure. Vehicles equipped with these tires require monitoring systems to alert the driver of pressure loss. Goodyear, Michelin and Bridgestone/Firestone have all approved the SmarTire(TM) system for use with their run-flat tires. With its strategic partner, TRW Inc., the Company is committed to a major product development program to ensure that its tire monitoring systems lead the way in both aftermarket and original equipment applications.
On behalf of the Board of Directors, Robert V. Rudman, C.A., President and CEO
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Company's customers. Actual results and developments may therefore differ materially from those described in this release.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this release.