SmarTire Systems: New Chief Financial Officer
5 November 1998
SmarTire Systems: New Chief Financial Officer
RICHMOND, British Columbia--Nov. 5, 1998-- SmarTire(VSE:SES.) (OTC Bulletin Board:SMTR) SmarTire Systems, Inc. (OTC/BB:SMTR) announces the appointment of Kevin A. Carlson, C.A., as Chief Financial Officer. Kevin replaces Kenneth W. Morgan, C.A., C.P.A., who continues as a Director of the Company.
Kevin has 14 years of progressively responsible financial management experience since obtaining his Chartered Accountancy designation, and has served as Chief Financial Officer for four other public companies. During the past three years, Kevin has been the Chief Financial Officer of ID Biomedical Corporation, a publicly traded company on NASDAQ and the Toronto Stock Exchange.
Mr. Morgan joined the Company in May 1996 and has been instrumental in arranging debt and equity financings, and raising the Company's profile in the US financial markets. Ken's principal interest and expertise involves the structuring and financing of early stage public companies and he wishes to pursue opportunities specializing in these areas.
President of SmarTire Systems, Robert Rudman, stated, "Ken was a key member of the team that implemented the Company's strategy to lead the passenger car market, and his contributions are appreciated. However, Kevin's qualifications and work experience have ideally prepared him for the task of directing our Company's financial affairs through its next major stage of development".
SmarTire Systems Inc. is the developer and marketer of proprietary tire monitoring systems for the North American and European automotive markets. The Company is pursuing the passenger car market segment in response to the introduction of the new "run-flat" tires. Goodyear, Michelin and Bridgestone/Firestone have all approved the current SmarTire(TM) system for use with their run-flat tires. Through a strategic alliance, SmarTire and TRW Inc. are committed to providing superior tire monitoring systems for both aftermarket and original equipment applications. Additional information is available on the Internet at http://www.smartire.com
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.