MicroCoal™ Appoints James Young, PhD, Past President of R&D for MedImmune Inc., as Chairman of the Board
VANCOUVER, British Columbia--(BUSINESS WIRE)--MicroCoal Technologies Inc. (CNSX:MTI) (“the “Company” or “MicroCoal”), is pleased to announce that it has appointed Dr. James Young as Chairman of the Board of Directors.
“I am pleased to have nominated Dr. Young to succeed as Chairman of the Board. He brings vision, vitality, and expertise to the Company. We all see this as a positive step advancing the success of the company and adding value for its shareholders.”
Holding a Ph.D. in Microbiology and Immunology from Baylor College of Medicine, Dr. Young currently serves as chairman of the Board of Directors of Novavax, Inc. (NASDAQ:NVAX) and is on the Board of Directors for 3-V Biosciences, Inc., a private drug company. Young was with MedImmune, Inc. from 1988 through 2008 following its sale to AstraZeneca PLC in 2007. During his entire tenure, Dr. Young led MedImmune’s research and development organization and was directly involved in the development of approximately twenty clinical programs and commercialization of Synagis®, RespiGam®, CytoGam®, Flumist®, and Ethyol®. At the time of his retirement from MedImmune, Dr. Young oversaw R&D functions including approximately 1,500 people and an annual budget in excess of $700 million. Prior to MedImmune, Dr. Young was a Director in the Department of Molecular Genetics at Smith Kline and French Laboratories, now part of GlaxoSmithKline. Dr. Young has served on the Boards of Directors of Xencor, Inc., Iomai, Inc. and Arriva Pharmaceuticals, Inc.
Synagis®, RespiGam®, CytoGam®, Flumist®, and Ethyol® are registered trademarks of MedImmune, LLC, an AstraZeneca PLC company.
Slawek Smulewicz, CEO and Director of the Company, reports: “We are very pleased to welcome Dr. Young to the MicroCoal™ Board,” “James’ expertise as a scientist, track record of accessing government funding, and building successful companies makes him exceptionally well suited to advance the Company in its mission to build MicroCoal™ as the leading clean coal company. From having been head of research and development at MedImmune, Inc., since its founding in 1989 until 2008 following its sales to AstraZeneca for $15.6 billion, James has the experience and wisdom to build a world-class company.
Lastly, I would like to take this opportunity to thank William Hudson for serving as Chairman of the Board for the last three (3) years and look forward to working with him as a Director as we now move forward to the next phase of MicroCoal™’s evolution.”
Upon appointment as Chairman of the Board of Directors, Dr. Young stated: “I’m very excited by the potential for MicroCoal™’s highly innovative microwave technology to dry coal. This approach has the potential to improve the thermal output of coal and reduce the pollution it generates and therefore be an important part of a worldwide energy solution. The recent announcement of the first commercial installation of the technology by PT Wijaya Tri Utama in Indonesia will serve to showcase the scalability of this modular microwave coal drying technology, which can be applied to coal-fired power plants worldwide. This marks the global commercial roll-out for this revolutionary technology.
Further, I am happy to be participating in the Company’s private placement announced yesterday and I look forward to working with management to build the finest clean coal company in the world.”
William Hudson, who has served as Chairman of the Board for the past 3 years stated: “I am pleased to have nominated Dr. Young to succeed as Chairman of the Board. He brings vision, vitality, and expertise to the Company. We all see this as a positive step advancing the success of the company and adding value for its shareholders.”
About MicroCoal™ Technologies Inc.
The Company is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal™; a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal. This process provides significant financial benefits to coal-fired electrical generating utilities such as: large cost savings from switching to low-rank coal, substantial increases in boiler efficiencies and heat output, improved ash efficiencies and reductions in scrubber costs. Important environmental benefits including reductions in most greenhouse gases (SOx up to 70%, NOx up to 50%, CO2 up to 17%) and mercury are also key primary benefits from implementation of this technology. The Company is currently constructing the first commercial facility in Indonesia with other projects soon to be announced.
We seek safe harbor.
On behalf of the Board of Directors,
CEO and Director
For further information please contact:
MicroCoal™ Technologies Inc.
Telephone: (604) 676 9792
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.