(Vancouver, BC, August 5, 2010) GreenAngel Energy Corp (“GreenAngel”) (TSX-V: GAE) is pleased to announce the appointment of Bob de Wit as Chief Executive Officer effective immediately. Mr. de Wit replaces Michael Volker who was President and CEO of the Corporation. Mr. Volker remains on the Board of Directors as Chairman and President.
“We are pleased to welcome Bob as the new CEO of GreenAngel,” comments Michael Volker. “Bob’s strong operational background and his proven track record in commercializing new technologies will contribute to GreenAngel’s development as an emerging clean technology company.”
Following completion of his Masters degree (Economics) from Simon Fraser University in 1995, Mr. de Wit began his career by successfully commercializing the V-Chip technology from SFU, and has since invested in, mentored, advised, or consulted to, many of BC’s most promising emerging technology companies. Mr. de Wit has previously served as a Director and Corporate Secretary of GreenAngel and will continue in those capacities. He is currently the Executive Director of New Ventures BC and sits on the board of the BC Ventures Society.
Subject to approval of the TSX Venture Exchange and as part of his compensation package, Mr. de Wit will receive 200,000 stock options, each stock option entitles him to purchase one common share of the Company at a price of $0.20 per share for a period of five years ending August 3, 2015.
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Enterprises, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.
Neither the 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 news release.
ON BEHALF OF THE BOARD
President and Director