TORONTO, ONTARIO -- 08/02/07 --
MagIndustries Corp. (the "Company") (TSX Venture:MAA) announced today that the Company has entered into an agreement with Rich Morrow to provide investor relations services plus financial analysis and modeling, as well as commodity research. Under the terms of the agreement Mr. Morrow will receive compensation of CAD$12,500.00 per month. In addition to the above remuneration, Mr. Morrow has been granted 100,000 incentive stock options at a price of $1.30 per share for a term of 5 years vesting in equal quarterly installments over eighteen months. The agreement commenced on June 15, 2007 for a period of three months and is renewable by mutual agreement thereafter. Mr. Morrow's appointment has been conditionally approved by the TSX Venture Exchange. Mr. Morrow will hold the title of Head of Investor Relations.
Mr. Morrow has had a 23 year career in the investment industry. For several years in succession he was recognized as the top automotive industry analyst in Canada and placed consistently among the top three industrial product analysts in research rankings. He is a former senior officer of Jennings Capital, CIBC World Markets and BBN James Capel and was Director of Corporate Development for North America for Tomkins plc, a FTSE 100 industrial products company. Mr. Morrow holds a B.A., M.Div and an MBA.
About MagIndustries Corp.:
MagIndustries' wholly owned resource subsidiaries are operating and developing major industrial projects in the Republic of Congo (ROC) and the Democratic Republic of Congo (DRC).
- MagEnergy is the leading participant in the refurbishment (Phase 1) and rehabilitation (Phase 2) of the generating capacity at the 1,424MW Inga II Hydroelectric station on the Congo River in the DRC. The Industrial Development Corporation of South Africa holds a 30% interest in Phase I and a 15% interest in Phase 2. MagEnergy is also evaluating the development of the 250MW Busanga hydro-electric site in the Katanga region of the DRC and the 100MW Zongo II site near Kinshasa.
- MagForestry controls 100% of Eucalyptus Fibre Congo S.A., an operating, 68,000 hectare eucalyptus forest plantation which overlies MagIndustries Makola Mineral License near Pointe-Noire, ROC. A 500,000tpy log chipping plant is currently under construction at the Company's harbour site.
- MagMinerals is completing a bankable feasibility study for the development of a 580,000 tonne per year potash (fertilizer) plant and solution mining field near Pointe-Noire, ROC.
- MagMetals is planning the development of a 72,000 tpy magnesium smelter adjacent to MagMinerals' potash plant to produce of magnesium alloys for the global automotive industry. The raw materials for the MagMinerals and MagMetals plants will be sourced by solution mining MagIndustries' 100% owned carnallite (magnesium and potash salt) deposits which underlie the Makola Mineral License near Pointe-Noire.
MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX Venture Exchange and trades in Canadian currency under the symbol "MAA". The Company has 179,975,021 shares outstanding on an undiluted basis, More information on the Company is available at its website, www.magindustries.com.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
MagIndustries Corp.
William (Bill) Burton
President & CEO, MagIndustries Corp.
1-416-368-7911
wburton@magindustries.com
