(“Torotrak” or the “Company”)
The Board of Torotrak announces that John Weston, Chairman, has stepped down as Chairman and is being replaced by Nick Barter, currently the senior independent director. John will remain on the board as the senior non-executive director.
Nick Barter said:
“Having led the Board since 2011, including through the successful acquisition of Flybrid, John has made a major contribution to Torotrak. The Board is delighted that he has agreed to continue to serve and provide the Board with the benefit of his experience as a non-executive director”.
John Weston added:
“I believe that after nearly four years, this is the right moment to hand over the Chairmanship to Nick, our senior non-executive director. With Flybrid being part of Torotrak’s offering, market opportunities are opening up as we had hoped and I believe that at this stage someone with Nick’s automotive experience is crucial for taking full advantage of this next phase of the Company’s development”.
The strength of Torotrak and Flybrid together, and the breadth of our CO2 reducing technologies, is generating further engagement with original equipment manufacturers and potential Tier 1 automotive supply partners. Overall the business is in a stronger position than 12 months ago, with real progress towards revenue generation on a number of new opportunities. We look forward to providing a more detailed update at the time of the interim results that are due to be released on 27 November 2014.
For more information, please visit www.torotrak.com or contact:
Jeremy Deering, Chief Executive
Rex Vevers, Finance Director
Tel: +44 1772 900931
Tel: +44 20 7920 3150
Charles Stanley Securities
Tel: +44 20 7149 6000