News

Aug 01, 2023

Plaintree Systems Inc. Announces Appointments of CFO and COO

ARNPRIOR, ON / ACCESSWIRE / June 2, 2023 / Plaintree Systems Inc. ( CSE:NPT )

ARNPRIOR, ON / ACCESSWIRE / June 2, 2023 / Plaintree Systems Inc. (CSE:NPT) ("Plaintree" or the "Company").is pleased to announce that Lynn Saunders has been appointed as Chief Operating Officer of the Company effective today. The Company is also pleased to announce that Robert Turley has been appointed as Chief Financial Officer, replacing the Company's CFO, Lynn Saunders as she assumes her new position as COO. The appointments are effective on Friday June 2, 2023.

Lynn Saunders has been with Plaintree since May 1997 and has held various positions with the Company and was appointed as CFO in February 2008. Robert Turley joined the Company on October 31, 2022 as Controller. Prior to joining Plaintree, Robert held the position of Controller in various manufacturing and distribution organizations in Canada and the United States.

"With the growth in Triodetic's mining and unstable soil foundation opportunities and the acquisition of the Elmira Stoves Works Inc, it has been clear that Plaintree needs greater operational analysis. On this basis I am pleased to welcome Lynn as our first ever COO and Robert as CFO," said William David Watson, CEO. Plaintree's chief executive officer. "both bring tremendous experience and proven judgment and will both continue to be valuable contributors in guiding our company forward."

About Plaintree Systems

Plaintree has two diversified product lines consisting of Specialty Structures and Applied Electronics.

The Specialty Structures Division includes the Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, foundations for unstable soil conditions and flood zones, for free form structures, barrel vaults, space frames and industrial dome coverings, and Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.

The Applied Electronics Division includes the legacy Hypernetics, Summit Aerospace USA Inc. and Elmira Stove Works Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production. Elmira Stove Works Inc a manufacturer of high-end heritage and retro-styled kitchen appliances under the brand names "Northstar", "Fireview" and "Heritage".

Plaintree's shares are traded under the symbol "NPT". Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2022 and related management discussion and analysis.

Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

For further information: Lynn Saunders, COO (613) 623-3434 x2223

SOURCE: Plaintree Systems Inc.