Peat Resources to consider change to tech company

2016-02-08 09:20 ET - News Release

Ms. Patricia Mannard reports

PEAT RESOURCES LIMITED ANNOUNCES ENGAGEMENT OF A SPECIAL STRATEGIC ADVISOR

Peat Resources Ltd. has engageed a special strategic adviser to the board of directors.

The board has signed an agreement with Dr. Samuel Peralta, PhD, with a mandate to evaluate specific technology-based alternatives to the company's current business, recommend a related technology division and pursue to completion any related initiatives as directed by the board.

Dr. Peralta has extensive experience in turnaround and pivot situations, most recently helping orchestrate Poet Technologies Inc.'s successful pivot from a photovoltaic company to a fabless semiconductor company, whose monolithic III-V semiconductor platform is now disrupting the opto-electronic space.

Dr. Peralta was a founding director on Poet's board and served from inception to 2014. Previously, he helped oversee the acquisition and turnaround of Texas Instruments Solar by Ontario Hydro Technologies and supported the pivot of Emerald Gateway International from a company specializing in automated meter reading to wireless security services.

Dr. Peralta currently serves on the board of directors of the Organization of Canadian Nuclear Industries and of Windrift Bay, a developer of new media properties. Previously, he served on the board of OPEL Technologies and OPEL Solar, predecessors of Poet Technologies; the board of Axiom NDT, a nuclear inspection services firm; the board of Envergence, which provided due diligence in the high technology sector; and the board of Qvadis, a software developer in the hand-held mobile devices space.

"We're looking forward to working with Dr. Peralta," said Patricia Mannard, chairman and chief executive officer of Peat Resources. "His background and experience with pivot situations in a number of high-tech industries provides us confidence that he will deliver on this initiative."

Peat Resources was formed to commercialize peat fuel and bio-carbon derivatives as a sustainable resource. As a consequence of the competitive energy environment, Peat Resources is re-examining its business focus, and Dr. Peralta will be instrumental in focusing this re-examination.

"I'm excited to be working with Peat in its pivot initiative," said Dr. Peralta. "There are a number of exciting opportunities in high technology, including leveraging various opto-electronic platforms now emerging as disruptive technologies."

Peat will be assessing the strategic examination, with intent to deliver recommendations to shareholders as appropriate and an overview at its upcoming annual general meeting. It is Peat's current intention not to disclose specific developments with respect to the process, unless and until the board has approved a course forward or otherwise determines that disclosure is necessary or appropriate.

Disrupt it and they will come

later griz