BTI announces organization plans to manage expanded business opportunities.TORONTO--(BUSINESS WIRE)--Oct. 1, 1996--BATTERY TECHNOLOGIES (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTI/NASDAQ:BTIOF) Battery Technologies Inc. - Barry J. Reiter, Chairman of the Board of Directors of Battery Technologies Inc., Canadian R&D company and developers of the rechargeable re·charge tr.v. re·charged, re·charg·ing, re·charg·es To charge again, especially to reenergize a storage battery. re alkaline manganese manganese (măng`gənēs, măn`–) [Lat.,=magnet], metallic chemical element; symbol Mn; at. no. 25; at. wt. 54.938; m.p. about 1,244°C;; b.p. about 1,962°C;; sp. gr. 7.2 to 7. RAM(tm) battery system, today announced plans to implement a management reorganization that will allow it to expand its business. The plan will allow the Company to take advantage of new non-RAM technology opportunities while at the same time allowing it to maintain its full dedication to its RAM business. Under the plan, a new company will be created to pursue non-RAM technology opportunities. The President and Chief Executive Officer of the new company will be current BTI BTI Beverage Testing Institute BTI Boyce Thompson Institute BTI British American Tobacco (stock symbol) BTI Boston Theological Institute Bti Bacillus Thuringiensis Israelensis BTI BioTechnology Institute BTI Binding Tariff Information President and Chief Executive Officer, D. Wayne Hartford, the co-founder-entrepreneur primarily responsible for BTI's successes to date in the commercialization of its RAM technology. BTI will have a significant interest in the new company, together with the first rights to technology developed by that company. In announcing the plan, Mr. Reiter stated that BTI is engaged in a search for a new President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. to manage the next phase of commercialization of its core RAM technology. Said Mr. Reiter "We have identified a number of highly qualified candidates and are confident that we can attract an experienced CEO with the expertise to accelerate achievement of our goal of significant profitability in the RAM business." Pending completion of the search process, Mr. Ronald Best, a member of the Board of Directors of BTI and formerly President and CEO, Totes Totes (more fully Totes»ISOTONER) is a corporation that sells umbrellas, gloves, rubber rain boots, and other similar accessories. Its headquarters is in Cincinnati, Ohio. International Incorporated, who has been working together with Mr. Hartford and senior management in developing the plan, will act as interim Chief Executive Officer of BTI. Mr. Hartford will remain a director of BTI and will be fully available to assist in the transition. Mr. Hartford said, "We have always known that BTI had to grow beyond its first technology (RAM). I believe the structure proposed is the best way to maintain a strong focus on the core business while also progressing other energy technology opportunities." The BTI Group of Companies, a Canadian based group established in 1986, is engaged in the research, development and commercialization of electrochemical electrochemical /elec·tro·chem·i·cal/ (-kem´i-k'l) pertaining to interaction or interconversion of chemical and electrical energies. e·lec·tro·chem·i·cal adj. energy technologies. BTI's initial product is the Reusable Alkaline Manganese, RAM battery system, commercially available in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and in Europe. BTI has licensed manufacturing rights for the production of the RAM technology to a number of manufacturers around the world. RAM(tm) is the trademark of Battery Technologies Inc. CONTACT: Battery Technologies Inc. Stephen W. Massel, 905/881-5100 ext. 310 or Battery Technologies Inc. Tamara Levin, 905/881-5100 ext.317 |
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