Monday, July 30, 2007
CALGARY, ALBERTA, Jul. 27, 2007 (CCNMatthews delivered by Newstex) -- Powerstar International Inc. (Powerstar) (TSX VENTURE:PWS) announced today a change of auditor and a change of Chief Financial Officer.
At Powerstar's annual general meeting, held in Calgary on June 28, 2007, BDO Dunwoody LLP was reappointed as the auditor of Powerstar. Today, Powerstar's Board, at the recommendation of the Audit Committee, has appointed PricewaterhouseCoopers LLP (PwC) as auditor for the period until the next annual general meeting.
The change in auditor follows the transition of Powerstar from a Vancouver-based capital pool company to a Calgary-based company with international operations. There were no reservations in the auditors' reports with regard to Powerstar's past financial statements and the transitional change of auditor was amicable.
Powerstar also announced a change in Chief Financial Officer from Larry Podrasky to Patrick Delisle. Hatim Zaghloul, Chairman of Powerstar, stated: 'Larry has returned to Australia for personal reasons. We are very pleased to announce the promotion of Patrick Delisle, CA, from Controller to Chief Financial Officer.' Mr. Delisle received a BComm with Distinction from the Haskayne School of Business at the University of Calgary and earned a Master's in Professional Accounting from the University of Saskatchewan. He articled with Collins Barrow Calgary LLP and later worked with PwC's Calgary corporate income tax practice before joining Powerstar.
About Powerstar International Inc.
PowerStar is a fast-growing provider of digital communications networks for the consumer, business and government business segments, providing services under its Solutrea brand and acquired companies in Canada, the United States and Sweden. The company provides public Wi-Fi networks, digital signage, corporate communications, and business television over wireless, satellite and terrestrial platforms. Powerstar is a publicly-traded corporation, whose shares are listed on the TSX Venture Exchange. For more information visit www.solutrea.com.
Forward-looking Information
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. These may include, without limitation, statements based on current expectations involving a number of risks and uncertainties related to all aspects of the wireless communications industry and the global economy. These risks and uncertainties include, but are not restricted to the enforceability of the Company's patents, the timing of the Company's ability to generate revenues and cash flows from licensing its patent portfolio, the implications of possible litigation regarding the licensing activities, the Company's ability to attract and retain key employees, the ability of the Company to raise capital or other forms of financing on acceptable terms when needed and potential changes in foreign currency rates. These risks and uncertainties may cause actual results to differ from information contained herein, when estimates and assumptions have been used to measure and report results. There can be no assurance that such forward-looking statements will prove to be accurate. Actual result and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
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