Element 21 Appoints New Chief Financial Officer
Thursday January 29, 2009, 4:00 pm EST
TORONTO--(MARKET WIRE)--Jan 29, 2009 -- Element 21 Golf Company (OTC BB:ETGF.OB - News) (Frankfurt:BJQ.F - News), the leading manufacturer of advanced Scandium Alloy golf and biofiber fishing equipment, announced today that it has appointed a new Chief Financial Officer - David Khazak.
David Khazak is a Chartered Accountant with over eighteen years of experience in public accounting. His areas of expertise include financial reporting of mid-size and large US and Canadian based private and public Companies as well as international conglomerates. David served as a CFO and controller of a large metallurgical conglomerate. He began his public accounting experience with Ernst & Young and is well versed with Sarbanes Oxley requirements with his extensive experience with NASDAQ companies.
The former CFO's agreement between Element 21 and John T. Grippo expired and Element 21 has accepted his resignation.
"The planned change in CFOs was driven by the change in our operations from a development stage, research-driven entity to actual sales of E21 technologies and products. Element 21 requires expertise in Sarbanes Oxley compliant financial management to facilitate future possible transition to NASDAQ or AMEX exchanges," said Nataliya Hearn, President and CEO of Element 21. Dr. Hearn further stated that, "Mr. Grippo is owed a debt of gratitude for assisting and guiding the company to its present position."
About Element 21
Element 21 Sports Company's premier products are golf clubs and fishing poles made out of a Scandium and biofiber materials, which are light, durable, and long-lasting. Element 21's golf clubs have been used by renowned golf pros, such as the winner of the FedEx Cup in 2008, who continue to use Element 21's Scandium technology during professional competition. Their patented technology encompasses scandium as the fundamental material used to provide superior golf and fishing equipment.
Element 21 Sports Company has developed award winning fishing products. Element 21's Carrot StixTM represents the latest in cutting edge technology, using a newly developed proprietary method of integrating nano level cellulose bio-fibers into the rod. With sponsors like Boyd Duckett and many others on all the fishing tours, Element 21 fishing line is one of the fastest growing in the country, if not the world. The fishing products recently were recognized as the "BEST OF SHOW" in at the at the 2007 and 2008 ICAST show, the world's largest sports fishing show.
Element 21 Golf Company's revenue has been growing at an annualized growth rate of 343.3% and 705.5% for fiscal year 2006 and 2007, respectively. The three year average growth rate for the recent past is 203.9%.
Forward-Looking Statements
Statements in this release, other than statements of historical fact, may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties which could cause actual results or events to differ materially from those currently anticipated, including but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting e21 and its business. A number of these risks and uncertainties are described in e21's periodic reports filed with the Securities and Exchange Commission. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein, which speak only as of the date hereof. Element 21 undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
John R. Exley, III
Partner
Business Development
Acorn Management Partners, LLC
105 Noble Court, Suite 205
Alpharetta , GA 30005
Direct: 678-368-4002
Fax: 866-549-0045
AI
