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TSX Venture Exchange
Trading Symbol: ARC
VANCOUVER, July 3, 2013 /CNW/ - Mr. Zahir ( Zip )
Dhanani, President and CEO of Arian, is pleased to announce
that Arian has appointed Mr. Mossadiq Umedaly as Chairman of
its advisory board (the "Advisory Board"). Mr.
Umedaly is a successful businessman with decades of experience
in a broad range of industries.
Zahir ( Zip ) Dhanani, President and CEO
of Arian, comments: "Arian is thrilled to have retained the
advisory services of such an experienced and successful businessman
as Mr. Umedaly. His appointment to our advisory board comes
at a crucial time for Arian as it is making efforts to expand its
exploration activities in the Republic of Albania and beyond."
Umedaly has over 30 years experience in
growing technology businesses and institutions. In 2009, Umedaly
became the Chairman of Enecsys Ltd., a Silicon Valley based world
leading solar micro inverter company. He is also presently a
Venture Partner of Wellington Partners, a pan-European venture
capital firm. Umedaly has business interests in a number of
private and public companies including Electronics Recycling
Services International, a global electronics recycling company, and
Arian Resources. From 2007 to 2009, Umedaly was the Chairman of BC
Hydro and Power Authority, a $5
billion Canadian electric utility. Prior to that, he
transformed the power electronics company Xantrex Technology Inc.
from a small private niche player with revenues of $10 million in 1998 to a world leading public
company focused on renewable power markets with estimated revenues
of $250 million in 2008, when he sold
the company to strategic acquirers for $500
million. From 1990 to 1998, Umedaly was the VP and CFO
of fuel cell pioneer Ballard Power
Systems where he played an instrumental role in increasing the
value of the company from $10 million to $6
billion. Previous to this, Umedaly worked for the Aga Khan
Development Network for nine years and for PricewaterhouseCoopers
for five years.
In connection with his appointment as Chairman
of the Advisory Board, Arian has agreed to grant Mr. Umedaly an
option to acquire 200,000 common shares of Arian at an exercise
price of the greater of $0.20 and the
current market price of the common shares at the date of grant.
Mr. Umedaly has also subscribed for one million
of the three million units offered in the private placement
offering announced on April 11, 2013.
Each unit is comprised of one common share at $0.15 and one share purchase warrant at an
exercise price of $0.25 per share for
a period of five years.
ON BEHALF OF THE BOARD OF DIRECTORS
Zahir
Dhanani
President & CEO
Arian Resources Corp.
About Arian Resources Corp.
Arian Resources Corp. is a junior mineral
exploration company with a focus on the exploration of prospective
gold properties in Albania.
This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of approvals by the shareholders of Arian.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements and Arian undertakes no obligation to update such
statements, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Arian Resources Corp.
