Robert B. Catell Appointed as a Director of American Vanadium
June 4, 2014 (Source: Accesswire) — AMERICAN VANADIUM CORP. (“American Vanadium” or the “Company”) (TSX.V: AVC) (OTCQX: AVCVF) is pleased to announce the appointment of Robert B. Catell to the Board of Directors, effective immediately.
“We are honored to welcome Bob to our Board of Directors and look forward to working with him to position the Company as a leader in the energy storage industry,” said Bill Radvak, President & CEO of American Vanadium. “Bob’s career and background in the energy sector are truly impressive and the knowledge and relationships he brings will have a major impact as we continue to grow our presence in the rapidly expanding energy storage marketplace. This appointment is a key part of the process of ensuring that we have the resources and leadership in place to achieve our goals.”
Mr. Catell, currently Chairman of Keyera Corp. (TSX:KEY), was formerly the Chairman and CEO of KeySpan Corporation and KeySpan Energy Delivery, the former Brooklyn Union Gas. Following National Grid’s acquisition of KeySpan Corporation, Mr. Catell became Chairman of National Grid, U.S. and Deputy Chairman of National Grid plc.
“With the commercially available CellCube vanadium flow system, American Vanadium is well positioned to become a leader in the long duration energy storage sector,” said Bob Catell. “Tremendous opportunities are arising in New York, California, Hawaii, Ontario, Alaska and other parts of North America with new requirements for local utilities to integrate long-duration storage into their transmission networks and the CellCube is a proven solution for these opportunities.”
Mr. Catell currently serves as Chairman of the Board of the Advanced Energy Research and Technology Center (AERTC) at Stony Brook University, New York State Smart Grid Consortium, Cristo Rey Brooklyn High School, Futures in Education Endowment Fund and the New York Energy Policy Institute’s Advisory Council (NYEPI). Mr. Catell serves on the Board of NY State Energy Research & Development Authority (NYSERDA) and the NYS Economic Development Power Allocation Board (EDPAB).
In connection with his appointment, American Vanadium has granted Mr. Catell a total of 250,000 stock options at the exercise price of $0.60 each for a term of five years. The stock options are granted pursuant to the Company’s Stock Option Plan, as amended.
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American Vanadium also reports that it has entered into a consulting agreement (“Agreement”) with Murdock Capital Partners Corp. (“Murdock”) to act as the Company’s corporate advisor. Pursuant to the Agreement, American Vanadium will issue to Murdock up to 60,000 common shares of the Company in two tranches upon Murdock achieving certain milestones. The issuance of these shares is subject to the approval of the TSX Venture Exchange.
American Vanadium further reports that Revelation Business Solutions Ltd., a consultant, has met certain milestones pursuant to a consulting agreement dated May 1, 2013 and the Company is issuing the second tranche of 30,000 common shares at a deemed price of $0.53 each subject to TSX Venture Exchange approval.
About American Vanadium Corp.
American Vanadium is an integrated energy storage company and the Master Sales Agent in North America for GILDEMEISTER energy solution’s CellCube energy storage system. The CellCube is the world’s only commercially available vanadium flow battery, providing long duration solutions over a 20+ year life for a broad range of applications including renewable energy integration and demand charge reduction. CellCube is a powerful, durable and reliable energy storage system that ensures a clean, emission-free energy supply at all times. American Vanadium is developing the Gibellini Vanadium Project in Nevada to be the only dedicated vanadium mine in the United States, providing a critical source of vanadium electrolyte for CellCube energy storage systems.
ON BEHALF OF THE BOARD
Bill Radvak, President and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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