/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
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
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
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.