VANCOUVER, – 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.
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.
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