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10 January 2013
AFC Energy PLC
("AFC Energy" or the "Company")
Appointment of Directors
AFC Energy announces the appointment to the board, effective immediately, of Eugene Shvidler and Eugene Alexander Tenenbaum, as non-executive directors of the Company. The appointments are made following the investment into the Company by Ervington Investments Ltd, announced on 11 October 2012.
Mr Shvidler worked at Russian oil major OAO Sibneft from 1996 through 2005, initially as senior vice president and, from 1998, as president of the company. Mr Shvidler is a graduate of the I. M. Gubkin Moscow Institute of Oil and Gas with a Masters in applied mathematics and he received an MBA and Masters in International Taxation from Fordham University in New York. He is currently non-executive Chairman of Highland Gold Mining Ltd, an AIM-quoted company, and is a member of the Board of Evraz plc, a FTSE 100-listed company.
Mr Tenenbaum served as head of corporate finance for OAO Sibneft in Moscow from 1998 through 2001. In 1994, he joined Salomon Brothers where he worked until 1998. Prior to that, he spent five years in corporate finance with KPMG in Toronto, Moscow and London. He was an auditor at Price Waterhouse in Toronto from 1987 until 1989. Mr Tenenbaum is a chartered accountant and holds a bachelors degree in commerce and finance from the University of Toronto. He has numerous other directorships; notably, he is a member of the boards of Chelsea FC plc, Evraz plc (a FTSE 100-listed company) and Highland Gold Mining Ltd (an AIM-quoted company).
In accordance with rule 17 of the AIM Rules for Companies, the following information falls to be disclosed:
Eugene Shvidler (aged 48) is currently a partner of MC Peat & Co LLP and a director of:
Highland Gold Mining Ltd
Regional Mining Company LLC
Within the last five years Mr Shvidler has been a director of Evraz Group S.A.
Eugene Alexander Tenenbaum (previously Evgeny Alexander Borsuk) (aged 48) is currently a director of:
Chelsea FC plc
Chelsea Football Club Ltd
Highland Gold Mining Ltd
Lowndes Square Management Company Ltd
MHC (Services) Ltd
Stamford Bridge Projects Ltd
Within the last five years Mr Tenenbaum has been a director of Evraz Group S.A.
For further information, please contact:
AFC Energy plc
Ian Williamson, Chief Executive
Ian Balchin, Deputy Chairman
+44 (0)1483 276726
Luther Pendragon - Public Relations Adviser
Dan Wilson Craw
+44 (0)20 7618 9100
Peat & Co. - Corporate Broker
+44 (0)20 7104 2334
Allenby Capital - Nominated Adviser
+44 (0)20 3328 5656
About AFC Energy
Founded in 2006, AFC Energy plc is re-engineering proven alkaline fuel cell technology to reduce the cost of electricity. Alkaline fuel cells have been used on US and Russian manned space missions for decades to provide electrical power and drinking water. By using modern materials, design tools and manufacturing processes at scale, AFC Energy is developing fuel cells that will compete with conventional technologies such as turbines for electrical power generation. Today, AFC Energy is pursuing opportunities in several sectors where hydrogen is readily available including the chlorine, clean coal and waste-to-energy industries as well as applications for distributed/back-up power. For further information, please visit our website: www.afcenergy.com.
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