Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Forest Gate Hires CFO
Montreal, Quebec, November 2, 2010 – Forest Gate Energy Inc. reports it has appointed L. Derek Lindsay as Chief Financial Officer of the company.
Mr. Lindsay joins Forest Gate from Eloda Corporation, a publicly traded media software company, where he held the position of Vice President and Chief Financial Officer from 2008 onward. At Eloda, Mr. Lindsay was involved in helping arrange equity offerings for the company as well as spearheading key business development initiatives.
From 2006 to 2008, Mr. Lindsay was Vice President and Chief Financial Officer at CryoCath Technologies Inc. His various achievements at CryoCath included implementing a $2.5 million cost reduction program and assisting with the divestment of a non-core division of the company. He was also a key architect in transforming an R&D company into profit-oriented business. On the capital markets side, Mr. Lindsay was involved in secondary equity offerings and helped to increase the company’s profile among investors and analysts.
From 2002 to 2006, Mr. Lindsay was a partner at Sierra Financial Corporation, which advised software and digital media on business development, mergers and acquisitions and on financing and capital markets-related issues.
Mr. Lindsay was Vice President, Finance & Administration, for Air Canada’s Aeroplan division from 2000 to 2002. He helped Aeroplan prepare itself for its Initial Public Offering while updating financial control systems and accounting policies.
From 1994 to 2000 Mr. Lindsay worked at Bell Canada Enterprises (BCE) and Bell Canada International where he held various senior financial positions. He was Executive Vice-President and Chief Financial Officer of Comcel S.A., one of South America's largest cellular phone companies.
Mr. Lindsay helped initiate Comcel’s acquisition of Occell, Columbia’s third largest cellular phone provider for US$355 million. He also helped arrange a US$300 million debt financing for Comcel.
Mr. Lindsay holds an MBA from the Tuck School of Business at Dartmouth, Hanover, New Hampshire and a Bachelor of Arts (Economics and French) from Middlebury College, Vermont.
“Derek is a seasoned and well-rounded financial executive with international business experience,” said Michael Judson, Forest Gate’s President and Chief Executive Officer. “He brings to Forest Gate a strong background in accounting and financing management. He also has a lot experience in the capital markets.”
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and production, and non-energy resource company trading on the TSX Venture Exchange under the symbol FGE. The Company is seeking to increase shareholder value through participation and development of energy and other resources in Canada and internationally.
For more information please contact:
Robert Kramberger,
V-P, Investor Relations
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca
FORWARD-LOOKING STATEMENTS
Certain statements regarding Forest Gate, including management's assessments of future plans and operations and Forest Gate's anticipated financial performance, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Forest Gate's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Forest Gate's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
