Petrolympic Names Cleaves CFO, Szweras Secretary

Petrolympic Ltd. has appointed Ernest Cleave as its new Chief Financial Officer to replace Harvey McKenzie who has resigned due to a limitation on his availability due to other commitments.  

Cleave is a senior financial professional with substantial experience in corporate strategy, financial planning and analysis, governance, regulatory reporting and compliance. He has an extensive background in the international mining industry, and directed corporate planning and analysis, treasury, internal control and regulatory compliance at Goldcorp Inc.
 
Cleave held various financial positions with Bata Limited including Controller for Bata South Africa and CFO, Bata International - Africa region. Cleave began his career with PriceWaterhouseCoopers in 1993. His appointment is effective as of today.  
 
The Company has also announced that Adam Szweras, has been appointed Secretary of the Company, effective June 17, 2008. Szweras is a partner at Fogler, Rubinoff LLP, Toronto, Ontario, legal counsel to the Company, and is the Co-Chairman and founder of Foundation Markets Inc., a Toronto Investment Bank which acted as the financial advisor to the Company assign in its previous financing and listing.
 
Szweras joined Fogler, Rubinoff LLP in 2006, and prior thereto practiced securities and corporate law with another major Canadian firm. Prior to that he was the managing partner of a prominent Bay Street securities law boutique where he represented public issuers and investment dealers. His legal practice and investment bank activities have been focused on corporate finance and going public transactions.
 
In connection with his appointment as Secretary, the Company has granted to Szweras incentive stock options for the purchase of a total of 666,667 common shares of the Company at a price of $0.90 each until June 16, 2013. In addition, the Company has also granted to certain directors and officers incentive stock options for the purchase of a total of 800,000 common shares of the Company at a price of $0.90 each until June 23, 2013. The options are being granted pursuant to the terms of the Company's stock option plan.
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