Terra Energy & Resource Technologies, Inc. has appointed a new President, Dr. Alexandre Agaian, and has added to its Board of Directors two seasoned businessmen, while initiating important changes at the corporate management level to act on the new plans for strategic corporate development.
Dr. Alexander Agaian became President and a Director of the Company in July 2008. "Coming from the oil and gas exploration industry, Mr. Agaian is a very experienced top manager and businessman. Dr. Agaian has held many executive positions in his outstanding career, including President & CEO and board member of a sizable oil and gas exploration and production company, BMB Munai, Inc., listed on AMEX. We are excited to be able to strengthen our management ranks and Board of Directors with such a distinguished person," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc.
Dmitri Moiseyev has also joined the Terra Energy & Resource Technologies' Board of Directors. Moiseyev is the Investment Director at Technoprom Investment Corp. and has recently held senior management positions at such reputable private equity investment institutions as Berkeley Capital Partners, West Siberia Venture Fund of European Bank for Reconstruction and Development (EBRD).
"The Company's core competence is technology. In connection with the acquisition of the Institute of New Oil and Gas Technologies, scheduled for this year, and our philosophy of hi-tech orientation and development of the new suite of technologies, we decided that the Company would be best served if our former chairman Mr. Ivan Raylyan headed, as the CEO, the technology division of the Company and concentrated his efforts on further strengthening of our wholly owned subsidiary of Terra Insight Technologies, Inc., the Company's main think tank," said Mr. Vilbaum.
"The INOGT acquisition is a significant opportunity for our Company, and it is our priority that Mr. Raylyan devotes his activities to what we are known best for -- innovative exploration technologies."
The Company has solidified its development plan and identified three strategic directions to be carried out through wholly owned subsidiaries: resource projects; exploration technologies research; and services to the exploration industry.
"Our corporate reorganization is well under way," said Mr. Vilbaum. "Our new board members Dr. Agaian and Mr. Moiseyev bring considerable resources to the initiative. Their expertise in business and finance helps the Company build a solid strategic and corporate foundation for our success and great future. With Mr. Raylyan moving off our Board and into a more hands-on technology role, our corporate structure is logically solidified."
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