WellPoint Systems Names New CFO

WellPoint Systems announced has named Stephen Massel Chief Financial Officer. He replaces Bruce Petrie who will continue working for the company on a contract basis. WellPoint is a provider of software and related services for managing critical operations within the energy industry.

"We are extremely fortunate to have an individual of Stephen's calibre join WellPoint and we believe his significant experience with both the energy and software sectors, as well as the capital markets, will play an important role in the ongoing execution of our growth strategy," said Mr. Frank Stanford, CEO of WellPoint Systems. "I would like to thank Bruce for his significant contribution to WellPoint through an important phase in our evolution and wish him well in his future endeavors."

Massel has 25+ years of experience in senior financial roles with both private and interlisted public companies. Most recently he was the CFO of Avotus Corp, a computer software and services company. He also was with LaCoste & Romberg-Scintrex, Inc., a manufacturer of sensors for the mining and oil and gas industries. Massel's public company experience also includes time with Battery Technologies Inc., and Lorus Therapeutics Inc. He holds a Bachelor of Business Administration in accounting and has both Chartered Accountant and Certified Management Accountant designations.

WellPoint today also announced a grant of stock options, subject to regulatory approval, entitling certain officers and employees the purchase for a period of five years, of up to 640,000 shares at a price of $0.44 per share. Options will vest over a period of one-three years.