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Aqua Bounty Technologies appoints David Frank; Joseph Hernon resigns

Thursday, October 4, 2007

Aqua Bounty Technologies appoints David Frank; Joseph Hernon resigns

Aqua Bounty Technologies, Inc. has announced David Frank as the Company’s new Chief Financial Officer and as an Executive Director, effective October 15, 2007.
Frank has many years of experience in the biotech and IT industries as CFO, and in other senior executive positions. He comes to Aqua Bounty from Magellan Biosciences Inc., where he was a director and president and general manager of TekCel LLC, a subsidiary company which Magellan acquired in May 2005.

At the same time, the Company announces today that Joseph Hernon has resigned from the position of Chief Financial Officer.  After nearly two years in the post, Hernon has decided to leave to seek different challenges. Hernon was appointed in November 2005 and since his appointment, the Company has undergone a radical transformation, notably the IPO in 2006.

Elliot Entis, Chief Executive Officer, said: “We are very sad to see Joseph leave.  The Company is, however, most indebted to him for the contribution he has given over the past two years.  His determination and commitment have enabled Aqua Bounty to compete at the highest level.”

“However, we extend a warm welcome to David.  He brings a new dimension to the Company by virtue of his experience in operations management, financial structuring and strategic planning.”


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