GUELPH, Ontario, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Hammond Power Solutions Inc. (“HPS” or the “Company”) (TSX: HPS.A) today announced the appointment of Mr. John Bailey as Chief Operations Officer (“COO”) effective as of January 1, 2024, who will succeed Mr. Bohdan (Bob) Yusyp who is expected to be retiring in April 2024.

“Over the past 15 years, John has grown his career in operations directly under Bob’s mentorship,” said Adrian Thomas, Chief Executive Officer of HPS. “During that time, John has built significant experience working with our clients and strategically planning our operations to meet future demand. From his early days at HPS in production and planning, John quickly progressed to more senior roles, leading special projects such as system conversions, plant start-ups and expansions, successfully reaching the role of Vice President of Manufacturing Operations. John has made significant contributions to the development of our manufacturing processes and practices over the years, and we are confident that he will bring the same level of commitment and excellence to his new role. We look forward to John’s continued contributions to the success of our team.”

Prior to HPS, John held leadership roles in production supervision and materials management within the automotive sector with organizations such as Stackpole Ltd. John holds Diplomas in International Trade and Materials Management and Distribution from Sir Sanford Fleming College and is currently finalizing his EMBA from University of Fredericton.

“On behalf of our Board of Directors and all of us here at HPS, I thank Bob for his exceptional contributions throughout his 29+ years with HPS. He has been a great leader, colleague, and friend to many and has created tremendous value for our company and our shareholders,” said Adrian Thomas. “Bob’s guidance has been especially critical as he led our India business turnaround, steered several plant start-ups and expansions, and has been a key contributor to the executive leadership in forming strategy and vision for the business. I want to personally wish Bob all the very best as he prepares for the next chapter of his life.”

Caution Regarding Forward-Looking Information

This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, HPS’ strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective” and “continue” and words and expressions of similar import. Although HPS believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to currency rates); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. HPS does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.

ABOUT HAMMOND POWER SOLUTIONS INC.

Hammond Power Solutions Inc. (“HPS” or the “Company”) enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS’ standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. The Company has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.

Hammond Power Solutions – Energizing Our World

For further information, please contact:

David Feick

Investor Relations (519) 822-2441 ext. 453

ir@hammondpowersolutions.com