Magellan Industries Inc. Announces New Board Of Directors, Officers and Business Model PORTLAND, Ore., April 5 /PRNewswire-FirstCall/ -- Magellan Industries, Inc., (Pink Sheets: MGLI) announced today new directors, officers and its new business model. Mr. Sanjai Chhaunker is the new President and CEO. He also serves as a director of the company. Mr. Chhaunker is an international business consultant practicing in India for over ten years. His consulting practice has special emphasis in technology transfer and marketing of technologies on a global basis. As a previous finance manager of Sanghi Group a US$500 million business conglomerate and project manager for their US$125 million textile spinning project, Mr. Chhaunker understands well the multi disciplined approach to taking technology with promising futures and making them a reality in the marketplace. Mr. Samuel Higgins has joined the company as Secretary-Treasurer and also serves as a company director. Mr. Higgins is also Senior Managing Director of IEP, International Equity Partners. IEP is a private equity group with offices in Mexico, India and the United Arab Emirates. Magellan Industries will focus on the acquisition development and marketing of technologies in the areas of Software, Hardware, Artificial Intelligence, Telecommunications and Wireless Technologies. Several negotiations in the above areas are currently being conducted and will be announced as soon as completed. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the word "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Magellan Industries , Inc. does not take any obligation to update or correct forward-looking statements and also they do not take any obligation to update or correct information prepared by third parties which is not paid for by the Company. DATASOURCE: Magellan Industries Inc. CONTACT: Samuel Higgins of Magellan Industries Inc., +1-503-471-1307, or facsimile, +1-503-471-1401

Copyright