Board change

RNS Number : 2344J
Corac Group Plc
01 December 2008

CORAC GROUP PLC

(The 'Company')

BOARD CHANGE

Corac Group plc announces that John Gunn, Non Executive Director, has resigned from the Board with effect from 1 December 2008 to allow him to focus on his other business interests. The Board would like to record its appreciation of the knowledge and experience that John Gunn has brought to the Company and his significant contribution to its development since his appointment in July 2000. 

Commenting on the departure, Gerry Musgrave, Executive Chairman, said:

“John Gunn was inspirational in seeing the value of Corac's technology from early in its development and made a significant contribution towards the Company's flotation on the London Stock Exchange. His wise counsel has been of great value to the Board and we all wish him well in his future endeavours.”'

For further information:

Professor Gerry Musgrave

Corac Group plc  Tel: 01895 813 463

Ivonne Cantu/Camilla Hume - Corporate Finance

Christian Hobart - Sales

Cenkos Securities plc  Tel: 020 7397 8900

Richard Darby/Ben Romney

Buchanan Communications Ltd  Tel: 020 7466 5000

NOTES TO EDITORS

Corac is an intellectual property, engineering and licensing group which holds many patents. It focuses on high speed electrical direct drive turbo machinery based on its unique expertise in gas bearings. Corac has created an innovative 'no oil' turbo compressor together with a unique gas seal, and is part of a joint industry programme for the downhole gas extraction industry.