Turbo Power Systems Chairman James Pessoa Resigns

7/3/2012 1:39 PM ET

Turbo Power Systems, Inc. (TPS.TO: Quote) said Tuesday that the Chairman of the company's Board of Directors, James Pessoa, has resigned, effective immediately.

This resignation comes after Pessoa resigned from his position with ValeSolucoes emEnergia, the parent company of TAO Sustainable Power Solutions (UK) Limited, the company's majority shareholder.

Rodrigo Braga, a non-executive director of the Company, has agreed to act as Chairman of the Board on an interim basis.

The company noted that the Board intends to appoint a replacement director and further announcements will be made in due course.

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by RTT Staff Writer

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