ZUG, Switzerland, Aug. 18, 2006 (PRIMEZONE) -- Mr. Alain Lemieux, President and CEO of XL Generation International Inc. (OTCBB:XLGI), a leader in the development of artificial turf, has resigned today from the Company as Chief Executive Officer and as Director.
Mr. Lemieux will become the President of the XL Generation Foundation.
This change will allow Mr. Lemieux to further concentrate on his work with the United Nations and to pursue the development of the World Sports Alliance Program.
The Board of Directors has accepted Mr. Lemieux's resignation and wishes all the best to Mr. Lemieux in his future endeavors.
The Company expects to conduct a search for a new CEO as soon as reasonably possible. The Chairman of the Board, Mr. Alexander C. Gilmour, has agreed to serve as Acting CEO in the interim.
These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. The Company cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's SEC filings. The Company undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the Company's business, please refer to the risks and uncertainties detailed from time to time in the Company's SEC filings.