Opara steps down as Polartechnics chair

Richard Opara has stepped down from his role as interim chairman of device company Polartechnics (ASX:PLT), and is replaced by corporate financial advisor Robert Hunter.

Hunter, a principal of Sydney-based chartered accountancy firm Ure Lynam, and became a non-executive director of Polartechnics in February. Opara, who has also resigned as a director, only took up his position of chairman in February after Ventracor CEO Colin Sutton resigned from the Polartechnics board.

Meanwhile, Polartechnics' share price nearly doubled from AUD$0.15 on May 31 to a high of $0.265 on June 7, triggering a speeding ticket from the ASX. In a letter to the ASX, Polartechnics CEO Victor Skladnev said that the recent trading may be explained by favourable media exposure on television programs A Current Affair and Today Tonight on June 3 concerning one of the company's products, TruScreen, a cancer screening device.

Skladnev added that Polartechnics was continuing a growth phase first reported last year, which made it difficult to precisely forecast changes in operating profit. "However, we expect the losses in FY05 to be reduced by more than 15 per cent compared to FY04," he said.

Polartechnics has steadily declined in value since it reached its peak share price of more than $6 in February 2000. Shares in Polartechnics were trading at $0.20 today.