Message #24 From:
NewsBot Date: February 13, 2007 05:01:00 AM
OEGY News Open Energy Corporation Strengthens Management Team
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Open Energy Corporation (OTCBB:OEGY) , a renewable energy company focused on the development and distribution of solar energy technologies, announced today Jeff Stein will join the senior management team as Chief Financial Officer, and former CFO Cheryl Bostater will assume the responsibilities of Chief Operating Officer.
David Saltman, CEO, stated, “We are now manufacturing products in two plants, managing supply chains, distribution channels and a growing sales force. Cheryl is eminently qualified to oversee these operations. As one of the founders of the Company, she has earned the respect of our team and helped shape our business strategies. I am confident her experience and knowledge of the solar industry will enable us to achieve greater operating efficiencies as we continue to build a leading provider of solar energy technologies.”
General Managers in Grass Valley, California and Aurora, Ontario will now report directly to Ms. Bostater.
“Cheryl has a broad background that is perfectly suited for an operational role in our company,” Saltman continued. She received a B.S. in Electrical Engineering from Cornell University, and worked at Xerox as a digital circuit designer and technical sales manager. Her business operational strengths, combined with her M&A and investment banking experience, will ensure that our operational strategies are aligned with our financial objectives.”
The Open Energy board of directors further approved the appointment of Jeff Stein as a corporate officer and CFO. Mr. Stein has 25 years of corporate finance and management experience in accounting, systems development, public reporting and Sarbanes-Oxley compliance, including audit experience with PriceWaterhouse. He is a licensed Certified Public Accountant and holds a Masters of Business Administration from the London School of Economics in International Finance.
Mr. Stein is a San Diego resident who, prior to joining OEC, served as Executive VP of Finance for Priority Pharmacy and before that as Director of Financial Planning and Budget for the San Diego County Regional Airport Authority, where he was responsible for annual budgets in excess of $100 million. Mr. Stein was also Controller and SEC Compliance Coordinator for NYSE listed Arcoms, Inc.
Mr. Stein’s responsibilities will include financial planning, cash management, Sarbanes-Oxley implementation and 404 compliance, SEC fillings, debt and equity raises, and relationships with the outside audit firm and securities law firms. “Jeff has proven to be a powerful addition to our senior management team, and this promotion to CFO is well-deserved. He brings a depth of public experience that we will need as we move toward listing on a national exchange,” stated Mr. Saltman.
Open Energy Corporation (OTCBB:OEGY) focuses on the development and commercialization of renewable energy products and technologies for a wide range of applications, including electrical and thermal power production and water desalination. The Company pursues these objectives through technology innovation, acquisitions, strategic partnerships and other business strategies. The company’s mission is to enhance life by harnessing the power of the sun. For more information, please visit our website www.openenergycorp.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, customer demand for its products, the Company’s ability to scale up manufacturing to meet demand, the Company's competitive position and other factors over which Open Energy Corporation has little or no control.
