New Board Composition Provides a Major Step for ECOtality NASDAQ Listing
ECOtality, Inc. (OTCBB: ETLE), a leader in clean electric transportation and storage technologies, announced today the addition of three new board members: Mr. Dave Kuzma, former President of Sempra Energy Resources and Chief Financial Officer/Treasurer of three Fortune 500 companies; Mr. Jack Smith, Inventor and Co-founder of Hotmail; and Mr. Daryl Magana, Founder of BidCom.
"The addition of these key board members provides an outstanding balance of clean energy, technology and public company experience that will greatly assist ECOtality as we prepare to capitalize upon our early success within the rapidly emerging EV market," stated Jonathan Read, President and CEO of ECOtality. "As the global demand for electric vehicles continues to increase, the importance of a diverse and knowledgeable Board of Directors will play an instrumental role in positioning the Company as the immediate market leader in both the international and domestic markets. These independent appointments now bring our board into compliance with NASDAQ listing requirements and represent a major milestone for the Company as we prepare to apply for our listing. ECOtality will leverage the Board of Directors' expertise and industry relationships in order to capitalize on the growing EV market, increase revenue and improve shareholder value."
Mr. Dave Kuzma is former president of Sempra Energy Resources and Chief Financial Officer/Treasurer of three Fortune 500 companies. Sempra is a diversified energy company involved in electric generation, oil and gas drilling, pipelines and gas processing. Prior to Sempra Energy, Mr. Kuzma was Chief Financial Officer and treasurer of Enova Corporation, which is the parent company of San Diego Gas & Electric (SDG&E) and several other US-based subsidiaries, for which he also served as CFO/Treasurer. He also served as the Chief Financial Officer and Senior Vice President at Florida Progress Corporation. Mr. Kuzma began his career as an auditor for Price Waterhouse, after which he joined Consolidated Natural Gas Company of Pittsburgh. There he held the positions of Manager of Finance, Director of Internal Auditing, Assistant Treasurer, Finance Treasurer and Vice President and General Manager during his 20-year career with the company.
Mr. Jack Smith invented and co-founded Hotmail and served as the company's Chief Technology Officer prior to it being acquired by Microsoft in 1997. After Hotmail's acquisition, Mr. Smith focused on advanced infrastructure design as a general manager at Microsoft. Mr. Smith next served as co-founder and CEO of Akamba Corporation, where he invented and marketed the first Web server accelerator card that boosted server performance by 300 percent. From 2001 until 2007, Mr. Smith seed funded, advised, and/or directed early stage tech startup companies. One such company was Ironport Systems, in which he invested and where he served on its board for seven years, prior to its acquisition by Cisco. Mr. Smith was named CEO of Proximex Corporation in 2007 and has successfully developed Proximex's leadership margin in the physical security information management market. Mr. Smith co-founded Valley Inception, LLC which makes seed investments in early stage companies and provides marketing, public relations, and project management services for equity. His earlier background includes semiconductor design as an engineer and various technical positions at Apple Computer and FirePower Systems, a subsidiary of Canon Computer Systems.
Daryl Magana is a Partner at Cybernaut Capital Management. Cybernaut Capital Management is a private equity firm with a focus on the China market, primarily in the hi-tech and clean tech, educational services, and financial services industries. Mr. Magana joined Cybernaut in 2006 as Partner and Head of Global Operations with over 20 years experience in executive management, finance, start-up, technology, and franchising. Combining an intimate understanding of emerging technologies and business trends with strong management skills, Daryl Magana has a track record for creating/managing high growth companies that transform markets and create new revenue and investment opportunities. Mr. Magana has been Founder, Chairman and CEO of the China-based consulting and technology firm SRS2. In 1997, Mr. Magana founded BidCom, one of the industry's first Application Service Providers (ASP) – pioneering web-based business services and transforming how the building and construction industries manage business processes and supply-chain collaboration. BidCom was recognized by Fortune Magazine as one of 1999's Top Ten Technology Companies. He developed and managed the sales cycle of multi-million dollar accounts with many Fortune 500 customers such as Walt Disney, AIG, Bechtel, GE, GM, Morgan Stanley, Starwood Hotels, and Wal-Mart.
With these new appointments, ECOtality's Board of Directors is now composed of Mr. Jonathan Read, President and CEO of ECOtality, Colonel Barry Baer, Chief Financial Officer of ECOtality, Mr. Slade Mead, Mr. Carlton Johnson, Mr. Daryl Magana, Mr. Jack Smith, and Mr. Dave Kuzma.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLE), headquartered in Scottsdale, Arizona, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Press:
ECOtality, Inc.
Colin Read, 480-219-5005
CRead@ECOtality.com
or
Investor
Relations:
Alliance Advisors for ECOtality
Thomas Walsh,
212-398-3486
twalsh@allianceadvisors.net
