Date: Monday, January 8, 2007
Trading Symbol: OTCBB:OEGY
Open Energy Corporation Completes Strategic Planning Process
Company Appoints Tom Wolfe as SVP of Engineering & Development; David Field as SVP of Business Development; Jeff Stein Promoted to VP of Finance
SOLANA BEACH, Calif.--(BUSINESS WIRE) Monday January 8, 2007--Open Energy Corporation (OTCBB:OEGY - News), a renewable energy company focused on the development of solar technologies that produce renewable energy, fresh water and related resources, today announced that they have completed a professional strategic planning process and are deploying senior personnel in order to more effectively achieve the Company's business objectives.
David Saltman, President and CEO of Open Energy Corporation, stated: "Many young companies, particularly those who have grown through mergers and acquisitions, do not take the time to focus and align their teams. We have recently completed this empowering process and have structured our organization to take advantage of the talented individuals we have been fortunate to attract."
Saltman continued, "Tom Wolfe, founder of WaterEye, is now Senior Vice President of Engineering and Development for our company. He has designed and built membrane filtration, evaporation, crystallization and thermal systems around the world, and has the skills and expertise to head the commercialization of our SunCone™ CSP water purification technology." Mr. Wolfe was formerly Director of R&D for Resources Conservation Company, now a division of GE Water. He is the patent holder of WaterEye's remote monitoring software, which is currently being adapted to monitor Open Energy's photovoltaic installations. He holds an engineering degree from the University of California at San Diego.
Open Energy also announced the hiring of David Field as Senior Vice President of Business Development. Previously, Mr. Field was founder and CEO of Clarus Energy Partners, a leading developer and operator of distributed generation power systems, which was recently acquired by Hunt Power. He was also co-founder of Omaha-based Kiewit Bio-Fuels. In addition to his experience in renewable energy, Mr. Field has an extensive background in water infrastructure development with companies that include Bechtel and Poseidon Resources, and in corporate finance with Citicorp. Mr. Field holds a MBA in International Management from Thunderbird University.
The Company also announced that Jeff Stein has been promoted to Vice President of Finance from his former position of Financial Reporting Manager. Mr. Stein has 25 years of corporate accounting 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. Cheryl Bostater, CFO of Open Energy, stated, "In his newly expanded role, Jeff will be drafting our 10Q's and 10K's, heading our annual budget process, and implementing 404 policies and procedures in preparation for a potential future listing on the NASDAQ or American Exchange."
About Open Energy
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.
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.
Contact:
Integrated Corporate Relations
James McCusker (Media)
203-682-8245
jmccusker@icrinc.com
John Mills (Investor Relations)
800-250-2610
jmills@icrinc.com
