Date: Tuesday, February 13, 2007
Trading Symbol: OTCBB:OEGY
Open Energy Corporation Strengthens Management Team
Mr. Jeff Stein Promoted to Chief Financial Officer
Cheryl Bostater, former CFO, assumes Chief Operating Officer Position
SOLANA BEACH, Calif.--(BUSINESS WIRE)--Feb. 13, 2007--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.
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. 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.
Contact:
Integrated Corporate Relations
James McCusker (Media)
203-682-8245
jmccusker@icrinc.com
John Mills (Investor Relations)
800-250-2610
jmills@icrinc.com
