Capstone Announces Appointment of New Chief Financial Officer
Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it has promoted Edward Reich from Vice President, Financial Planning and Analysis to Executive Vice President and Chief Financial Officer, effective February 11, 2008.
Chuck McBride, Capstone's current Executive Vice President and Chief Financial Officer, is leaving Capstone to join Synthetic Genomics Inc., a privately held company dedicated to developing and commercializing genomic-driven solutions to address global energy and environmental challenges. Mr. McBride will remain with the company through February 11, 2008 to effect a smooth transition.
"Chuck's successful track record in raising capital and his experience in start-up environments is an excellent fit for Synthetic Genomics. Although I regret Chuck's departure, Ed's ability to control expenses and assist the Company in its continued growth will be very important to Capstone's success," said Darren Jamison, Capstone's President and Chief Executive Officer.
Mr. Reich served as Vice President, Financial Planning and Analysis since August 2005 and brings over 17 years of financial management experience to Capstone. Prior to joining Capstone, he was employed by Kistler Aerospace Corporation, where he served as Corporate Controller. Mr. Reich is a Certified Public Accountant licensed in the State of California and is a member of Financial Executives International.
In addition to the other terms of his employment with Capstone Turbine Corporation, Mr. Reich will receive a 10-year stock option grant to purchase 750,000 shares of the common stock of the Company. Conditioned on continued employment, the right to exercise the option will become 25% vested after one year and, thereafter, will become vested pro rata each month over the next 36 months. The exercise price for options granted to Mr. Reich will be the fair market value of Capstone's common stock on the date of the grant, which was the price per share on the close of market on January 15, 2008.
About Capstone Turbine
Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 4,000 Capstone MicroTurbine(R) systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2000 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Nottingham, Shanghai and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the future success of Capstone. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Source: Capstone Turbine Corporation
Released January 16, 2008