SAN DIEGO, May 25, 2017 /PRNewswire/ -- Maxwell
Technologies, Inc. (NASDAQ: MXWL) ("Maxwell"), a leading developer
and manufacturer of capacitive energy storage and power delivery
solutions, announced today that David
Schlotterbeck, Chairman of the Board of Directors, has
decided to resign for personal reasons and that Mr. Steven Bilodeau, who joined the Board last year,
has been appointed as his successor. In order to effect a smooth
transition, Mr. Schlotterbeck plans to remain serving Maxwell as
the Chairman of the Board until Maxwell's 2017 annual meeting of
stockholders which is scheduled for July
13, 2017.
"We thank David for all his contributions to Maxwell over the
last four years," said Dr. Franz
Fink, Maxwell's President and Chief Executive Officer.
"David has provided great leadership during a period of important
change and growth for the company."
"I am extremely proud of what Maxwell has accomplished over my
tenure on the Board and believe I am leaving the Board with all of
the Company's key strategic imperatives on track," said Mr.
Schlotterbeck. "I remain excited about Maxwell's future and I am
confident that the team will continue to execute Maxwell's
strategy, which I believe will serve shareholders well."
"I am honored to chair the Board of Directors of Maxwell," said
Mr. Steven Bilodeau. "I look forward
to leading this strong Board of talented directors and partnering
with Franz and his team to continue to deliver value for all of our
stakeholders. I would like to thank David for his terrific
leadership and extraordinary efforts and wish him well with his
future endeavors," added Bilodeau.
About Maxwell
Maxwell is a global leader in the development and manufacture of
innovative, cost-effective energy storage and power delivery
solutions. Our ultracapacitor products provide safe and reliable
power solutions for applications in consumer and industrial
electronics, transportation, renewable energy and information
technology. Our CONDIS® high-voltage grading and coupling
capacitors help to ensure the safety and reliability of electric
utility infrastructure and other applications involving transport,
distribution and measurement of high-voltage electrical energy. For
more information, visit www.maxwell.com.
Forward-Looking Statements
Statements in this news release that are "forward-looking
statements" are based on current expectations and assumptions that
are subject to risks and uncertainties and are subject to the Safe
Harbor provisions created by the Private Securities Litigation
Reform Act of 1995. Such risks, uncertainties and contingencies
include, but are not limited to, the following:
Dependence upon the sale of products to a small number of
customers and vertical markets, some of which are heavily dependent
on government funding or government subsidy programs which could be
reduced, modified or discontinued in the future;
Uncertainties related to the global geopolitical landscape and
the recent elections in the United
States;
Risks related to acquisitions and potential for unsuccessful
integration of acquired businesses;
Risk that our restructuring efforts may not be successful and
that we may not be able to realize the anticipated cost savings and
other benefits;
Our ability to obtain sufficient capital to meet our operating
or other needs;
Downward pressures on product pricing from increased competition
and shifts in sales mix with respect to low margin and high margin
business;
Our ability to manage and minimize the impact of unfavorable
legal proceedings;
Risk that activist stockholders attempt to effect changes to our
company which could adversely affect our corporate governance;
Risks related to our international operations including, but not
limited to, our ability to adequately comply with the changing
rules and regulations in countries where our business is conducted,
our ability to oversee and control our foreign subsidiaries and
their operations, our ability to effectively manage foreign
currency exchange rate fluctuations arising from our international
operations, and our ability to continue to comply with the U.S.
Foreign Corrupt Practices Act as well as the anti-bribery laws of
foreign jurisdictions;
Dependence upon the sale of products into Asia and Europe, where macroeconomic factors outside
our control may adversely affect our sales;
Our ability to remain competitive and stimulate customer demand
through successful introduction of new products, and to educate our
prospective customers on the products we offer;
Successful acquisition, development and retention of key
personnel;
Our ability to effectively manage our reliance upon certain
suppliers of key component parts, specialty equipment and
logistical services;
Our ability to manage product quality problems;
Our ability to protect our intellectual property rights and to
defend claims against us;
Our ability to effectively identify, enter into, manage and
benefit from strategic alliances;
Occurrence of a catastrophic event at any of our facilities;
Occurrence of a technology systems failure, network disruption,
or breach in data security; and
Our ability to match production volume to actual customer
demand.
For further information regarding risks and uncertainties
associated with Maxwell's business, please refer to the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections of our SEC
filings, including, but not limited to, our annual report on Form
10-K and quarterly reports on Form 10-Q. Copies of these documents
may be obtained by contacting Maxwell's investor relations
department at (858) 503-3368, or at our investor relations website:
investors.maxwell.com.
Investor Contact: Soohwan Kim, CFA, The Blueshirt Group, +1 (858)
503-3368, ir@maxwell.com
Media Contact: Sylvie
Tse, Metis Communications, +1 (617) 236-0500,
maxwell@metiscomm.com
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SOURCE Maxwell Technologies, Inc.