MILWAUKEE, Feb. 12, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE
American: ESNC), dba EnSync Energy Systems, a leading developer of
innovative distributed energy resources, announces the addition of
key energy industry executives to the leadership team of the
company.
William (Bill) Dallapiazza joins
EnSync as Chief Financial Officer. Mr. Dallapiazza
joined EnSync Energy Systems in July
2017 as the Interim Vice President of Finance, where he
brought over 22 years of leadership experience in finance and
accounting within both publicly held and private equity sponsored
companies. Prior to joining EnSync, from 2014 to 2017, Mr.
Dallapiazza served as Vice President and Controller for Franklin
Energy Services, an implementer of energy efficiency and
educational programs for utilities, municipalities and state
partnerships. From 2006 to 2013, he also served as Corporate
Controller for RathGibson, a stainless-steel tubing manufacturer,
and in various positions with RathGibson's acquirer, publicly held
Precision Castparts Corp., a manufacturer of complex metal
components and products. From 2002 to 2006, he served as
Corporate Controller for publicly held The Aristotle Corporation, a
provider of educational, health, medical, and agricultural
products. Mr. Dallapiazza holds a BBA in Accounting and
Finance from the University of
Wisconsin-Oshkosh and is a Certified Public Accountant.
Kenneth Alft is promoted to Vice
President Customer Engineering. Mr. Alft joined the company
in August 2014 as manager of the
Project Engineering group in the Engineering organization, after an
extensive career of project management and electrical and control
systems positions. From there, Mr. Alft was promoted to
Manager of Operations, where he was in charge of manufacturing
operations, field operations, and project engineering. As the
company greatly expanded the customer base and projects to be
executed, Mr. Alft took over as manager of the company's newly
created Customer Engineering department. He has successfully
built the company capability to design and configure optimized
customer distributed energy resources and distributed generation
systems, as well as the capability to execute and support projects
in the field.
Concurrent with the hiring of Mr. Dallapiazza, the company
announces the resignation of Frederick
Vaske, Chief Administrative Officer (CAO). Mr.
Dallapiazza and Simms Duncan, VP of
Structured Finance will direct report to Brad Hansen, President and Chief Executive
Officer.
"We're very excited to have Bill join the company.
In his capacity of Interim Vice President of Finance he has brought
a strong focus on maximizing our balance sheet efficiency, business
processes, and cost management. Ken has been instrumental in
building the company and improving our operational execution.
His promotion recognizes his significant contribution," said
Brad Hansen, CEO and President of
EnSync Energy Systems. "We'd also like to thank Fred Vaske for his contribution to the company,
including helping us develop the structured finance role and
building the overall finance and accounting roles in the
company."
As an inducement to join the Company as CFO, Mr. Dallapiazza was
issued inducement stock options to purchase a total of 120,000
shares of Company common stock with an exercise price of
$0.37 per share, which was the
closing price of the Company's common stock on the NYSE American on
February 9, 2018. The options
will vest and become exercisable in three equal annual
installments. Mr. Dallapiazza was also issued an award of
inducement restricted stock units covering 180,000 shares of
Company common stock that will vest upon the achievement of certain
performance vesting conditions.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems
(EnSync Energy), is creating the future of electricity with
innovative distributed energy resource (DER) systems and internet
of energy (IOE) control platforms. EnSync Energy ensures the most
cost-effective and resilient electricity, delivered from an
electrical infrastructure that prioritizes the use of all available
resources, such as renewables, energy storage and the utility grid.
As project developer, EnSync Energy's distinctive engagement
methodology encompasses load analysis, system design consulting,
and technical and financial modeling to ensure energy systems are
sized and optimized to meet our customers' objectives for value and
performance. Proprietary direct current (DC) power control
hardware, energy management software, and extensive experience with
numerous energy storage technologies uniquely positions EnSync
Energy to deliver fully integrated systems that provide for
efficient design, procurement, commissioning, and ongoing
operation. EnSync Energy's IOE control platform adapts easily to
ever-changing generation and load variables, as well as changes in
utility prices and programs, ensuring the means to make or save
money behind-the-meter, while concurrently providing utilities the
opportunity to use DERs for an array of grid enhancing services. In
addition to direct system sales, EnSync Energy includes power
purchase agreements (PPAs) in its portfolio of offerings, which
enables electricity savings for customers and provides a stable
financial yield for investors. EnSync Energy is a global
corporation, with joint venture Meineng Energy in
AnHui, China, and energy project
development subsidiary Holu Energy LLC in Hawaii, and DCfusion LLC, a power
system engineering and design, consultancy and policy firm. For
more information, visit www.ensync.com.
Safe Harbor Statement
This press 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, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect," "may,"
"will," "should," "could," "seek," "intend," "plan," "goal,"
"estimate," "anticipate" or other comparable terms. All statements
other than statements of historical facts included in this press
release regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Examples of forward-looking statements include, among
others, statements we make regarding project completion timelines,
our ability to monetize our PPA assets, statements regarding the
sufficiency of our capital resources, expected operating losses,
expected revenues, expected expenses and our expectations
concerning our business strategy, forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore,
you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, among others, the following:
our historical and anticipated future operation losses and our
ability to continue as a going concern; our ability to raise the
necessary capital to fund our operations and the risk of dilution
to shareholders from capital raising transactions; our ability to
successfully commercialize new products, including our Matrix TM
Energy Management, DER Flex TM, DER SuperModule TM, and Agile TM
Hybrid Storage Systems; our ability to lower our costs and increase
our margins; our product, customer and geographic concentration,
and lack of revenue diversification; the length and variability of
our sales cycle; our dependence on governmental mandates and the
availability of rebates, tax credits and other economic incentives
related to alternative energy resources and the regulatory
treatment of third-party owned solar energy systems; and the other
risks and uncertainties described in the Risk Factors and in
Management's Discussion and Analysis of Financial Condition and
Results of Operations sections of our most recently filed Annual
Report on Form 10-K and our subsequently filed Quarterly Report(s)
on Form 10-Q. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Media Relations Contact:
Antenna
Shreema Mehta
ensync@antennagroup.com
(646) 416-9853
EnSync Energy Media Contact:
Michelle Montague
mmontague@ensync.com
(262) 735-5676
Investor Relations Contact:
Lytham Partners,
LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
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SOURCE EnSync, Inc.