NEW YORK, Oct. 3, 2011 /PRNewswire/ -- Vu1 Corporation
(OTCBB: VUOC), a developer and manufacturer of mercury-free,
energy-efficient, general illumination lighting technology, today
announced that John J. Boyle, III
and Paul Fletcher, have joined its
Board of Directors. Gregory Owens,
Jr., who joined Vu1's Board in July
2010 will resign to make room for the new additions and to
ensure there is a clear majority of independent Board
members. With today's Board changes, the number of
independent Board members will increase to five.
Mr. Boyle, III, is a seasoned CEO with over twenty years of
high-tech experience, including scaling VC funded startups through
highly profitable exits (IPO and M&A events).
Additionally, he has been Chairman and/or Lead Director at
companies in key tech spaces, such as OTP/e-Payment Services,
Convergent Billing, Network Security, Data Storage, Telecom &
Workforce Management. From 2005 to 2010, he was the President
and CEO of Arbor Networks, a network security company, and directed
the progression of Arbor into a well-regarded thought-leader on
network security issues, and drove the company's acquisition and
integration of Ellacoya Networks, formerly a leading provider of
deep packet inspection (DPI) solutions.
Mr. Fletcher is a proven finance executive with demonstrated
success in melding financial experience with short- and long-range
strategic planning in both growth and established organizations.
During his career, he successfully improved organizational
performance, efficiency, productivity, and bottom-line results.
He is currently the Chief Financial Officer at privately-held
Presidio, Inc, a high-end IT integration and managed networks
services company. Previously, he served as Chief Financial
Officer at publicly-traded Trex, Company, Inc., the nation's
largest manufacturer of composite decking, railing and fencing.
"Clearly, the progress we have made over the past year has
piqued the interest of very seasoned and proven executives, and as
our Board reflects we have the requisite areas of expertise -
operating, finance, marketing and technical – to ensure that Vu1
continues to make great strides and draws the attention of
consumers and investors," commented William
B. Smith, Vu1's Chairman. "Vu1 is addressing a
sizeable market opportunity, and we will soon be offering our bulbs
to US consumers, and I believe our Board today is well-suited to
support our ambitions of becoming a major player in the lighting
market."
"I look forward to working with the new Board additions as each
of our goals is aligned - for Vu1 to achieve great success with its
disruptive Electron Stimulated Luminescence™ (ESL) light bulbs,"
commented Dr. Scott Blackstone,
Vu1's Chief Executive Officer. "Additionally, I
also want to thank Greg for establishing the fundamental foundation
to allow Vu1 to enhance value for all shareholders. His
commitment and dedication was unmatched and we can't thank him
enough for his unselfish service as a Director of Vu1.
Although he will no longer be on the Board - I know he will still
continue to be an avid supporter of Vu1."
Additionally, the Company also formed a Nominating and Corporate
Governance Committee. Mark
Weber, who has been a Director of Vu1 since 2005, will chair
the newly-formed committee and John
Rehfeld, who recently joined Vu1's Board as an independent
Director, chairs the Audit and Compensation Committees.
About Vu1 Corporation
New York City-based Vu1
Corporation is dedicated to applying its technology to produce
energy efficient, environmentally friendly lighting solutions
worldwide. Vu1 has developed a new energy efficient light bulb to
provide the consumer market with the first affordable, non-toxic
light bulb with features consumers are demanding and not receiving
from existing products. Learn more about Vu1 at www.vu1.com.
For the latest news, find Vu1 on Facebook and follow us
on Twitter.
For investor inquiries, please contact Michael Polyviou at (212) 885-0453. For product
and sales inquiries, please contact Chris
Reilly at (704) 929-7872.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release includes forward-looking
statements including, but not limited to, our ability to obtain the
necessary funding required for our operations, the future
demonstration and commercial availability of our light bulb,
independent testing laboratories certification results, timing for
bulb production, manufacturing capability of our facility, future
interest of channel partners and distributors, our strategic
planning and business development plans, future applications of the
technology, the viability, pricing and acceptance of our products
in the market.. These forward-looking statements are subject to a
number of risks and uncertainties that may cause actual results to
differ materially from those described in the forward-looking
statements. The words "may," "would," "will," "expect," "estimate,"
"anticipate," "believe," "intend" and similar expressions and
variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond the company's
ability to control, as well as the risks and other factors set
forth in our periodic filings with the U.S. Securities and Exchange
Commission (including our Form 10-K for the year ended December 31, 2010 and our other periodic reports
as filed from time to time).
SOURCE Vu1 Corporation