NEW CASTLE, Pa., Feb. 6, 2014 /PRNewswire/ -- Axion Power International, Inc. (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that its Board of Directors has appointed veteran operating and financial executive, David T. DiGiacinto, to a newly created seat on the Board, bringing the total number of Directors to six (6). Mr. DiGiacinto's appointment is effective immediately, and he will serve until the formal shareholder election for board members to be held at the 2014 annual meeting.
Thomas Granville, Axion Power Chairman and CEO, commented, "Dave's unusually varied career with companies large and small, and his exposure to early-stage technology start-up companies, will be of great value to Axion Power as we further the commercialization of our products. We feel his previous experience in sales, marketing, business development and general management during his 18 years at Pfizer (1982 – 2000) will be an especially valuable asset to us at this juncture as we look at an increasing number of marketing opportunities. Dave's experience and expertise in structuring financing will also be an important asset to us. We are happy to welcome Dave to the Board."
Mr DiGiacinto has been with Bethny Enterprise since 2012, as a consultant and advisor to several industrial companies in western Pennsylvania. Prior to Bethny, from 2009 to 2012, he was with National Pretzel Company in Lancaster PA, where he managed an organization of 750 people as it transitioned to become part of the ConAgra Foods group. While he was there, NPC doubled its EBITDA.
Before his tenure at NPC, Mr DiGiacinto was with Minrad International Inc, a pharmaceutical and medical device company that was listed on the NYSE. While there he helped to secure new financing of $40 million and was primarily responsible for sales revenue doubling. The company was merged with Piramal Healthcare Ltd, a transaction that was completed in February 2009.
Mr DiGiacinto was a Senior Managing Director for Spencer Trask Ventures from 2000 to 2008, where he co-managed a portfolio of ten technology-based early stage and start-up companies. During his time at Spencer Trask, some of the portfolio companies went public, some were enlarged by acquisitions, and several were given additional financing.
Before his time with Spencer Trask, Mr DiGiacinto was with Pfizer Inc. from 1982 to 2000, in its Specialty Chemical/Food Science Division and its Consumer Health Care Group. He eventually grew from his marketing and business development positions, to a full P&L responsibility for Pfizer Latin America and, later, the Worldwide Brewery and Dairy Division.
Mr DiGiacinto served as a pilot in the US Air Force with the rank of Captain from 1975 to 1981, and graduated from the United States Military Academy at West Point with a Bachelor of Science degree in engineering and the humanities. He lives in western Pennsylvania.
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International, Inc. is the industry leader in the field of lead-carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Axion Power International, Inc.
Tom Granville, Chairman & CEO
Len Hall (Media)
SOURCE Axion Power International, Inc.