Axion Power CFO Resignation Director and Former CFO Charles Trego Will Assist as Company Recruits Replacement
NEW CASTLE, Pa., March 26, 2014 /PRNewswire/ -- Axion Power International, Inc. (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, today announced that its Chief Financial Officer, Stephen Graham, who joined Axion on October 21, 2013, has resigned to accept a position at another company in a different field that is not competitive with Axion Power. Mr. Graham had no differences of opinion with the company or the Board, and will be signing the company's Annual Report on Form 10(k) due on March 31st and he will be participating in the earnings call on April 1st.
Chairman & CEO Thomas Granville said that current Director and former CFO Charles Trego has agreed to assist the finance department onsite as the company recruits a replacement for Mr. Graham. "Fortunately we are working with a strong placement specialist and we have several candidates already, some of whom were finalists back in October. We can't blame Steve Graham for having accepted a position with a dramatically higher compensation level and reuniting with an old associate. We have enjoyed working with him and wish him well."
The company anticipates that it will make an offer for the position well before the time to file results for the first quarter ending March 31, 2014.
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.
Thomas Granville, CEO
(724) 654 9300
Len Hall (Media)
SOURCE Axion Power International, Inc.