NEW CASTLE, Pa., June 8, 2016 /PRNewswire/ -- Richard Bogan, Axion Power International, Inc. (OTCQB: AXPW) CEO released a letter to shareholders outlining the activities he has initiated over his first 100 days as CEO. The letter reads as follows:
LETTER TO SHAREHOLDERS OF AXION POWER INTERNATIONAL, INC.
Initial 100 Days as CEO
June 8, 2016
May 10, 2016 marked my 100th day as CEO of Axion Power International, Inc., and I pause to take stock of our accomplishments as a result of our whirlwind of activity and to give you broad brush strokes of what I envision as productive activity in the coming months.
Business Model Transition
Axion Power is rapidly transitioning to an energy storage royalty/licensing technology company. To that end, we are actively in discussions with several organizations around the world and I would expect the second half of 2016 to be very exciting.
The Axion Power Brand
Building on the theory that you never get a second chance to make a first impression, I quickly undertook to review the Axion Power brand image, specifically targeting the trademarked logo and overall brand messaging of the Company. It was immediately evident that we needed to make changes in order to have consistency and promote commercialization of our products to the consumer market. In April, I signed an agreement with Washington, D.C. based Global Vision Communications to begin work on a logo redesign, a website refresh, marketing materials and media outreach. I am excited to have Global Vision, which has produced successful campaigns for companies such as FedEx, Visa and the United States Chamber of Commerce, fully behind the Axion story. We have unveiled our new logo, and we have refreshed our website, making it more user-friendly, providing clear messaging and maintaining consistency with the new logo and color palette in place.
Increased Communication and Media Outreach
Working with our team, and that of Global Vision, I have increased communication efforts with the goal of keeping shareholders better and more timely informed. This effort began with the announcement of a partnership with Advanced Battery Concepts, LLC. to test the impact of Axion's proprietary PbC® negative electrode technology within Advanced Battery Concepts' GreenSeal® bipolar battery. Since February, Axion Power has released seven update commentaries and appeared in the news regularly as a result of this ongoing communications effort, including a recent story in the Pittsburgh Post-Gazette.
Renewed Negotiations with LCB International, Inc. in China
I traveled to China the week of May 15, at the invitation of LCB International, Inc. to renew discussion about the joint effort to commercialize PbC® Technology and to meet with other potential joint venture partners in China. This meeting revived conversations that ceased in October of 2015. And the Chinese group is set to visit New Castle early this summer, pending travel approvals by the Chinese government for several executives.
Launched First Consumer Product
We initiated Axion Power's entry into the commercial U.S. market with the launch of our first consumer focused product. The Do-It-Yourself Off-Grid Light Kit was made available online in May, allowing consumers to purchase a solar powered lighting system and install it without an expert technician. The light kit is ideal for use in parking lots, farms, college campuses, outbuildings, parks or residential spaces in need of additional outdoor lighting. As we grow our footprint in the commercial market, we look forward to the coming release of a PbC® Battery powered residential energy storage unit.
Continued Dialogue with Battery Testing Organizations
Our communication is ongoing with several battery testing organizations in Europe and the United States. These opportunities provide the possibility of testing the PbC® Technology under new test models and determining new applications for the PbC® Battery. As conversations continue, we look forward to new applications and fruitful business relationships.
As I look back on my first 100 days as CEO, I see the highlights as notes of success and encouragement of what is to come. As a Shareholder, I hope you also share in my excitement. With potential new partners in the U.S. and around the world, we have several opportunities. With a redesigned brand, consistent messaging and commercial products, we have taken Axion to a new level. PbC® Technology continues to perform in the applications where it is being used, and we look forward to seeing those applications expand. Please stay tuned for continued announcements about partnerships and products.
Richard H. Bogan
CEO and Chairman of the Board
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Axion's patented lead carbon battery is the only advanced battery technology with an all carbon negative electrode. Axion's negative electrodes are designed to be directly substituted for lead acid negative electrodes producing the unique benefits of the Axion carbon technology. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world. 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.
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SOURCE Axion Power International, Inc.