FT. LAUDERDALE, Fla., Feb. 7 /PRNewswire-FirstCall/ -- Ener1, Inc. (OTC: ENEI) announced today that financial veteran Marshall S. Cogan has joined the lithium battery and fuel cell company's board of directors. Mr. Cogan was recently named Senior Strategic Advisor of Ener1 majority shareholder, private equity firm Ener1 Group. Throughout his career, he has built automotive-related companies into market leaders. He founded Foamex International and grew its automotive operations to 65% penetration in North America for ten years. Later, Mr. Cogan acquired control of Sheller Glober, the world's largest manufacturer of steering wheels and related automotive components at the time, with revenue of $800 million. He sold control for 15 times his holding company's original investment in less than two years in partnership with Shearson-Lehman American Express. Mr. Cogan pioneered the consolidation of the auto retail business when he founded United Auto Group (UAG), with the support of Harvard Private Equity, Apollo Management and JP Morgan Private Capital. With an original investment of $87.5 million, UAG went public though JP Morgan and ultimately sold to Roger Penske. The company's current market value is $2 billion. Mr. Cogan replaces Carlos E. Mendez-Penate who is stepping down to enable the company to add more industry experience to its board. Mr. Cogan commented, "Technologically advanced products that address fuel consumption are a priority for the automotive industry and top-of-mind for American consumers today, as evidenced by the proliferation of the hybrid electric vehicle market. I look forward to helping Ener1 commercialize its patented technologies into products that provide efficient, affordable and viable solutions to reduce our dependence on oil." Charles Gassenheimer, Chairman of Ener1, said: "We are excited to have Marshall on the board of Ener1. As the company focuses on the successful introduction of products to the marketplace and building alliances, Marshall's ability to open doors in the automotive, financial and other vital industries will be a strong advantage for us." Mr. Cogan is a former partner of Cogan, Berlind, Weill & Levitt, rising to the position of Partner in Charge of Investment Banking and Institutional Research. He guided the firm in its acquisition of Hayden Stone, Inc., where he was named Vice Chairman. This was the predecessor firm to Shearson-Lehman American Express. From 1974-1999, Mr. Cogan was Chairman and CEO of a private investment company called Trace International Holdings, Inc. He has served as Chairman and/or CEO of numerous public and private companies, including Knoll International, General Felt Industries, Foamex, United Auto Group and most recently, Greystone Logistics. Mr. Cogan also serves as a Director of the Friends of Israel Museum, Trustee of the Boston Latin School, the oldest public school in America, and Trustee of New York University Hospital. He also served on the Board of the Museum of Modern Art for 20 years and was Chairman of Architecture and Design for 10 years. Mr. Cogan graduated from Harvard College and received his MBA from Harvard Business School. About Ener1, Inc. Ener1, Inc. (OTC: ENEI) is an alternative energy technology company. The company's interests include: 80.5% of EnerDel (www.enerdel.com), a lithium battery company in which Delphi Corp. owns 19.5%; 49% of Enerstruct, a Japanese lithium battery technology company in which Ener1's strategic investor ITOCHU owns 51%; wholly owned subsidiary EnerFuel, a fuel cell products and testing services company (www.enerfuel.com); and wholly owned subsidiary NanoEner, which develops nanotechnology-based materials and manufacturing processes for batteries and other applications (www.nanoener.com). For more information, visit http://www.ener1.com. Safe Harbor Statement (Ener1, Inc.) This release contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995 conveying management's expectations as to the future based on plans, estimates and projections at the time the statements are made. The forward-looking statements contained in this press release involve risks and uncertainties, including, but not necessarily limited to, EnerDel's ability to succeed as a supplier of batteries to the hybrid electric vehicle and other markets; Ener1's ability to successfully develop and market proposed lithium battery, fuel cell and nanotechnology-based products and services; Ener1's plans to reduce costs and gain a competitive advantage by consolidating manufacturing operations and implementing automated production processes; charges Ener1 will incur in connection with consolidating manufacturing operations; the degree of competition in the markets for lithium battery, fuel cell and nanotechnology-based products and services, Ener1's history of operating losses, the lack of operating history for the development stage Ener1 businesses, the need for additional capital, the dependency upon key personnel and other risks detailed in Ener1's annual report on Form 10-KSB for the year ended December 31, 2004, as well as in its other filings from time to time with the Securities and Exchange Commission. These risks and uncertainties could cause actual results or performance to differ materially from any future results or performance expressed or implied in the forward-looking statements included in this release. Ener1 undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Contact: Joe Allen (investors) Alys Daly Allen & Caron Inc Ener1, Inc. 212 691 8087 954 202 4442 or 305 815-0312 firstname.lastname@example.org email@example.com
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