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
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
SOURCE Ener1, Inc.