FT. LAUDERDALE, Fla., Jan. 17 /PRNewswire-FirstCall/ -- Ener1, Inc. (OTC:
ENEI), announced today that it plans to name Charles Gassenheimer Chairman of
its Board of Directors, the appointment to be finalized later this week after
completion of the normally required corporate actions.
Mr. Gassenheimer was most recently with Satellite Asset Management, a
hedge fund with approximately $6 billion in assets under management and
offices in New York and London, serving as Managing Director and Portfolio
Manager of both the Convertible Arbitrage Division and Private Investment
Mr. Gassenheimer will work closely with Ronald Stewart, Ener1's recently
named Interim Chief Executive Officer and Interim Chief Financial Officer, to
lead Ener1, Inc. going forward.
Mr. Gassenheimer noted "I have been involved with Ener1 as an investor for
the last two years and continue to believe strongly in the company's
potential. I think that Ener1's technologies and capabilities, specifically in
the areas of lithium batteries for next generation hybrid electric vehicles
and in the area of fuel cells products and services, can become commercially
viable alternative energy solutions."
He added, "Recent changes in Ener1's senior management were necessary to
move the company forward. With these changes in place and with proper
management and financing from now on, I believe we will able to make
significant progress quickly."
Before joining Satellite, Mr. Gassenheimer was Portfolio Manager and head
of the distressed securities investment group of Tribeca Investments, Ltd.
Tribeca is the hedge fund division of Citigroup Global Investments. Prior to
that he served as a Vice President at Credit Suisse First Boston where he was
a senior credit analyst within the global convertible bond division and
Investment Manager of a proprietary hedge fund focused on private investments
in public equities. Throughout his career Gassenheimer has been responsible
for sourcing, structuring and managing hundreds of debt and equity investments
in both the private and public marketplaces.
In a separate announcement, Mr. Gassenheimer has been named Chief
Executive Officer of Ener1 Group, the majority shareholder of Ener1, Inc.
About Ener1, Inc.
Ener1, Inc (OTC: ENEI) is an alternative energy technology company. The
Company's interests include: 80.5 percent of EnerDel, a lithium battery
company in which Delphi Corp. owns 19.5 percent; 49 percent of Enerstruct, a
Japanese lithium battery technology company in which Ener1's strategic
investor ITOCHU owns 51 percent; wholly owned subsidiary EnerFuel, a fuel cell
products and services company; and wholly owned subsidiary NanoEner, which
develops nanotechnology-based materials and manufacturing processes for
batteries and other applications.
Safe Harbor Statement
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 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
email@example.com 305 815 0312
SOURCE Ener1, Inc.