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 Group. 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 firstname.lastname@example.org 305 815 0312 email@example.com
SOURCE Ener1, Inc.