ThermoEnergy Appoints Gregory Landegger Vice President and Chief Operating Officer
Appointment spearheads major realignment of management team with company's new strategic business plan to achieve financial stability, positive cash flow, and future profitability
WORCESTER, Mass., Sept. 11, 2012 /PRNewswire/ -- ThermoEnergy Corp. (OTCBB: TMEN), a diversified technologies company engaged in the development and sales of leading wastewater recovery and power generation technologies, has announced the appointment of Gregory Landegger as Vice President and Chief Operating Officer.
Mr. Landegger is a restructuring and a corporate turn-around executive who has already been working as a management consultant to the ThermoEnergy executive team since May 2012. During this time, he has been instrumental in refocusing the company on high-demand, higher-margin markets for sustainable water recovery in the oil, gas, and power industries. With the help of Mr. Landegger's leadership, ThermoEnergy has begun to transition its sales and marketing efforts away from markets such as municipal water treatment where sales cycles are long and margins are slim, to more profitable applications of the company's water recovery technology in such industries as oil/gas hydrofracking and industrial biogas.
Mr. Landegger will also play a key role in supporting the Unity Power Alliance, ThermoEnergy's joint venture with ITEA S.p.A. The Unity Power Alliance is developing clean coal power plant technology to generate electricity with virtually no emissions of harmful pollutants or greenhouse gases. The Unity Power Alliance was recently selected to receive a significant grant from the U.S. Department of Energy.
"It is a pleasure to welcome a new executive to the company that has already won the confidence and respect of both our Board and senior management," said Cary Bullock, ThermoEnergy's Chairman and CEO. "Greg's exceptional executive management experience at both large and small manufacturing operations, coupled with his comprehensive experience in corporate finance, M & A, and restructuring, will be the springboard for reorganizing and rebuilding our management team, and reformulating our strategic business plan for growth and profitability."
"ThermoEnergy's technology tackles two of the most pressing issues facing the world today – energy and water," said Landegger. "Not only are these commodities the lifeblood of modern society, they are interconnected, as production of oil, gas, power, and biofuels requires huge amounts of water. ThermoEnergy's water recovery systems make it possible to utilize new sources of non-potable water in energy production while also providing the ability to recycle water that has already been used in the production process."
"In addition, the clean coal technology being developed by the Unity Power Alliance will not only produce electricity with no harmful emissions, it is much more water efficient than conventional systems, offering the potential to save billions of gallons of water each year," said Landegger.
Prior to joining ThermoEnergy, Mr. Landegger held a variety of executive and operational senior management positions at manufacturing and financial services companies, including: President and CEO at United Container Machinery Group, Inc.; General Manager, Specialty Products at MarquipWardUnited, Inc.; and Financial Analyst/Operations Management Executive at W.R. Huff Asset Management Co., LLC.
Mr. Landegger received a BSFS degree from Georgetown University. He also completed the "Young Executives Institute Management Program" at the Kenan-Flagler Business School at University of North Carolina, and the Production Management Development Program, at Weyerhaeuser.
Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com.
THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "ESTIMATE", "PROJECT", "EXPECT" OR SIMILAR EXPRESSIONS. FORWARD LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM CURRENT EXPECTATIONS. BY MAKING THESE FORWARD LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE STATEMENTS FOR REVISIONS OR CHANGES.
SOURCE ThermoEnergy Corp.
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