NEW CASTLE, Pa., Jan. 12, 2015 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, announced today that Donald F. Farley, 72, has been appointed to its Board of Directors, effective January 10, 2015. The appointment increases the number of independent directors on the Board to four and thus affords diversification in Committee appointments.
Chairman & CEO, David DiGiacinto, commented, "Donald Farley has served in both large and small public and private companies, in executive capacities and as a director, and has worked in the financial services sector helping companies with financing. His wide-ranging expertise in business development will be valuable to Axion Power at this critical stage in its efforts to achieve full commercialization. One of our major goals as a company is bringing our 'activated total carbon electrode' to market, as well as creating development partnerships, joint venture licensing and manufacturing agreements. Farley's experience and business acumen will be important contributing factors to the potential success of these efforts."
As president of Farley & Associates, Inc. Mr. Farley provides strategic planning, business development direction and executive mentoring services for private businesses and emerging new businesses. From 1998 to 2009, Mr. Farley was CEO of Spencer Trask Specialty Group where he organized and monitored a portfolio of emerging startup companies in healthcare, nutrition and specialty chemicals. From 1965 to 1988, Mr. Farley enjoyed a diverse career at Pfizer, Inc. He began his career in manufacturing with the Pfizer Chemical Division and progressed through several managerial positions to eventual leadership as president of the Pfizer Specialty Chemicals Group. Mr. Farley led the redirection and transformation of this global business from specialty chemicals into specialty food ingredients and related technical services, resulting in its transition to a new identity as the Pfizer Food Science Group. Subsequent to the divestiture of Food Science in 1995, Mr. Farley served as President of the Pfizer Consumer Health Care Group, a global over-the-counter drug business. Mr. Farley graduated from the University of Rhode Island in 1965, majoring in chemical engineering and later earned an MBA in finance at the University of Hartford.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
For more information, visit www.axionpower.com
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Axion Power International, Inc.
David T. DiGiacinto, CEO
Len Hall (Media)
SOURCE Axion Power International, Inc.