EnSync Energy Systems Announces Key Additions to Executive Management Team
Chief Financial Officer and Vice President Customer Engineering
MILWAUKEE, Feb. 12, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources, announces the addition of key energy industry executives to the leadership team of the company.
William (Bill) Dallapiazza joins EnSync as Chief Financial Officer. Mr. Dallapiazza joined EnSync Energy Systems in July 2017 as the Interim Vice President of Finance, where he brought over 22 years of leadership experience in finance and accounting within both publicly held and private equity sponsored companies. Prior to joining EnSync, from 2014 to 2017, Mr. Dallapiazza served as Vice President and Controller for Franklin Energy Services, an implementer of energy efficiency and educational programs for utilities, municipalities and state partnerships. From 2006 to 2013, he also served as Corporate Controller for RathGibson, a stainless-steel tubing manufacturer, and in various positions with RathGibson's acquirer, publicly held Precision Castparts Corp., a manufacturer of complex metal components and products. From 2002 to 2006, he served as Corporate Controller for publicly held The Aristotle Corporation, a provider of educational, health, medical, and agricultural products. Mr. Dallapiazza holds a BBA in Accounting and Finance from the University of Wisconsin-Oshkosh and is a Certified Public Accountant.
Kenneth Alft is promoted to Vice President Customer Engineering. Mr. Alft joined the company in August 2014 as manager of the Project Engineering group in the Engineering organization, after an extensive career of project management and electrical and control systems positions. From there, Mr. Alft was promoted to Manager of Operations, where he was in charge of manufacturing operations, field operations, and project engineering. As the company greatly expanded the customer base and projects to be executed, Mr. Alft took over as manager of the company's newly created Customer Engineering department. He has successfully built the company capability to design and configure optimized customer distributed energy resources and distributed generation systems, as well as the capability to execute and support projects in the field.
Concurrent with the hiring of Mr. Dallapiazza, the company announces the resignation of Frederick Vaske, Chief Administrative Officer (CAO). Mr. Dallapiazza and Simms Duncan, VP of Structured Finance will direct report to Brad Hansen, President and Chief Executive Officer.
"We're very excited to have Bill join the company. In his capacity of Interim Vice President of Finance he has brought a strong focus on maximizing our balance sheet efficiency, business processes, and cost management. Ken has been instrumental in building the company and improving our operational execution. His promotion recognizes his significant contribution," said Brad Hansen, CEO and President of EnSync Energy Systems. "We'd also like to thank Fred Vaske for his contribution to the company, including helping us develop the structured finance role and building the overall finance and accounting roles in the company."
As an inducement to join the Company as CFO, Mr. Dallapiazza was issued inducement stock options to purchase a total of 120,000 shares of Company common stock with an exercise price of $0.37 per share, which was the closing price of the Company's common stock on the NYSE American on February 9, 2018. The options will vest and become exercisable in three equal annual installments. Mr. Dallapiazza was also issued an award of inducement restricted stock units covering 180,000 shares of Company common stock that will vest upon the achievement of certain performance vesting conditions.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems (EnSync Energy), is creating the future of electricity with innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms. EnSync Energy ensures the most cost-effective and resilient electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized to meet our customers' objectives for value and performance. Proprietary direct current (DC) power control hardware, energy management software, and extensive experience with numerous energy storage technologies uniquely positions EnSync Energy to deliver fully integrated systems that provide for efficient design, procurement, commissioning, and ongoing operation. EnSync Energy's IOE control platform adapts easily to ever-changing generation and load variables, as well as changes in utility prices and programs, ensuring the means to make or save money behind-the-meter, while concurrently providing utilities the opportunity to use DERs for an array of grid enhancing services. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs) in its portfolio of offerings, which enables electricity savings for customers and provides a stable financial yield for investors. EnSync Energy is a global corporation, with joint venture Meineng Energy in AnHui, China, and energy project development subsidiary Holu Energy LLC in Hawaii, and DCfusion LLC, a power system engineering and design, consultancy and policy firm. For more information, visit www.ensync.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding project completion timelines, our ability to monetize our PPA assets, statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy, forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our historical and anticipated future operation losses and our ability to continue as a going concern; our ability to raise the necessary capital to fund our operations and the risk of dilution to shareholders from capital raising transactions; our ability to successfully commercialize new products, including our Matrix TM Energy Management, DER Flex TM, DER SuperModule TM, and Agile TM Hybrid Storage Systems; our ability to lower our costs and increase our margins; our product, customer and geographic concentration, and lack of revenue diversification; the length and variability of our sales cycle; our dependence on governmental mandates and the availability of rebates, tax credits and other economic incentives related to alternative energy resources and the regulatory treatment of third-party owned solar energy systems; and the other risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Relations Contact:
Antenna
Shreema Mehta
[email protected]
(646) 416-9853
EnSync Energy Media Contact:
Michelle Montague
[email protected]
(262) 735-5676
Investor Relations Contact:
Lytham Partners, LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
SOURCE EnSync, Inc.
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