NEW YORK, Oct. 3, 2011 /PRNewswire/ -- Vu1 Corporation (OTCBB: VUOC), a developer and manufacturer of mercury-free, energy-efficient, general illumination lighting technology, today announced that John J. Boyle, III and Paul Fletcher, have joined its Board of Directors. Gregory Owens, Jr., who joined Vu1's Board in July 2010 will resign to make room for the new additions and to ensure there is a clear majority of independent Board members. With today's Board changes, the number of independent Board members will increase to five.
Mr. Boyle, III, is a seasoned CEO with over twenty years of high-tech experience, including scaling VC funded startups through highly profitable exits (IPO and M&A events). Additionally, he has been Chairman and/or Lead Director at companies in key tech spaces, such as OTP/e-Payment Services, Convergent Billing, Network Security, Data Storage, Telecom & Workforce Management. From 2005 to 2010, he was the President and CEO of Arbor Networks, a network security company, and directed the progression of Arbor into a well-regarded thought-leader on network security issues, and drove the company's acquisition and integration of Ellacoya Networks, formerly a leading provider of deep packet inspection (DPI) solutions.
Mr. Fletcher is a proven finance executive with demonstrated success in melding financial experience with short- and long-range strategic planning in both growth and established organizations. During his career, he successfully improved organizational performance, efficiency, productivity, and bottom-line results. He is currently the Chief Financial Officer at privately-held Presidio, Inc, a high-end IT integration and managed networks services company. Previously, he served as Chief Financial Officer at publicly-traded Trex, Company, Inc., the nation's largest manufacturer of composite decking, railing and fencing.
"Clearly, the progress we have made over the past year has piqued the interest of very seasoned and proven executives, and as our Board reflects we have the requisite areas of expertise - operating, finance, marketing and technical – to ensure that Vu1 continues to make great strides and draws the attention of consumers and investors," commented William B. Smith, Vu1's Chairman. "Vu1 is addressing a sizeable market opportunity, and we will soon be offering our bulbs to US consumers, and I believe our Board today is well-suited to support our ambitions of becoming a major player in the lighting market."
"I look forward to working with the new Board additions as each of our goals is aligned - for Vu1 to achieve great success with its disruptive Electron Stimulated Luminescence™ (ESL) light bulbs," commented Dr. Scott Blackstone, Vu1's Chief Executive Officer. "Additionally, I also want to thank Greg for establishing the fundamental foundation to allow Vu1 to enhance value for all shareholders. His commitment and dedication was unmatched and we can't thank him enough for his unselfish service as a Director of Vu1. Although he will no longer be on the Board - I know he will still continue to be an avid supporter of Vu1."
Additionally, the Company also formed a Nominating and Corporate Governance Committee. Mark Weber, who has been a Director of Vu1 since 2005, will chair the newly-formed committee and John Rehfeld, who recently joined Vu1's Board as an independent Director, chairs the Audit and Compensation Committees.
About Vu1 Corporation
New York City-based Vu1 Corporation is dedicated to applying its technology to produce energy efficient, environmentally friendly lighting solutions worldwide. Vu1 has developed a new energy efficient light bulb to provide the consumer market with the first affordable, non-toxic light bulb with features consumers are demanding and not receiving from existing products. Learn more about Vu1 at www.vu1.com. For the latest news, find Vu1 on Facebook and follow us on Twitter.
For investor inquiries, please contact Michael Polyviou at (212) 885-0453. For product and sales inquiries, please contact Chris Reilly at (704) 929-7872.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, our ability to obtain the necessary funding required for our operations, the future demonstration and commercial availability of our light bulb, independent testing laboratories certification results, timing for bulb production, manufacturing capability of our facility, future interest of channel partners and distributors, our strategic planning and business development plans, future applications of the technology, the viability, pricing and acceptance of our products in the market.. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-K for the year ended December 31, 2010 and our other periodic reports as filed from time to time).
SOURCE Vu1 Corporation