MILWAUKEE, WI--(Marketwired - Sep 22, 2016) - EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, a leading developer of innovative energy management systems for the utility, commercial, industrial and multi-tenant building markets, today announced that Mr. James Schott, chief financial officer of EnSync, will retire effective September 30, 2016. Fred Vaske, currently the company's Vice President of Structured Finance, has been appointed Chief Administrative Officer and will oversee all finance, accounting, treasury and investor relations responsibilities for the company.
"We are fortunate to have someone with Fred's experience to drive the next stage of our strategic plan. As our business model has evolved to the construction and sale of power purchase agreement (PPA) projects, in addition to sale of systems and components, Fred's knowledge of our business and ultimate project customers ideally positions him to take on this expanded role. Fred has been critically important to the company's transition to a leading provider of distributed energy resources that can be seamlessly integrated to the grid network, and most recently closed the sale of our first tranche of PPA projects, including the first storage plus solar projects behind the meter, in Hawaii. We look forward to Fred's continued strong execution during the remainder of the fiscal year and for many years to come," commented Brad Hansen, chief executive officer of EnSync Energy Systems.
Mr. Hansen added, "I appreciate the contributions Jim has made to help transition our business model during the past year. Jim joined us at a formative time for the company as we were making several transitions to the commercialization stage. He helped us drive our new products into the market, as well as move to our new PPA business model, while also putting in place a vital discipline that helped us to drive down our cash expense. Jim's operating experience and steady hand have been critical. We wish him well in retirement."
Dilek Wagner, the Company's current Vice President of Finance, will continue in that role and will now report to Mr. Vaske.
Fred Vaske joined EnSync Energy Systems in December 2015 as the Vice President, Structured Finance where he brought 25 years of experience in project and asset finance, valuation and consulting. He has held senior finance positions in the solar industry for the last 10 years, and led the closing of over $2.5 billion in debt and equity transactions in the utility and commercial solar photovoltaic industries. Prior to joining EnSync Fred served as Vice President of project finance for Recurrent Energy, Hanwha Q CELLS USA and Scatec Solar USA. In all organizations he established and built strongly capable teams that led project financing efforts in the U.S., Canada, Mexico, Germany, Spain and Japan. Fred also served as Director, Structured Finance for SunPower where he negotiated solar Power Purchase Agreements with commercial customers, and led the company's first financings of those contracts.
Prior to entering the solar industry in 2007, he spent over a decade in the big-ticket asset finance industry, including seven years with GATX Capital where he was Vice President, Structured Finance and led the financing of portfolios of aircraft, railroad rolling stock, and technology assets.
Fred holds an MA in Economics from Washington University in St. Louis and a BA in Mathematics and Economics from Claremont McKenna College.
About EnSync Energy Systems
EnSync, Inc. (NYSE MKT: ESNC), dba EnSync Energy Systems, is enabling the future of electricity with advanced energy management systems critical to a global economy becoming increasingly reliant upon the expansion of renewable energy. Whether part of the grid power transmission and distribution network, or behind the meter in commercial, industrial and multi-tenant buildings, EnSync technology brings differentiated power control and energy storage solutions to electricity-challenged environments. Our technologies also serve as the system level intelligence in microgrid applications, by seamlessly integrating multiple generation and storage assets to deliver power in remote and community level environments not served by the grid, or areas electing to use the grid secondary to microgrid assets. In 2015, EnSync incorporated power purchase agreements (PPAs) into its portfolio of offerings, enabling electricity savings for customers and providing a stable financial yield for investors. EnSync is a global corporation, with a joint venture in AnHui, China at Meineng Energy, as well as a strategic partnership with Solar Power, Inc. (SPI). For more information, visit: www.ensync.com.
Safe Harbor Statement
Certain statements made in this press release contain 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," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: 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 involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those 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 Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.