Nesscap Energy Inc.
TSX VENTURE : NCE

Nesscap Energy Inc.

January 25, 2012 09:19 ET

Nesscap Energy Inc. Announces Senior Management Appointments, Director Replacement and Conversion of Series 1 Preference Shares

SEOUL, SOUTH KOREA and TORONTO, ONTARIO--(Marketwire - Jan. 25, 2012) - Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, announces the appointment of Stephen Oliva as Chief Operating Officer, Jim Zuidema as Chief Financial Officer, Robert Tressler as Chief Business Development Officer and Juergen Auer as Managing Director, Europe.

Nesscap also announces the appointment of Jun Hyung Kim as a Director and the conversion of 18,304,341 Series 1 Preferred Shares into Nesscap Common Shares.

"The expansion and realignment of our executive team reflects the increased focus we are placing on global business development and marketing, product development and sound financial processes", said Dennis Orwig Chief Executive Officer of Nesscap. "We are committed to strengthening our leadership position in ultracapacitor technology and further expanding our market share worldwide. We have a solid business foundation with our talented employees in Korea and I intend to further leverage those capabilities as we grow our business and facilities globally."

Management Appointments

Stephen Oliva - Chief Operating Officer

Stephen Oliva has over 25 years of experience in operations and product development in the high-technology and energy technology industries. Throughout his career he has progressed through a series of technical and managerial positions and has held senior management positions for the last 15 years. Most recently he held the position of Vice President of Manufacturing and Materials for a major international control networking company, with responsibility for all manufacturing, purchasing, planning and logistics functions. Leading teams in the United States and the People's Republic of China he was also responsible for all outsourced manufacturing subcontractors and ASIC suppliers. Also active in the company's new product development efforts, Mr. Oliva led the commercial release of over 35 new products during his tenure. Mr. Oliva holds a B.S. in Chemical Engineering from the Massachusetts Institute of Technology (MIT) and a MBA from Stanford University.

Mr. Oliva will assume operational responsibilities while Robert Tressler will move into the newly created executive position of Chief Business Development Officer.

Jim Zuidema - Chief Financial Officer

Prior to joining Nesscap, Jim Zuidema held a variety of senior financial positions in the global semiconductor industry. He began his financial career in 1996 with Intel, in California, where he held positions supporting Sales and Strategic Planning. In 2000, Jim moved to Moscow, Russia where he headed the finance and administration functions for Intel's fast-growing EMEA emerging market region. In 2007, he helped start up and run finance operations at Numonyx, a vertically-integrated flash memory company founded by Intel and ST Microelectronics. Most recently, Jim held a senior financial role at Micron Technologies which acquired Numonyx in 2010. Jim holds both an MBA and BS Engineering degree from Cornell University.

Juergen Auer - Managing Director, Europe

Juergen Auer has over 20 years of sales and marketing experience in Europe and the United States. Mr. Auer has been involved with the sales and distribution of ultracapacitors since 2000. From 2003 to 2010 Mr. Auer held various sales and marketing positions with Maxwell Technologies, Inc. including Director of Sales and marketing for North America and Director of Automotive. While at Maxwell Mr. Auer most particularly developed the wind energy and automotive sectors. Mr. Auer holds a B.S. in Electronic Engineering.

As part of their compensation package, each of Stephen Oliva and Jim Zuidema were granted 450,000 incentive stock options. These options are exercisable at a price of $0.38 per common share and expire five years from their date of grant. The options vest over a two-year period, one-third on each of the date of grant and the first and second anniversaries. The exercise price of the incentive stock options granted is greater than the closing price of the Company's common shares on the TSX Venture Exchange on the date immediately preceding the grant. The incentive stock options are subject to the terms and conditions of the Company's Stock Option Plan and the policies of the TSX Venture Exchange.

"I am very excited to welcome Stephen, Jim and Juergen to our management team and Robert to his new position" said Dennis Orwig. "With their collective experience and skills I believe that Nesscap's growth will be significant and demonstrable going forward."

Jun Hyung Kim - New Director

Mr. Jun Hyung Kim has been appointed as a Director replacing Mr. Hyun Jun Kim as Hyundai Motor Company's nominee to Nesscap's Board of Directors. The Directors and management of Nesscap would like to thank Mr. Hyun Jun Kim for his contribution to Nesscap and wish him the best in his future endeavours.

Conversion of Series 1 Preferred Shares

I2BF Global Ventures has converted its 18,304,341 Series 1 Preferred Shares into 18,304,341 Common Shares of Nesscap. Following the conversion there are no issued and outstanding Series 1 Preferred Shares.

About Nesscap

Since its inception in 1999, Nesscap Energy Inc., has become an award winning global leader in technology innovation and product development of ultracapacitors. Attributes of the ultracapacitor allow for the technology to be used in applications where power, life cycle requirements or environmental conditions limit the suitability of batteries or capacitors. Uniquely structured, Nesscap products are used to replace or enhance the performance of energy and power needs for modern applications ranging from portable electronic devices to high-tech 'green' cars and are available in both cells and modules. Nesscap features the widest array of standard commercial products in the market from 3 farads to 6,200 farads with industry recognized alternative organic electrolytes. Customers of the Company include transportation, power, and consumer markets. Technical and sales information can be found at www.nesscap.com.

Forward-Looking Statements

Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way approved or disapproved of the contents of this press release.

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