Nesscap Energy Inc.

Nesscap Energy Inc.

September 26, 2011 09:15 ET

Nesscap Energy Inc. Appoints Dennis Orwig as Chief Executive Officer

SEOUL, SOUTH KOREA--(Marketwire - Sept. 26, 2011) - Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, today announced the appointment of Mr. Dennis Orwig to the position of Chief Executive Officer.

Mr. Orwig has extensive experience in power and technology development as Chief Executive Officer and senior executive of private and public companies over the last 20 years. Prior to joining Nesscap, Dennis was Chief Executive Officer of Novatec Biosol AG, a solar power technology and manufacturing company. His senior management roles include the US Chief Executive Officer of ABB Power Generation and Chief Executive Officer of Catalytica. While CEO of ABB Power Generation, Mr. Orwig was closely involved in ABB's design and construction of two of the parabolic trough Solar Energy Generating Systems projects built at Kramer Junction, California. As a senior executive in start-up and early stage companies, his leadership drove significant growth in profitability and shareholder value in the competitive global energy markets.

Mr. Orwig has extensive business experience in the US, UK, Europe, the Middle East, Africa and Asia markets. This experience extends to developing global strategic partnerships with industry and government including counterparties such as GE and Siemens and the US Government Department of Energy. Mr. Orwig holds an MBA from Duke University, a BS in Paper Chemistry and a BA in Applied Science, both from Miami University.

"We are very excited to welcome Dennis to our executive management team at Nesscap," said Dr. Sunwook Kim, Chief Executive Officer of Nesscap Energy Inc. "We believe Dennis has the experience and skills necessary to lead Nesscap forward as a global technology company."

Dr. Sunwook Kim will step down as Chief Executive Officer and will continue to serve as a Director, Non-Executive Chairman and will remain active in the Company's research and development projects.

As part of his compensation package, Mr. Orwig was granted 750,000 incentives 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.

The Company would also like to announce that the contract with Mr. Paul Haber, the interim Chief Financial Officer, has expired. The Company is currently in the process of recruiting a permanent replacement. Mr. Haber was instrumental to the successful listing of Nesscap on TSX Venture Exchange and provided a solid foundation for financial reporting of the Company.

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

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.

Contact Information