SOURCE: ZBB Energy Corporation
MILWAUKEE, WI--(Marketwired - Feb 12, 2014) - ZBB Energy Corporation (NYSE MKT: ZBB), a leading developer of intelligent, renewable energy power platforms and hybrid vehicle control systems, today announced changes to its senior management and the completion and integration of its acquisition of Tier Electronics, LLC.
On January 21, 2014, ZBB Energy Corporation (the "Company") made the last payment due under the promissory note issued as part of the purchase price for the acquisition of Tier Electronics LLC. As a result of the payment in full of this promissory note and the recent relocation of Tier's employees to the Company's facility, the integration of Tier's operations into the Company is now complete.
Following the expiration of his employment agreement on February 7, 2014, Jeff Reichard, President of Tier and the Company's Chief Technology Officer, entered into a Professional Services Agreement with the Company pursuant to which Mr. Reichard will continue to serve as the Company's Chief Technology Officer. Mr. Reichard will also continue to serve as a member of the Company's Board of Directors. Under this agreement, Mr. Reichard will be paid for his services at an hourly rate commensurate with the salary and benefits he was receiving under his employment agreement and was awarded a total of 40,000 restricted stock units that will vest based upon the satisfaction of certain performance vesting requirements.
On February 10, 2014, Dilek Wagner, the Company's Director of Financial Reporting, was promoted to Vice President of Finance. Ms. Wagner will serve as the Company's principal financial officer, replacing William C. Hogoboom, who previously served as Interim Chief Financial Officer. Ms. Wagner will be responsible for leading the finance function for the Company and its subsidiaries, including SEC compliance, SOX compliance, accounting and financial reporting, tax, treasury, and investor relations. She joined ZBB in August 2011 as a Financial Reporting Analyst and was promoted to Director of Financial Reporting in January 2013. Prior to ZBB Energy, she worked as a tax consultant and auditor at the public accounting firms of Ernst & Young LLP and Deloitte & Touche LLP. Ms. Wagner holds a Bachelor of Arts in Economics and a Master of Science in Management from the University of Wisconsin-Milwaukee.
In connection with her appointment, Ms. Wagner entered into an employment agreement with the Company pursuant to which Ms. Wagner will be paid a minimum annual salary of $160,000 and will be issued options covering a total of 40,000 shares of Company common stock that will vest in three equal annual installments. In accordance with his consulting agreement with the Company, Mr. Hogoboom will provide transition assistance to the Company for a period of 30 days. Ms. Wagner will replace Mr. Hogoboom on the Company's previously announced quarterly conference call scheduled for 3:30 PM CST on Thursday, February 13, 2014.
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE MKT: ZBB) designs, develops, and manufactures advanced energy storage, power electronic systems, and engineered custom and semi-custom products targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. ZBB and its power electronics subsidiary, Tier Electronics, LLC, have developed a portfolio of integrated power management platforms that combine advanced power and energy controls plus energy storage to optimize renewable energy sources and conventional power inputs whether connected to the grid or not. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. Founded in 1986, ZBB's platforms ensure optimal efficiencies today, while offering the flexibility to adapt and scale to future requirements. ZBB's corporate offices, engineering and development, and production facilities are located in Menomonee Falls, WI, USA with a research facility also located in Perth, Western Australia. ZBB has a joint venture with Meineng Energy, a provider of leading-edge energy storage systems and solutions to the greater China market. For more information, visit: www.zbbenergy.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 and 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: 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.