CALGARY, ALBERTA--(Aug. 18, 2015) - Eguana Technologies Inc (EGT:CA) , ("Eguana" or the "Company"), a technology leader in power conversion and control systems for distributed, grid edge energy storage systems is announcing that the Company has appointed Justin Holland to the position of Chief Executive Officer, replacing Michael Carten, who will remain as a director of Eguana.
In addition, at the request of the Board of Directors, George W. Powlick has been appointed to and has agreed to assume the position of interim Chairman of the Board of Directors. He is Managing Director of Doughty Hanson Technology Ventures, Eguana's largest shareholder and has been a director since 2009.
Justin Holland was previously Eguana's Chief Operating Officer where he has been instrumental in developing the company's operations and supply chain model. He will continue to work closely with Chief Technology Officer Brent Harris to execute Eguana's recently announced AC Battery business.
"We have positioned Eguana to be a leader in the distributed storage sector and will continue to build on our design wins and to lead growth in the US residential market," said Justin Holland. "The US market is taking shape and with an excellent pipeline covering the spectrum of grid edge players in place, we will remain focused on executing our strategy."
"On behalf of the entire board of directors, I would like to thank Michael Carten for his many years of dedicated service to the Company," added George W. Powlick. "He steered Eguana through rapidly changing markets and drove the decision two years ago to pivot Eguana's strategy towards the energy storage sector. We are pleased that he has agreed to remain as a director."
Michael Carten commented: "Justin Holland is a good executive and well suited to lead Eguana in the next phase of its growth. I look forward to working with him as Chief Executive over the coming months."
About The AC Battery:
Eguana's AC Battery is a complete grid ready energy storage appliance that accepts dispatch commands from any control network using open communication protocols. The AC Battery is designed to provide grid services including load balancing, voltage control and frequency regulation required by the power grid to enable continued growth in the US rooftop solar market.
About EGUANA TECHNOLOGIES, INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent, high performance, low-voltage power control and conversion solutions for smart grid and micro-grid energy storage systems. Eguana's patented software configurable platform enables energy storage systems to optimize the lower cost, modularity and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
Forward Looking Information
The reader is advised that some of the information herein may constitute "forward-looking information" within the meaning of National Instrument 51-102 and other applicable securities laws. In particular, we include statements concerning our position in the US market for energy storage, the potential for growth within that market and our pipeline.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Forward-looking information is based on certain assumptions and analysis made by Eguana in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the risks identified in the Company's disclosure documents, which may be found on its website, or at www.sedar.com.
The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Eguana Technologies Inc.
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