Altairnano Organizes to Accelerate Global Business Growth
RENO, NV -- (Marketwire) -- 04/05/12 -- Altair Nanotechnologies Inc. (ALTI) (Altair) (NASDAQ: ALTI) today announced Alexander Lee had been appointed interim Chief Executive Officer, and that Liming (Albert) Zou had been appointed President at a special Board of Directors meeting on April 1, 2012, replacing Frank Gibbard.
The appointments reflect the need for Altairnano to position the company for global growth both from its U.S.-based operations and in China. Mr. Lee will focus mainly on Altair's U.S. operations, while Mr. Zou will lead the expansion of Altairnano's business in China.
"We recognize the importance of growing the U.S.-based business and to maintain our focus on Altair's core LTO technologies along with the expertise we have developed in systems engineering and manufacturing for the electric grid, transportation, and industrial markets," said Yincang Wei, Altair Board Chairman. "At the same time, we see significant growth opportunities in China, and believe that this management structure will allow the company to pursue the full range of opportunities."
Mr. Zou has served as an independent director on Altair's board since July 2011. Mr. Lee has served on the Altair Board of Directors since December 2009, and was a member of its Audit, Compensation, Governance and Nomination Committees. Mr. Lee's and Mr. Zou's collective experience on the board provides additional insight into the company and its business expansion goals.
"We continue to see strong customer interest in Altair's technology for applications that require safety, rapid charging, long cycle life, and that must operate over a wide temperature operating range," said Lee. "This organization structure will enable us to drive revenue, while expanding into the China market in a focused manner."
ABOUT ALEX LEE
Alexander Lee is the managing director of Al Yousuf LLC (AYL) and CEO of Phoenix Cars LLC, which is a wholly-owned subsidiary of AYL.
Mr. Lee joined AYL as a managing director in December 2009. From January 2008 to October 2009, Mr. Lee held executive-level positions at Phoenix MC, Inc. (PMC) and at Phoenix Cars, LLC (PCL). PCL is an Al Yousuf LLC entity that, in September 2009, acquired the operating assets of PMC, a developer of electric vehicles. Mr. Lee became CEO of PCL in August 2010.
Prior to PMC, Mr. Lee worked at Rapiscan Systems, a developer, manufacturer and distributor of X-ray, gamma-ray and computed tomography products. Mr. Lee was vice president of strategic planning at Rapiscan from February 2006 to December 2007. Mr. Lee joined Rapiscan as the head of its government contracts and proposals group in October 2003.
Mr. Lee earned a B.A. degree from Brown University and a J.D. degree from the University of California, Davis, School of Law.
ABOUT ALBERT ZOU
Since 2009, Mr. Zou has served as the CEO of YuView Holdings, Ltd. Mr. Zou previously served as vice president for Asian Coast Development, Ltd. from 2007 to 2008. In this position Mr. Zou had primary responsibility for marketing and business development in China. Mr. Zou served as executive director of SI-TECH Information Technology, Ltd. from 2005 to 2007, where he was responsible for corporate financing and mergers and acquisitions. From 2004 to 2005, Mr. Zou served as a director of Confederate Finance Corp.
Mr. Zou earned his bachelor's in Science from Beijing University of Posts and Telecommunications and earned his master's degree in science from the Graduate School of China Academy of Posts and Telecommunications. He also earned an MBA from the Richard Ivey School of Business at the University of Western Ontario, Canada.
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano's lithium-titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, and battery modules and systems for transportation and industrial applications. For more information please visit Altair at www.altairnano.com.
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause Altair's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include the risk that Altair will be unable to expand sales of its products as a result of the early stage of the market, concerns regarding Altair's products, as a result of general economic conditions, as a result of political or regulatory concerns or for other reasons and the risk that Altair will be unable to execute its Chinese expansion plan or that it will not achieve expected economies of products or sales in the Chinese market. In addition, other risks are identified in Altair's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. Altair expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altair expectations or results or any change in events.
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Source: Altair Nanotechnologies Inc.