Veteran Financial Executive and Interim CFO Named to Permanent Position

NEW CASTLE, Pa., Nov. 11, 2014 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW, AXPWW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced that veteran financial executive Charles R. Trego has been appointed the Company's permanent Chief Financial Officer, effective immediately. Trego, who is also a member of the Company's Board of Directors, reports directly to Chairman and Chief Executive Officer David DiGiacinto.

Trego, 64, who previously served as the Company's CFO from April, 2010 to July, 2013, has been serving as a consultant in the role of interim CFO since March 2014 when he took over for Stephen Graham, who resigned.

"Chuck's financial expertise and hands-on experience as our interim CFO make him the ideal candidate for the permanent CFO role at this very important and exciting time for Axion Power," DiGiacinto said. "With our recent financing and uplisting to Nasdaq now complete, we are focused squarely on PbC revenue growth, keeping our costs in control, manufacturing and strategic partnerships and Chuck will play a major role in these efforts. The future of Axion Power is in the large and rapidly growing transportation, power storage and frequency regulation markets and we are excited to have an executive of Chuck's caliber aboard permanently with us."

Trego was formerly Executive Vice President and Chief Financial Officer of Minrad International, an Amex-listed pharmaceutical and medical device company in 2008 and 2009 which was acquired by India's Piramal Healthcare in early 2009. Prior to that, from 2005 to 2008, he was Senior Vice President and Chief Financial Officer of Elmira NY-based Hardinge Inc, a Nasdaq-listed global machine tool company ($327M in annual revenue), and from 2003 to 2005 he was Chief Financial Officer and Treasurer of Latham NY-based Latham International ($180M in annual revenue), a private equity held manufacturer and marketer of swimming pool components. 

Trego has an accounting degree and an MBA from the University of Dayton.

About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries.

Axion Power International, Inc. believes it is an industry leader in the field of lead carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's primary goal is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.

For more information, visit www.axionpower.com

Forward-looking Statements
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.

Contacts

Axion Power International, Inc.
David T. DiGiacinto, CEO
info@axionpower.com 

Allen & Caron, Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

Len Hall (Media)
len@allencaron.com 
(949) 474-4300

SOURCE Axion Power International, Inc.