NEW CASTLE, Pa., Dec. 23, 2014 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced that Richard H Bogan has been appointed to the Company's Board of Directors, effective January 1, 2015. Mr Bogan, 63, takes the seat to be vacated by the resignation of Howard Schmidt, who resigned effective December 31, 2014, to concentrate on other noncompetitive endeavors.
Chairman & CEO David DiGiacinto commented, "Richard Bogan has broad and long business experience, he has served in companies large and small in executive capacities. We are privileged that he will be bringing his knowledge and vision to our Board as we take Axion Power toward full commercialization in transportation, renewable energy and frequency regulation. We welcome Richard to our Board, and at the same time thank Howard for his service during difficult and stressful times at Axion Power."
Richard H Bogan is the Operating Partner of Key Bridge Partners, a $50 million private equity firm with more than 100 employees. He joined Key Bridge in 2008, and streamlined operations to achieve a 25% EBITDA gain across the board. Prior to Key Bridge he acted as a consultant in M&A to privately held companies in RHB Partners. In 2002-2003 he was Executive VP and CFO of RJ Reynolds Tobacco Holdings, where he directed a $150 million reorganization and 8% US workforce reduction to right-size the company, and directed 1,000 staff members. Before RJ Reynolds he was President of North American Logistics, a $700 million privately held company in transportation and warehousing, and earlier was President and CFO of Unisource Worldwide, a $7 billion NYSE-listed company, also in wholesale distribution. He was with Philip Morris Companies for more than a decade, rising to Senior VP and CFO of the Miller Brewing Company subsidiary. He earned his baccalaureate in accounting at the University of Washington and is a Certified Public Accountant, a Certified Internal Auditor, and holds a Certificate in Management Accounting. The Virginia resident serves as a volunteer business advisor to the Executive Director of the Easton, Maryland, Economic Development Corporation.
About Axion Power International, Inc.
Axion Power is an industry leader in lead carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
For more information, visit www.axionpower.com
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.
Axion Power International, Inc.
David T. DiGiacinto, CEO
Len Hall (Media)
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SOURCE Axion Power International, Inc.