Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain officers.
On February 11, 2014, Armin Weiland was named to our Board of Directors, and
with his appointment, we increased the size of our Board of Directors from three
Armin Weiland is 48 years of age and has over 20 years of experience in
international corporate finance and direct equity investments, currently serving
as an Independent Advisor. He is directly involved in the field of
energy/renewable energy investment and has been for over a decade and has been
very actively involved in the energy storage sector for almost the same time.
Armin was the co-head of Partners Group's European private equity team and
formed part of their global private equity direct investment committee, while
serving as a Director (2011-2013). Partners Group AG is a multi-billion global
asset management firm headquartered in Switzerland. He also served as a
Director of Partners Group UK Ltd. (2012-2013). Prior to joining Partners
Group, he was employed at HypoVereinsbank Group, ultimately heading global
corporate finance (2001 to 2005); Deutsche Bank Group; and co-founded
GermanCapital GmbH (2005 to present), a mid-market equity investor, which was
subsequently integrated into Partners Group. He graduated from European
Business School in Germany and holds an MBA from James Madison University in
There are no present compensatory arrangements for Mr. Weiland service on our
Board of Directors.
Item 7.01 Regulation FD Disclosure.
On February 20, 2014, we issued a Press Release regarding the election of Armin
Weiland as a director, a copy of which is attached as Exhibit 99.
Item 8.01 Other Information.
On February 11, 2014, we also:
Appointed Dr. John Bates, Ph.D., to serve as the Chairman on our newly
designated Scientific and Technology Committee.
Dr. Bates is our former CTO of and leader of the thin film battery group at the
Oak Ridge National Laboratory. He is the discoverer of a thin film electrolyte,
lithium phosphorus oxynitride ("Lipon"), that enabled the development of all
solid state rechargeable thin film lithium and lithium-ion batteries; he holds
over twenty five (25) patents in the area of thin film batteries and battery
materials, device construction and packaging. Dr. Bates recently was named a
Battelle Distinguished Inventor. He is a Fellow of the American Physical
Society and a former winner of the Electrochemical Society Battery Research
Award (2000); an R&D 100 Award (1996); and the Department of Energy Division of
Materials Science Award (1994). He received his Ph.D. in physical chemistry in
1968 from the University of Kentucky.
Appointed James P. McDougall to serve on our newly designated Business Advisory
Mr. McDougall is the founder and President of JPM International, Inc. a
consulting and advisory firm in Henderson, Nevada (1996 to present). Mr.
McDougall brings experience in working with international rechargeable battery
companies. He was engaged by Alevo Battery Technology GmbH, a private start-up,
working with rechargeable Li-ion batteries, as its Interim CEO and Managing
Director (Sept. 2013 to Dec. 2013); and Fortu Holding AS, a private start-up,
also working with rechargeable Li-ion batteries, as CEO of its parent holding
company (Feb. 2013 to Aug. 2013). From February 2008 to November 2012, Mr.
McDougall worked with Revolt Technology AS, as its Group CEO and Managing
Director working in the field of rechargeable zinc-air battery technology; and
since 2000, he has been working with the development of several private and
public companies using different battery technologies. Mr. McDougall completed
post-graduate studies in Global Oil and Gas
management at Thunderbird School of Global Management
global private equity (2006); received a professional certificate in sustainable
energy conversion and storage from Stanford University'sSchool of Engineering
(2010); and completed post-graduate studies in private equity and venture
capital from Harvard Business School
(2010). He graduated with an MBA in
International Management from Thunderbird School of Global Management
from Ferris State University
with B.S. in Business Administration -
International Business (1988).
Agreed to grant Expedia Holdings Limited
("Expedia"), the sole owner of Newmark
("Newmark") and the assignee of the $2,000,000
loan that was
made to us by Newmark, a lien on all of our equipment and intellectual property,
to secure payment of this loan and accrued interest. The loan, together with
applicable interest, is currently due on June 30, 2014
. On the execution and
delivery of the applicable documents regarding this lien, such documentation
will be filed with the Securities and Exchange Commission
as Exhibits to an 8-K
Current Report to be dated as of the closing date of this transaction. The lien
will not affect our use of our equipment and intellectual property in the
ordinary course of our business. Additional information about the Newmark loan
can be found in our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2013
, which was filed with the Securities and Exchange Commission
(the "SEC") on November 19, 2013
Item 9.01 Financial Statements and Exhibits.
Press Release dated February 20, 2014
Quarterly Report on Form 10-Q for the quarter ended September 30, 2013
was filed with the SEC
on November 19, 2013