MILWAUKEE, Wis., Jan. 25,
2019 /PRNewswire/ -- EnSync, Inc. (NYSE American:
ESNC), dba EnSync Energy Systems, which is creating the future of
electricity with innovative residential and commercial distributed
energy resource (DER) systems and Internet of Energy (IOE) control
platforms, announced today the resignation of Bradley Hansen as the Company's Chief Executive
Officer and as a member of the Board of Directors. The Company
further announced that the Board of Directors has appointed
Sandeep Gupta as interim CEO and
Chief Restructuring Officer and also as a member of the Company's
Board of Directors. Mr. Gupta is a principal and founder of
Novo Advisors and his expertise ranges from the development of
short-term liquidity forecasts, break-even analyses, and
performance/profit improvement studies to mergers and acquisitions
and liquidation analyses for healthy and distressed businesses
across a wide array of industries. Prior to founding Novo Advisors
Mr. Gupta was a Managing Director in FTI Consulting's Corporate
Finance practice based in Chicago.
There Mr. Gupta assisted clients in stabilizing businesses
experiencing a liquidity crisis and improving financial performance
both in an advisory capacity and on an interim management
basis.
Before joining FTI in 2007, Mr. Gupta spent eight years with
Silverman Consulting, a boutique restructuring advisory firm based
in Chicago where he gained many of
his aforementioned skills. Prior to Silverman, Mr. Gupta was an
operational and strategy consultant for two years with Arthur D. Little. Mr. Gupta also has six years
of experience as an engineer for Exelon Corporation's Commonwealth
Edison power generation business in Chicago.
Mr. Gupta holds an M.B.A. in Finance and Business Strategy from
the University of Chicago and a B.S. in
Mechanical Engineering from the University of
Illinois at Chicago. Mr. Gupta is a member of the
Chicago chapter of the Association
for Corporate Growth and has most recently passed all three parts
of the Certified Turnaround Professional exam.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems,
is creating the future of electricity with innovative distributed
energy resource (DER) systems and internet of energy (IOE) control
platforms. EnSync Energy ensures the most cost-effective and
resilient electricity, delivered from an electrical infrastructure
that prioritizes the use of all available resources, such as
renewables, energy storage and the utility grid. As project
developer, EnSync Energy's distinctive engagement methodology
encompasses load analysis, system design consulting, and technical
and financial modeling to ensure energy systems are sized and
optimized to meet our customers' objectives for value and
performance. Proprietary direct current (DC) power control
hardware, energy management software, and extensive experience with
numerous energy storage technologies uniquely positions EnSync
Energy to deliver fully integrated systems that provide for
efficient design, procurement, commissioning, and ongoing
operation. EnSync Energy's IOE control platform adapts easily to
ever-changing generation and load variables, as well as changes in
utility prices and programs, ensuring the means to make or save
money behind-the-meter, while concurrently providing utilities the
opportunity to use DERs for an array of grid enhancing services. In
addition to direct system sales, EnSync Energy includes power
purchase agreements (PPAs) in its portfolio of offerings, which
enables electricity savings for customers and provides a stable
financial yield for investors. EnSync Energy is a global
corporation, with joint venture Meineng Energy in
AnHui, China, and energy project
development subsidiary Holu Energy LLC in Hawaii. For more information, visit
www.ensync.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which
are based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect," "may,"
"will," "should," "could," "seek," "intend," "plan," "goal,"
"estimate," "anticipate" or other comparable terms. All
statements other than statements of historical facts included in
this press release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding project
completion timelines, our ability to monetize our PPA assets,
statements regarding the sufficiency of our capital resources,
expected operating losses, expected revenues, expected expenses and
our expectations concerning our business strategy. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Important factors that could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements include, among others, the
following: our historical and anticipated future operation losses
and our ability to continue as a going concern; our ability to
raise the necessary capital to fund our operations and the risk of
dilution to shareholders from capital raising transactions; our
ability to successfully commercialize new products, including our
EnSync Smart Home Energy System, MatrixTM Energy Management, DER
FlexTM, DER SuperModule, and Agile TM Hybrid Storage Systems; our
ability to lower our costs and increase our margins; our product,
customer and geographic concentration, and lack of revenue
diversification; the length and variability of our sales cycle; our
dependence on governmental mandates and the availability of
rebates, tax credits and other economic incentives related to
alternative energy resources and the regulatory treatment of
third-party owned solar energy systems; and the other risks and
uncertainties described in the Risk Factors and in Management's
Discussion and Analysis of Financial Condition and Results of
Operations sections of our most recently filed Annual Report on
Form 10-K and our subsequently filed Quarterly Report(s) on Form
10-Q. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
EnSync Energy Media Contact:
Lisa Nash
Antenna Group
ensync@antennagroup.com
(646) 883-4296
Michelle Montague
mmontague@ensync.com
(262) 735-5676
Investor Relations Contact:
Lytham Partners,
LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
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SOURCE EnSync, Inc.