SEOUL, South Korea -- Nesscap Energy Inc. ("Nesscap") (TSX VENTURE:NCE), a global leader in research, development and manufacturing of ultracapacitor products, today announced the appointment of Mr. Dennis Orwig to the position of Chief Executive Officer.
Mr. Orwig has extensive experience in power and technology development as Chief Executive Officer and senior executive of private and public companies over the last 20 years. Prior to joining Nesscap, Dennis was Chief Executive Officer of Novatec Biosol AG, a solar power technology and manufacturing company. His senior management roles include the US Chief Executive Officer of ABB Power Generation and Chief Executive Officer of Catalytica.
While CEO of ABB Power Generation, Mr. Orwig was closely involved in ABB's design and construction of two of the parabolic trough Solar Energy Generating Systems projects built at Kramer Junction, California. As a senior executive in start-up and early stage companies, his leadership drove significant growth in profitability and shareholder value in the competitive global energy markets.
Mr. Orwig has extensive business experience in the US, UK, Europe, the Middle East, Africa and Asia markets. This experience extends to developing global strategic partnerships with industry and government including counterparties such as GE and Siemens and the US Government Department of Energy. Mr. Orwig holds an MBA from Duke University, a BS in Paper Chemistry and a BA in Applied Science, both from Miami University.
"We are very excited to welcome Dennis to our executive management team at Nesscap," said Dr. Sunwook Kim, Chief Executive Officer of Nesscap Energy Inc. "We believe Dennis has the experience and skills necessary to lead Nesscap forward as a global technology company."
Dr. Sunwook Kim will step down as Chief Executive Officer and will continue to serve as a Director, Non-Executive Chairman and will remain active in the Company's research and development projects. As part of his compensation package, Mr. Orwig was granted 750,000 incentives stock options. These options are exercisable at a price of $0.38 per common share and expire five years from their date of grant. The options vest over a two-year period, one-third on each of the date of grant and the first and second anniversaries. The exercise price of the incentive stock options granted is greater than the closing price of the Company's common shares on the TSX Venture Exchange on the date immediately preceding the grant. The incentive stock options are subject to the terms and conditions of the Company's Stock Option Plan and the policies of the TSX Venture Exchange.
The Company would also like to announce that the contract with Mr. Paul Haber, the interim Chief Financial Officer, has expired. The Company is currently in the process of recruiting a permanent replacement. Mr. Haber was instrumental to the successful listing of Nesscap on TSX Venture Exchange and provided a solid foundation for financial reporting of the Company.