|By PR Newswire||
|November 13, 2012 11:30 AM EST||
BELLINGHAM, Wash., Nov. 13, 2012 /PRNewswire/ -- Integral Technologies Inc. (OTCBB: ITKG) today announced the appointment of James Eagan as its new Chairman. Mr. Eagan will succeed William Robinson, who had served as Integral's Chairman and CEO since the company's founding in 1996. The transition within Integral's senior management ranks coincides with the acceleration of the company's strategic penetration into new markets for its patented line of electrically conductive composite materials.
"Integral is at an exciting inflection point, and we owe a tremendous debt of gratitude to Bill Robinson for getting us where we are today," said Mr. Eagan, a current Director of Integral who had most recently served as President of OrbComm Asia Ltd. "Under Bill's capable leadership and steady hand, Integral has emerged as a pioneer in the conductive plastics industry," added Mr. Eagan. "Not only did Bill oversee the development of a cutting-edge patent portfolio, but he excelled in the equally formidable task of assembling a premier team of scientific and business minds to tackle the challenges of bringing this innovative technology to a worldwide marketplace."
As Mr. Eagan takes on the Board Chairmanship, Doug Bathauer, Integral's current Vice President of Corporate Development, will the assume the title of CEO from Mr. Robinson. "Bill's legacy at Integral will be that of a visionary pragmatist," said Mr. Bathauer. "He has been instrumental in laying the groundwork that has allowed Integral to grow, adapt, and maintain continuity of mission as we seize new opportunities in the markets we serve. This is a transformative moment for the global energy technology industry, and so it is fitting that it should also be a transformative moment for Integral. We are eager to build upon the strong foundation that Bill has established, and grateful to be so well-positioned to do so."
For his part, Mr. Robinson described his tenure at Integral as "an incredibly rewarding adventure." Said Mr. Robinson, "It's been an honor to be part of what is truly a ground-breaking enterprise. As I see great prospects on the horizon for Integral, I am confident not only that the time is right to bring new perspectives to the fore, but that James, Doug and their team will lead this company boldly toward that horizon." In addition to the shifts in the CEO and Chairman roles, Herbert Reedman, a current Integral Director, will succeed company co-founder William Ince as President; Mr. Ince will stay on as Integral's CFO.
Concurrently with its upper management changes, Integral also announced the appointment of Richard Blumberg, Esq. to the company's Board of Directors as its first Independent Director. With a broad range of expertise in energy technology and law, Mr. Blumberg is poised to make major contributions toward Integral's strategic initiatives.
"Rick brings with him extraordinary intelligence, enthusiasm and a visionary perspective, formidable traits that, when integrated, will propel Integral's strategy and augment our expansive efforts," said Mr. Bathauer. "We're incredibly fortunate to benefit from the depth and breadth of his background, and his skills will certainly prove imperative to Integral and to our shareholders."
Blumberg's education and prior engagements speak volumes of the institutional awareness and informed outlook that are inherent in his observations and thorough understanding of Integral's market. He graduated from the University of Illinois with a degree in electrical engineering and computer science and from Stanford University with a degree in law, and, over the course of his extensive, multifarious career, Blumberg has worked tirelessly to put that proficiency to use. He has acted as one of the principals of a medical-legal and class action labor litigation firm, achieving judgments in the hundreds of millions of dollars. He has served as CEO of leading wind power development company Energy Logics, and, while there, he oversaw the buyout of the company, which went on to successfully develop a 120 MW wind farm in Montana. Most recently, Blumberg has worked as a venture capital entrepreneur in high-tech and life sciences companies and is also currently a major shareholder in Insync Analytics, the co-developer of an analytical trading tool presently used in-house to trade stocks and commodities.
Explaining his motivation for joining Integral's Board, Blumberg shared, "My focus in venture capital is on disruptive technologies that possess important social benefits. Integral boasts the leading IP portfolio in the conductive plastics field, is acknowledged by those multinational corporations who have tested the technology to have clearly superior technical performance compared to every other competitor, and has a proven capacity to produce light-weighting and improved manufacturing capability in the automotive, electronics and consumer goods sectors that will translate into lower energy and manufacturing costs. Integral has the potential to be an absolute game-changer in this field, and I'm frankly excited to be a part of the endeavor."
"We are thrilled to welcome Rick to our Board," added Bathauer. "First, Rick brings to bear a remarkable wealth of hands-on experience in cutting-edge technology innovation and market implementation. Secondly, his enviable reputation as a highly skilled lawyer and tactician will be indispensable to Integral as we structure and deploy our emerging global business opportunities through various strategically designed legal vehicles. Finally, Rick's appointment represents the first major step in our initiative to establish a strong independent Board at Integral, committed to the integrity of our business and to the best interests of our shareholders. As we proceed towards our goal of achieving a listing on a national exchange, we will continue to introduce independent Board Members, each with different strengths and perspectives but with the common thread of advancing shareholder value. With Rick joining us, we are pleased to have set such a high bar for excellence."
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. These statements include, without limitation, predictions and guidance relating to the company's future financial performance and the research, development and commercialization of its technologies. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements, as the result of such factors, risks and uncertainties as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company to execute its plans, (3) other factors detailed in the company's public filings with the SEC, including, without limitation, those described in the Company's annual report on Form 10-K for the year ended June 30, 2012 as filed with the Securities and Exchange Commission and available at www.sec.gov.
SOURCE Integral Technologies Inc.
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