Toronto, Ontario, Canada
EEStor Corporation Announces New Director
Toronto, Ontario – February 16, 2016 – EEStor Corporation (TSX VENTURE:ESU) (“EEStor” or the “Company”) is pleased to announce that subject to regulatory approval Mr. Michael Michalyshyn joined the Company’s Board of Directors effective immediately.
Mr. Michalyshyn, LLB, MBA brings an extensive background in licensing and Intellectual Property law which shall assist the Company in the commercialization of its technologies. Recently, Mr. Michalyshyn was the General Counsel & VP Human Resources at QNX Software Systems and continued on after the acquisition of the company by BlackBerry Limited to become the head of BlackBerry’s Technology Licensing group. He is currently General Counsel & Corporate Secretary at ViXS Systems Inc. (VXS.TO).
Stewart Somers, Chairman of the Board stated, “We are delighted in welcoming Mr. Michalyshyn as a director and Chair of the Compensation and Governance Committee. Michael brings considerable expertise to the Board as the Company executes its intellectual property and licensing strategies as part of its operating plans.”
Ian Clifford, CEO and Founder of the Company added “As EEStor continues its ongoing discussions with potential licensee partners for the Company’s high voltage capacitor technology, Mr. Michalyshyn’s extensive experience in intellectual property law and complex licensing negotiation will prove invaluable to the Company. In addition, our continuing work on the high energy density aspects of our technology will also require continued intellectual property strategy and implementation, and Michael brings relevant experience which will support our core teams efforts.
About EEStor Corporation
The Company’s mission is to be the provider of leading edge electrical energy storage and related capacitor technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company’s current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements related to capacitors.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. The acquisition of the controlling interest in EEStor Inc. aligned the businesses of both companies and now allows EEStor Corporation to benefit from other revenue streams that should be available to EEStor, Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
The Company’s success depends on the commercialization of the technology developed by EEStor Inc and there is no assurance that it will be successful in the completion of the various enhancement phases to warrant the anticipated licensing opportunities in the technology. Readers are directed to the “Risk Factors” disclosed in the Company’s AIF.
Neither TSX Venture Exchangenor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer