TORONTO, May 01, 2019 (GLOBE NEWSWIRE) — EEStor Corporation (TSXV:ESU) (“EEStor”, or the “Company”) announces that Mr. Noel Cuesta and Dr. Robert M. Tocchio have been appointed to the Company’s Board of Directors.
Eugenio Noel Cuesta holds dual M.Sc. degrees in Mechanical Engineering and Nuclear Engineering. Since 2014 Mr. Cuesta has been responsible for new product testing and implementation for Hydro-Québec’s Testing and Commissioning Group. He also worked as a physicist at Hydro-Québec’s Reactor Physics Group at the Gentilly-2 Nuclear Power Plant from 2006 to 2014. Additionally, Mr. Cuesta is a Technical Advisor for Renewable Energy with Global PoleTrusion Group Corp. (GPGC). Prior to his employment at Hydro-Québec, Mr. Cuesta was a Professor of Mechanical Engineering at Simon Bolivar University in Caracas, Venezuela from 2003 to 2005.
Ian Clifford, Founder and CEO of the Company, commented: “As the Company continues to pursue a number of crucial Joint Venture manufacturing and licensing opportunities in China, Europe and North America, the addition of Noel to the Board was a strategic choice. The level of expertise and quality control discipline required in all aspects of Noel’s career to date adds significant credibility to the Board and the Company as a whole, as we continue this intense Joint Venture process.”
Dr. Robert M. Tocchio is one of EEStor’s longest supporters and is currently its largest single shareholder.
Dr. Tocchio operated a successful orthodontic practice for over 25 years and brings extensive entrepreneurial experience in a wide array of private and public start-up investments to EEStor. Dr. Tocchio has sat on various boards, most notably as a Founder and Board Member of Medisystem Technologies, which he and his team took public and later successfully sold to Shoppers Drug Mart.
Ian Clifford, Founder and CEO of the Company, commented: “Rob has been one of our most significant and consistent supporters since we took the Company public in 2006. His passion for the technology has never wavered. The team and I are very excited to have the opportunity to work much more closely with Rob in the coming months. His experience with the growth and strategic development of dynamic technology companies, and his extensive network, will be a great asset to our Board and Shareholders.”
The Company also announces that, effective April 30th, 2019, it has accepted the resignations of Mr. Kevin Spall, Mr. Michael Michalyshyn and Mr. Paul Mesburis. Mr. Kevin Spall has resigned as the Company’s Chief Financial Officer, Director of the Company and its subsidiary, EEStor Inc. In addition, Mr. Michael Michalyshyn and Mr. Paul Mesburis have resigned as Directors and Co-Chairs of the Company’s Board and of the Board of its subsidiary, EEStor Inc. The Company thanks Messrs. Spall, Michalyshyn and Mesburis for their services and wishes them all the best in their future endeavours. The Company’s Board has appointed Mr. Ian Clifford as the Chief Financial Officer, in addition to his roles as a Director and CEO. In addition, the Board has appointed Mr. Cuesta and Dr. Tocchio to the Board of its subsidiary, EEStor Inc.
About EEStor Corporation
EEStor is a developer of high energy density solid-state capacitor technology utilizing the Company’s patented Composition Modified Barium Titanate (CMBT) material. The Company is focused on licensing opportunities for its technology across a broad spectrum of industries and applications.
The Company’s success depends on the commercialization of its technology. There is no assurance that EEStor will be successful in the licensing of the technology.
EEStor is operating with limited financial resources and has continued to secure bridge financing. The Board continues to work on its review of strategic alternatives and a non-brokered private placement. As a pre-revenue Company, unless EEStor is successful in raising capital, there can be no assurance about the future operations of its business.
Readers are directed to the detailed “Risk Factors” disclosed in the Company’s public filings.
For additional information please contact:
Chief Executive Officer
Tel. 416-535-8395 ext. 3
Neither TSX Venture Exchange nor 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.