Aqua Metals Promotes Steve Cotton to Chief Executive Officer
10 January 2019 - 12:00AM
Aqua Metals, Inc. (NASDAQ: AQMS), (“Aqua Metals” or the “Company”),
which is commercializing its proprietary AquaRefining™
electrochemical lead recycling technology, today announced it has
promoted Steve Cotton, President, to the additional role of Chief
Executive Officer. Cotton was also appointed to the Company’s
Board of Directors as its seventh director, with unanimous support
from the current Board and leadership team.
“The Aqua Metals Board of Directors would like to thank Steve
Cotton for his leadership over the past several months,” said S.
Shariq Yosufzai, Chairman of the Board. “Steve’s drive, integrity
and strong leadership has transformed the company and has set a
foundation for success in 2019. Steve has built an entirely
new management team and strengthened existing partnerships while
seeking new partnerships and building on relationships with
investors, analysts and the industry as a whole. He has overseen
meaningful progress at the plant, culminating in JCI’s vendor
certification, which enables AquaRefined lead ingots to ship
directly to JCI battery manufacturing. Steve has instilled a
can-do culture, laser focused on completing projects to improve
contribution margin and scaling the AquaRefinery. The entire
board supports Steve’s leadership in his strengthened role in
2019.”
“I am honored to continue to lead the Aqua Metals team as we
pursue our unique opportunity to transform the way the energy
storage industry recycles and makes batteries into a more
sustainable part of the emerging circular economy,” said
Cotton. “As we continue to build Aqua Metals’ enterprise
value through execution, I am humbled by the support of the board,
our management team, investors and partners and am confident that
the Company’s best days are ahead.”
Steve Cotton has served as President of Aqua Metals since
returning to the Company in May 2018. He was an early
investor and served as Chief Commercial Officer from January 2015
until June 2017 and was primarily responsible for developing the
Aqua Metals brand and strategic partnerships. Prior to
joining Aqua Metals, Cotton built DPMC-IntelliBatt (now Canara)
from a garage operation in 2002 to a global provider of intelligent
battery systems inclusive of patented monitoring technologies and
services before selling the company in 2012 to a private equity
firm.
About Aqua MetalsAqua Metals, Inc. (NASDAQ:
AQMS) is reinventing lead recycling with its patented
AquaRefining™ technology. Unlike smelting, AquaRefining is a
room temperature, water-based process that is fundamentally
non-polluting. These modular systems allow the Company to vastly
reduce environmental impact and scale lead acid recycling
production capacity both by building its own AquaRefineries and
licensing the AquaRefining technology to partners. This meets
growing demand for lead to power new applications including
stop/start automobile batteries which complement the vehicle’s main
battery, Internet data centers, alternative energy applications
including solar, wind, and grid scale storage. Aqua Metals is based
in McCarran, Nevada, and has built its first recycling facility in
Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit
www.aquametals.com.
Safe HarborThis press release
contains forward-looking statements concerning Aqua Metals.
Forward-looking statements include, but are not limited to our
plans, objectives, expectations and intentions and other statements
that contain words such as “expects,” “contemplates,”
“anticipates,” “plans,” “intends,” “believes” and variations of
such words or similar expressions that predict or indicate future
events or trends, or that do not relate to historical matters.
The forward looking statements in this release include the
Company’s development of its commercial lead acid battery recycling
facilities and the quality and efficiency of the Company’s proposed
lead acid battery recycling operations, the strength of the
Company’s strategic partnerships, the Company’s ability to
transition to a licensing-based business model, and the Company’s
ability to obtain non-dilutive forms of financing. Those
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially. Among those factors are: (1) the risk that the
Company may not be able to produce and market AquaRefined lead on a
commercial basis or, if the Company achieves commercial operations,
that such operations will be profitable, (2) the fact that the
Company only recently commenced production and has not generated
any significant revenue to date, thus subjecting the Company to all
of the risks inherent in a pre-revenue start-up; (3) the risk that
the Company may not be able to realize the expected benefits from
its strategic partnerships, (4) the risk that the Company may be
unable to obtain non-dilutive forms of financing, (5) risks related
to Aqua Metals’ ability to raise sufficient capital, in any form,
as and when needed, to develop and operate its recycling facilities
and fund continuing losses from operations as the Company endeavors
to achieve profitability; (6) changes in the federal, state and
foreign laws regulating the recycling of lead acid batteries; (7)
the Company’s ability to protect its proprietary technology, trade
secrets and know-how and (8) those other risks disclosed in the
section “Risk Factors” included in the Company’s Quarterly Report
on Form 10-Q filed on November 7, 2018. Aqua Metals cautions
readers not to place undue reliance on any forward-looking
statements. The Company does not undertake, and specifically
disclaims any obligation, to update or revise such statements to
reflect new circumstances or unanticipated events as they occur,
except as required by law.
Contact: Alison Ziegler, Darrow Associates (201)
220-2678aziegler@darrowir.com
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