Ideal Power Announces Leadership Changes and Business Update
15 April 2020 - 6:01AM
Ideal Power Inc. (Nasdaq: IPWR) (“Ideal Power,” the “Company,”
“we” and “our”), pioneering the development and commercialization
of highly efficient and broadly patented B-TRAN™ bi-directional
power switches, today is providing a corporate update on recent
business initiatives, including the appointment of Dan Brdar as
President and Chief Executive Officer.
Dr. Lon Bell, Chairman of Ideal Power, has
retired from his position as President and Chief Executive Officer
effective immediately. Dr. Bell will remain as Chairman of Ideal
Power during a transition period through the remainder of his
current term.
As part of a comprehensive corporate succession
planning process led by Ted Lesster, the Chairman of Ideal Power’s
Nominating and Corporate Governance Committee, the Board of
Directors conducted a retained search to identify a new Chief
Executive Officer. That process concluded with the appointment of
Dan Brdar, formerly Ideal Power’s B-TRAN Chief Commercial Officer,
as the Company’s new President and Chief Executive Officer. Mr.
Brdar will continue to serve as a member of the Board of
Directors.
Management Commentary
“Dan Brdar has been instrumental in our
development efforts, pre-commercialization strategy, pursuit of
government-sponsored R&D support and in our supply chain
development and management. As a result, Dan is uniquely qualified
to lead B-TRAN to the next stage of commercialization as our Chief
Executive Officer. I would like to congratulate him in his new
role,” said Dr. Lon Bell, Chairman of Ideal Power.
“I would like to thank Lon for his contributions
as Chief Executive Officer, and for his continued contributions as
our Chairman,” added Dan Brdar, President and Chief Executive
Officer of Ideal Power.
“On the development front, we have completed the
fabrication qualification process with Teledyne, our new domestic
semiconductor fabrication partner, and we are releasing our
next-generation parts to our semiconductor partners for
fabrication. In addition, we were recently notified of our
selection for our first award of a government-funded technology
demonstration project, where B-TRAN™ will act as an enabling
technology in an exciting application. We will provide further
details on this front as they become available,” concluded Mr.
Brdar.
“On the financial front and in response to the
programs made available to date by the Federal government, we
submitted applications for both the Economic Injury Disaster loan
as well as a Payroll Protection Program loan,” added Tim Burns,
Chief Financial Officer of Ideal Power.
Conference Call Details
Ideal Power Chairman Dr. Lon Bell, CEO and
President Dan Brdar and CFO Tim Burns will host the conference
call, followed by a question and answer period.
To access the call, please use the following information:
Date: |
Tuesday, April 14, 2020 |
Time: |
4:30 p.m. EST, 1:30 p.m. PST |
Toll-free dial-in number: |
1-800-239-9838 |
International dial-in
number |
1-323-794-2551 |
Conference ID: |
9392321 |
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and
available for replay at
http://public.viavid.com/index.php?id=139175 and via the investor
relations section of the Company’s website at
www.IdealPower.com.
A replay of the conference call will be available after 7:30
p.m. Eastern time through May 14, 2020.
Toll Free Replay Number: |
1-844-512-2921 |
International Replay
Number: |
1-412-317-6671 |
Replay ID: |
9392321 |
About Ideal Power Inc.
Ideal Power (Nasdaq: IPWR) is pioneering the development of its
broadly patented bi-directional power switches, creating highly
efficient and ecofriendly energy control solutions for industrial,
alternative energy, military and automotive applications. The
company is focused on its patented Bi-directional, Bi-polar
Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is
a unique double-sided bi-directional AC switch able to deliver
substantial performance improvements over today's conventional
power semiconductors. Ideal Power believes B-TRAN™ modules will
reduce conduction and switching losses, complexity of thermal
management and operating cost in medium voltage AC power switching
and control circuitry. For more information,
visit www.IdealPower.com.
Safe Harbor Statement All
statements in this release that are not based on historical fact
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. While Ideal
Power’s management has based any forward-looking statements
included in this release on its current expectations, the
information on which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties and other factors, many of which are outside of our
control that could cause actual results to materially differ from
such statements. Such risks, uncertainties, and other factors
include, but are not limited to, the success of our B-TRAN™
technology, whether the patents for our technology provide adequate
protection and whether we can be successful in maintaining,
enforcing and defending our patents and our inability to predict
with precision or certainty the pace of development and
commercialization of our B-TRAN™ technology, our ability to secure
additional financing and uncertainties set forth in our quarterly,
annual and other reports filed with the Securities and Exchange
Commission. Furthermore, we operate in a highly competitive and
rapidly changing environment where new and unanticipated risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise forward-looking statements.
Ideal Power Investor Relations Contact: MZ
North America Chris Tyson 949-491-8235 IPWR@mzgroup.us
www.mzgroup.us
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