A seasoned energy and technology executive
with extensive M&A and financing experience
TORONTO, Aug. 12, 2019 /PRNewswire/ - Electrovaya
Inc. (TSX:EFL) (OTCQX:EFLVF) is pleased to announce the appointment
of John Macdonald to its Board of
Directors, effective immediately. Mr. Macdonald is a highly
talented executive with more than three decades of management
experience in the energy and telecom sectors. Over the course of
his career, he has raised more than $2.5
billion in financing and has been involved in 27
acquisitions and 4 divestitures. He has launched four businesses
that each created more than $100
million of value.
Mr. Macdonald was the first employee of Enercare Inc., which
began operations in 2006. As President and CEO, he built Enercare
into one of North America's
leading home and commercial services and energy solutions
companies. Enercare completed 17 acquisitions during his tenure and
generated a total shareholder return of 710%. He retired from
Enercare in August 2018 after the
firm agreed to be acquired by Brookfield
Infrastructure for $4.3 billion.
Prior to Enercare, Mr. Macdonald held senior roles at companies
including Hydro One Telecom, AT&T Canada and Nortel Networks.
He was recently appointed Chair of the Board at Parity, a Canadian
property technology company. He is also committed to community
involvement, making significant contributions to non-profit
organizations including the University of
Toronto Entrepreneurship Program and Brockville General
Hospital.
"We are thrilled to welcome John to the Electrovaya team,"
said Alexander McLean, Chairman of Electrovaya's Board of
Directors. "His extensive experience in raising capital, along with
his deep expertise in the technology and energy sectors, are
tremendous additions to our company."
"Lithium ion batteries are a crucial element of climate change
mitigation and energy transformation," Mr. Macdonald commented.
"Electrovaya is at the forefront of this technology, and it is
exciting to see that many leading Fortune 100 firms are partnering
with the Company. I am very excited about the opportunity to join
the Board and help the Company grow globally."
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya uses scalable contract manufacturers for various
component production, and has final assembly facilities in
Canada with customers around the
globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that relate to, among other things, the
addition of a Director to the Board of Directors with substantial
experience in public companies including raising of finance and
M&A activities however this may not assure any improvement in
the financial health of Electrovaya, or any substantial changes or
improvements to the company and whether this will expand
Electrovaya's market reach, anticipated increased collaboration
with OEMs in fiscal 2019, anticipated continued increase in sales
momentum in fiscal 2019 through OEMs and directly to large global
companies, including Fortune 500 companies, the Company's ability
to source supply with such possible cell performance to satisfy
demand for its products and satisfy current order volume, the
Company's markets, objectives, goals, strategies, intentions,
beliefs, expectations and estimates, and can generally be
identified by the use of words such as "may", "will", "could",
"should", "would", "likely", "possible", "expect", "intend",
"estimate", "anticipate", "believe", "potential", "plan",
"objective" and "continue" (or the negative thereof) and words and
expressions of similar import. Although the Company believes that
the expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making
forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to: that
current customers will continue to make and increase orders for the
Company's products, and that the Company's alternate supply chain
will be adequate to replace material supply and manufacturing.
Important factors that could cause actual results to differ
materially from expectations include but are not limited to:
general business and economic conditions (including but not limited
to currency rates and creditworthiness of customers), Company
liquidity and capital resources, including the availability of
additional capital resources to fund its activities, level of
competition, changes in laws and regulations, legal and regulatory
proceedings, the ability to adapt products and services to the
changing market, the ability to attract and retain key executives,
and the ability to execute strategic plans. Additional information
about material factors that could cause actual results to differ
materially from expectations and about material factors or
assumptions applied in making forward-looking statements may be
found in the Company's Annual Information Form for the year ended
September 30, 2018 under "Risk
Factors", and in the Company's most recent annual and interim
Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about Risk and Uncertainties" as well as
in other public disclosure documents filed with Canadian securities
regulatory authorities. The Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
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SOURCE Electrovaya Inc.
