TORONTO, June 14, 2018 /CNW/ - CellCube Energy Storage Systems Inc. ("CellCube" or the "Company") (CSE: CUBE) (CSE: CUBE.CN) (OTCQB: STNUF) (Frankfurt: 01X) is very pleased to name Mike Neylan as the new President and CEO of CellCube effective June 15, 2018.
Mr. Neylan has over 20 years of extensive financial, legal and international corporate experience. Most recently, he was a portfolio manager in the private equity division of Sprott Inc. ("Sprott"), a leading alternative investment manager with over $11 billion in assets under management, where he was primarily responsible for establishing Sprott Asia. While at Sprott, he helped raise over $500 million of institutional investment capital from China and Korea and executed over $300 million of investments predominantly in the resource and renewable power sectors. Sprott, and certain investment entities managed by Sprott, have also invested in CellCube.
Mike was formerly the Chief Operating Officer of Aquilon Power Corp. where he managed an alternative investment fund focused on physical power trading. He was also previously legal counsel for both Nortel Networks at its global headquarters and for the Royal Bank of Canada/RBC Capital Markets in London, England.
Mike holds a Bachelor of Arts in Economics from the University of Western Ontario and a Bachelor of Laws from Queen's University.
"I was intrigued with CellCube's proven vanadium redox flow battery technology and the rapid progress the Company has made in advancing much needed energy storage solutions in the marketplace," stated Mr. Neylan. "My experience in the energy industry leads me to believe that the timing is right for a rapid deployment of CellCube's energy storage solutions globally."
"Enerox is pleased to welcome Mike Neylan as part of the executive team in his role as the new CEO for CellCube. His insight into power trading markets and his experience in large company management will accelerate our mission to serve modern energy markets which are in a major transition towards new, disruptive forms of value generation in energy trading," said Stefan Schauss, President & CEO of Enerox GmbH, the CellCube product wholly-owned subsidiary.
Mike will be replacing Brian Stecyk who has lead CellCube over the past two years through a period of rapid and successful global expansion.
"CellCube is absolutely delighted to be able to attract the calibre of a person such as Mike Neylan with his broad international business experience and proven management skills," stated Brian Stecyk. "This appointment should send a strong signal to the marketplace that, under Mike's leadership, we are ready to compete against any entity in the world in the energy storage space."
The board of directors of CellCube would like to extend its sincere appreciation to Brian Stecyk for his leadership over the past year and his commitment and dedication to the Company which has allowed it to become a world leader. Mr. Stecyk will be remaining as a director of CellCube.
CellCube's acquisition of the assets of Gildemeister Energy Storage GmbH has transformed CellCube and its wholly-owned subsidiary, Enerox GmbH, into a leading integrated resource and energy storage company. Together with the company's recent acquisition of Jet Power & Control Systems Ltd. (now renamed EnerCube Switchgear Systems Inc.) and Hillcroft Consulting Ltd. (renamed PowerHaz Energy Mobile Solutions Inc.) and its investment in Braggawatt Energy Inc., CellCube is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both stand-alone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at http://www.sedar.com . Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CellCube Energy Storage Systems Inc.
For further information: Glenda Kelly, CellCube Energy Storage Systems Inc., Telephone: +1800-822-3213, Email: [email protected]