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Entech Solar Inc. announced that David Gelbaum, the company'’s Chairman
and Trustee of The Quercus Trust, a major shareholder in the company,
will become Chief Executive Officer (CEO, effective immediately.
He
will replace Dr. Frank W. Smith, who has served as the Company’s CEO
since March of 2008. Dr. Smith, while stepping down from his CEO role,
will continue to serve the company in an advisory capacity during Mr.
Gelbaum’s transition into his new role, and will retain his seat on the
Company’s Board.
The company also announces that Gelbaum,
through The Quercus Trust, has invested through a private placement
agreement, an additional $600,000 in the company in exchange for Entech
Solar restricted common stock at a purchase price of $0.08 per share.
Gelbaum
noted: “I recognize and appreciate the excellent job that Frank has
done in taking the Company through a difficult transition period over
the past two years. The Company’s transition is substantially complete
and Entech Solar is now well-positioned to complete the product
development and commercialization of its ThermaVolt, SolarVolt and
Daylighting products.”
He stated, “I believe in Entech Solar’s
employees, its Board of Directors (including Frank Smith, who will
continue to assist the Company as a member of the Board), its
intellectual property, its technology and its market. I am committed to
working with the Entech Solar team to bring its products to market and
to make the Company profitable and create value for its shareholders,
which include its employees and board members through their ownership
of both stock and stock options. I am lucky to be part of this great
company.”
In addition, the Company announced that Jacob J.
Worenklein, a member of the Company's Board of Directors and Chairman
of its Audit Committee, has resigned from the Board. Worenklein
informed the Board that he is required to resign as a result of his
joining the law firm of Bingham McCutchen LLP as a partner on January
12, 2010 and it is the firm's policy that its partners not serve as
Directors of public companies.
