Maxwell Technologies, Inc. announced today that it has appointed George Kreigler III vice president, operations, with global responsibility for BOOSTCAP® ultracapacitor production, including overseeing the company's recently announced offshore manufacturing activities in China.
For Immediate Release
SAN DIEGO, Calif. - Maxwell Technologies, Inc. (Nasdaq: MXWL) announced today that it has appointed George Kreigler III vice president, operations, with global responsibility for BOOSTCAP® ultracapacitor production, including overseeing the company's recently announced offshore manufacturing activities in China.
Kreigler, 53, has more than 30 years of high technology operations management experience, including supervision of multiple large-scale offshore manufacturing facilities. He spent the past eight years with Quantum Corporation, most recently as corporate senior vice president and general manager of the $300 million annual revenue Quantum Storage Systems business unit. Previously, he was vice president, manufacturing systems for Read-Rite Corporation, and before that spent 12 years in senior operations and engineering positions with disk drive manufacturer Maxtor Corporation.
Dr. Richard Balanson, Maxwell's president and chief executive officer, said that Kreigler's deep and diverse manufacturing, engineering, supply chain and offshore production experience give him ideal credentials to lead the company's ultracapacitor capacity expansion ramp to keep pace with multi-million-unit annual demand Maxwell that expects in coming years.
"Ultracapacitor-based solutions for transportation and industrial applications represent a multi-billion dollar opportunity in the coming decade, and George brings the operational skills and savvy to drive the process of building the internal and external production infrastructure we need to ensure that Maxwell capitalizes on that opportunity," Balanson said.
Maxwell is a leading developer and manufacturer of innovative, cost-effective energy storage and power delivery solutions. Our BOOSTCAP® ultracapacitor cells and multi-cell modules provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation and telecommunications. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. Our radiation-mitigated microelectronic products include power modules, memory modules and single board computers that incorporate powerful commercial silicon for superior performance and high reliability in aerospace applications. For more information, please visit our website: www.maxwell.com.
Forward Looking Statements
Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:
• development and acceptance of products based on new technologies;
• demand for original equipment manufacturers' products reaching anticipated levels;
• general economic conditions in the markets served by the company's products;
• cost-effective manufacturing of new products;
• the impact of competitive products and pricing;
• risks and uncertainties involved in foreign operations, including the impact of currency fluctuations.
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of these documents may be obtained at our investor relations website: http://www.maxwell.com/company/investors/sec_filings.html, or by contacting Maxwell's investor relations department at +1 (858) 503-3434.
All information in this release is as of April (date), 2006. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
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