Odyne Corporation (OTCBB:ODYC), a leading developer of advanced plug-in hybrid electric vehicle powertrain (PHEV) technologies, has appointed Wall Street veteran Alan Tannenbaum as the company's new chief executive officer.
FOR IMMEDIATE RELEASE
Investors and Media
A. Lavin Communications
Tel: (212) 290-9540
ODYNE CORP. NAMES WALL STREET VETERAN ALAN TANNENBAUM AS ITS NEW CHIEF EXECUTIVE OFFICER
HAUPPAUGE, NY, September 20, 2007 -- Odyne Corporation (OTCBB:ODYC), a leading developer of advanced plug-in hybrid electric vehicle powertrain (PHEV) technologies, has appointed Wall Street veteran Alan Tannenbaum as the company's new chief executive officer.
Over the past 12 years, Tannenbaum held senior positions at Lehman Brothers in New York and the U.K. These include managing director, head of Institutional Equity Sales, head of European Equity Capital Markets and head of Telecom and Media Equity Capital Markets.
Tannenbaum's extensive experience in equities and global finance complements the existing management team's engineering and operational expertise and greatly enhances the company's ability to obtain the financial resources necessary to execute its business plan.
"Odyne is extremely fortunate to have an executive with such extensive financial and strategic planning experience join its senior management team" said Konstantinos (Gus) Sfakianos, Odyne co-founder and interim-CEO.
Tannenbaum stated that he "joined Odyne to help it capitalize on the very strong secular growth trend he sees in the alternative energy industry."
Tannenbaum graduated from the University of Michigan in 1990 with a B.A. in English Literature. He lives in Tenafly, New Jersey with his family.
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About Odyne Corporation
Odyne Corporation is a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company has developed a proprietary system combining electric power conversion, power control and energy storage technology, with standard electric motors, storage batteries and other off the shelf components to create a lower fuel cost, lower operation and maintenance cost, substantially lower emission and quieter vehicle. Odyne's PHEV systems are series configuration hybrids with significant advantages over the parallel architecture used in hybrid passenger cars. Visit www.odyne.com for more information.
This news release contains certain "forward-looking statements," related to the business of Odyne which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, regulatory actions or delays, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the U.S. Securities and Exchange Commission. Odyne is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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