Marshall S. Cogan Joins Ener1 Group as Senior Strategic Advisor
January 26 2006 - 8:57AM
PR Newswire (US)
FT. LAUDERDALE, Fla., Jan. 26 /PRNewswire/ -- Ener1 Group, a global
investment company with operations in New York, Florida, and
Moscow, announced today it has named financial and automotive
industry veteran, Marshall S. Cogan to the position of Senior
Strategic Advisor. As of February 1st, 2006, Mr. Cogan will join
the company in its New York office. This announcement follows the
arrival of Charles Gassenheimer as Chief Executive Officer of Ener1
Group to lead the company's private equity division and expand its
business in the areas of asset management including merchant
banking services. Mr. Cogan's task will be to assess Ener1 Group's
11 portfolio companies within its private equity division. He will
join the boards of several of Ener1 Group's investments and help
guide their strategies, including business development and merger
& acquisition opportunities. Mr. Cogan's depth of experience in
the automotive industry will be extremely beneficial to Ener1 Group
major asset Ener1, Inc (OTC:ENEI), as its subsidiary EnerDel
pursues the hybrid electric vehicle (HEV) market for its lithium
batteries. EnerDel is working closely with Japan-based ITOCHU
Corporation and developing what may be the first HEV lithium-ion
batteries to be mass manufactured in the U.S. Mr. Cogan founded
Foamex International in 1984 and built its foam operations in the
automotive industry to a 65 percent penetration in North America
for a period of ten years. Today Foamex continues to be the
dominant supplier of urethane foam to the industry. In 1986, Mr.
Cogan acquired control of Sheller Globe, at that time, the world's
largest manufacturer of steering wheels and related automotive
components with revenue of $800 million. He sold control for 15
times his holding company's original investment to United
Technology in less than two years in partnership with
Shearson-Lehman American Express. In 1992, with the support of
Harvard Private Equity, Apollo Management and JP Morgan Private
Capital, he founded and was the pioneer in the Consolidation of the
auto retail business, United Auto Group (UAG). With an original
total investment of $87.5 million, the company went public through
JP Morgan in 1996, and ultimately sold in 1999 to Roger Penske. The
current market value of UAG is $2 billion. Charles Gassenheimer
stated: "I met Marshall Cogan while running The private investment
group at Satellite Asset Management and was impressed by his vast
network of resources and passion for building businesses. His
relationships with the financial community and global corporations
will help our companies gain access to markets faster, as well as
build Ener1 Group's asset management division." Mr. Cogan
commented: "I will be working with an able CEO in Charles, whom I
look forward to sharing ideas that bring value to the shareholders
of Ener1 Group and the public shareholders of its portfolio
companies. I have a great deal of respect for Charles' clarity of
thinking and track record for success, which led to my decision to
join Ener1 Group." Mr. Cogan is a former partner of Cogan, Berlind,
Weill & Levitt, rising to the position of Partner in Charge of
Investment Banking and Institutional Research. He guided the firm
in an acquisition of Hayden Stone, Inc, where he was named Vice
Chairman. This was the predecessor firm to Shearson-Lehman American
Express. From 1974 - 1999, Mr. Cogan was Chairman and CEO of a
private investment company called Trace International Holdings,
Inc. He has served as either Chairman and/or CEO of numerous public
and private companies including Knoll International, General Felt
Industries, Foamex, United Auto Group and most recently, Greystone
Logistics. He serves as a Director of the Friends of Israel Museum,
Trustee of the Boston Latin School, the oldest public school in
America, and Trustee of New York University Hospital. He also
served on the Board of the Museum of Modern Art for 20 years and
was Chairman of Architecture and Design for 10 years. He graduated
from Harvard College and also received his MBA from Harvard
University School of Business. About Ener1 Group Ener1 Group is a
global investment firm with offices in Ft. Lauderdale, Florida, New
York and Moscow. The firm's assets include ownership in 11
portfolio companies in a variety of technology and
commercially-driven industries, including Ener1 Inc (OTC:ENEI) and
Splinex Technology Inc (OTC:SPLX). For more information about Ener1
Group, Inc, visit http://www.ener1group.com/, or call 954-202-4442.
Mr. Cogan will be based out of Ener1 Group's New York office and
may be reached at 212-920-3500. Safe Harbor Statement (Ener1, Inc.)
This release contains forward-looking statements within the meaning
of the Federal Private Securities Litigation Reform Act of 1995
conveying expectations as to the future based on plans, estimates
and projections at the time the statements are made. The
forward-looking statements contained in this press release involve
a number of risks and uncertainties, including, but not necessarily
limited to, EnerDel's ability to succeed as a supplier of batteries
to the hybrid electric vehicle and other markets and other risks
detailed in Ener1's annual report on Form 10-KSB for the year ended
December 31, 2004 and its other filings from time to time with the
Securities and Exchange Commission. These risks and uncertainties
could cause actual results or performance to differ materially from
any future results or performance expressed or implied in the
forward-looking statements included in this release. Ener1
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Contact: Joe Allen (investors) Alys
Daly Allen & Caron Inc Ener1 Group, Inc 212 691 8087 954 202
4442 or 305 815 0312 First Call Analyst: FCMN Contact: DATASOURCE:
Ener1 Group CONTACT: Investors, Joe Allen of Allen & Caron Inc,
+1-212-691-8087, , for Ener1 Group, Inc; or Alys Daly of Ener1
Group, Inc, +1-954-202-4442 or +1-305-815-0312, Web site:
http://www.ener1group.com/
Copyright