Ener1 Appoints Ajit Habbu Chief Financial Officer
October 16 2006 - 1:55PM
PR Newswire (US)
Senior executive brings 20 years of financial and operational
experience to company FT. LAUDERDALE, Fla., Oct. 16
/PRNewswire-FirstCall/ -- Ener1 Inc., (OTC:ENEI) (BULLETIN BOARD:
ENEI) announced today that it has named Ajit Habbu Chief Financial
Officer. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO ) Mr. Habbu
previously was Senior Vice President and Chief Financial Officer of
Recall Corporation, a global document management business with
annual revenue of over $500 million. "Ajit is an outstanding
addition to our management team. His business and financial skills
are complemented by a strong engineering background which is
invaluable for the CFO of a high-technology company," stated Victor
Mendes, Chief Executive Officer and Chairman of Ener1. "I had the
pleasure of working closely with Ajit as my CFO at Recall, and I
have great trust and confidence in his abilities." Mr. Mendes
added, "Ajit is highly skilled at implementing the financial
disciplines and operational infrastructure necessary to build a
company into a market leader. I could not think of a better CFO for
Ener1." Mr. Habbu began his career at IBM, where he held key
executive positions during his 15-year tenure. He served as CFO of
the company's Education Business Unit, a division with annual
revenue of $1.5 billion. A native of India, Mr. Habbu holds a B.S.
degree in Chemical Engineering from the Indian Institute of
Technology, an M.S. degree in Systems and Industrial Engineering
from the University of Iowa, and an M.B.A. with a concentration in
Financial and International Business from the University of
Chicago. "I am delighted to join the winning team Victor is
assembling at Ener1," stated Mr. Habbu. "Having experienced for
years the way he drives businesses, I have no doubt that under
Victor's leadership the company will accelerate the
commercialization of its products and begin to realize the market
potential for its clean, renewable energy technologies." Gerard
Herlihy, who has acted as CFO of Ener1 since January 2006, will
continue on a full time basis as President and CFO of Splinex
Technology Inc. (OTC:SPLX) (BULLETIN BOARD: SPLX) , an Ener1 Group
company, after assisting Mr. Habbu during a brief transition
period. About Ener1, Inc. Ener1, Inc. (OTC:ENEI) (BULLETIN BOARD:
ENEI) is an alternative energy technology company. The company's
interests include: EnerDel (http://www.enerdel.com/), a lithium
battery company in which Delphi Corp. owns a minority interest;
Enerstruct, a Japanese lithium battery technology company in which
Ener1's strategic investor ITOCHU owns a significant interest;
wholly owned subsidiary EnerFuel, a developer of fuel cells and
related products (http://www.enerfuel.com/), and wholly owned
subsidiary NanoEner, which develops nanotechnology-based materials
and manufacturing processes for batteries and other applications
(http://www.nanoener.com/). For more information, visit
http://www.ener1.com/ or call 954-556-4020. Safe Harbor Statement
This release contains forward-looking statements within the meaning
of the Federal Private Securities Litigation Reform Act of 1995
conveying management's 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 risks and uncertainties, including, but not
necessarily limited to: Ener1's ability to succeed as a supplier of
batteries to the hybrid electric vehicle and other markets; Ener1's
plans to reduce costs and gain a competitive advantage by
consolidating manufacturing operations and implementing automated
production processes; charges Ener1 will incur in connection with
consolidating manufacturing operations; EnerFuel's ability to
develop and sell products and services in its planned markets; the
degree of competition in the markets for lithium battery, fuel cell
and nanotechnology-based products and services, Ener1's history of
operating losses, the lack of operating history for the development
stage Ener1 businesses, the need for additional capital, the
dependency upon key personnel and other risks detailed in Ener1's
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. http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO
http://photoarchive.ap.org/ DATASOURCE: Ener1, Inc. CONTACT: Alys
Daly of Ener1, Inc., +1-305-815-0312, or Web site:
http://www.ener1.com/ http://www.enerdel.com/
http://www.enerfuel.com/ http://www.nanoener.com/
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