MILWAUKEE--(BUSINESS WIRE)--ZBB Energy Corporation (NYSE AMEX: ZBB), a leading innovator in energy storage technology, announced today that as a result of an internal investigation overseen by the company’s Audit Committee, Robert Parry, who previously announced his intention to retire as the company’s president and chief executive officer, has agreed to resign as a member of the company’s Board of Directors effective October 31, 2009. The company and Mr. Parry have reached an agreement to address a problem regarding the company’s tax classification of Mr. Parry’s employment status and related withholding obligations in a manner that minimizes ZBB Energy’s financial exposure.
The company also announced that Paul Koeppe, who currently serves as an independent member of the Board of Directors, has been appointed as ZBB Energy’s interim chief executive officer effective November 2, 2009. Mr. Koeppe has extensive management experience. He was president, chief executive officer and founder of Superconductivity, Inc., a manufacturer of superconducting magnetic energy storage systems from 1988 to 1997, when it was acquired by American Superconductor, an electricity solutions company. Mr. Koeppe then served as executive vice president of strategic planning for American Superconductor until his retirement in 2001. From 1993 to 1995, he was acting chief executive officer and chairman of the executive committee of the board of directors of Best Power, Inc., a supplier of uninterruptible power supply equipment. Mr. Koeppe currently serves as a member of the board of directors of Incontact, a company specializing in the development and marketing of contact center software.
“We are taking all necessary actions to resolve the matter and to strengthen the company’s internal controls on a going-forward basis,” said company Chairman Bill Mundell. “We do not believe that the potential obligations identified in the internal investigation will have a material impact on the company’s financial statements. We are also pleased that Paul Koeppe has agreed to undertake the role of chief executive officer on an interim basis and we are confident that Paul’s leadership will help the company move forward and play a major role in addressing global energy issues.”
In light of the above matters, ZBB Energy announced the adjournment of its 2009 Annual Meeting of Shareholders originally scheduled to be held on November 4, 2009. The adjourned meeting will be held on November 16, 2009.
About ZBB Energy Corporation
ZBB Energy Corporation (NYSE AMEX: ZBB) provides clean energy storage solutions based on proprietary zinc rechargeable energy storage technology that addresses requirements in multiple markets such as alternative energy applications, large electrical utilities and green residential and commercial architecture. A developer and manufacturer of its modular, transportable and environmentally friendly Zinc Energy Storage Systems ("ZESS"), ZBB Energy was founded in 1998 and is headquartered in Wisconsin with offices also located in Perth, Western Australia.
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