EWING, N.J. - (Business Wire) WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB), developer and marketer of proprietary high-power solar systems, today announced three additions to its Board of Directors. David Gelbaum, Trustee of The Quercus Trust; David Anthony, Managing Partner of 21Ventures, and Dr. Walter Hesse, founder and leader of ENTECH, were appointed today and joined the Board effective immediately, increasing the Board
’s size from 7 members to 10. Mssrs. Gelbaum and Anthony come as representatives of The Quercus Trust, which owns approximately 24.1% of the equity ownership in WorldWater on a fully diluted basis, following its recent investment of $35.6 million and earlier open market purchases and private stock placements with the Company. Dr. Hesse joins the Board following the successful completion of the ENTECH merger. All are Board interim appointments to be confirmed by shareholder votes at upcoming Annual Meetings.
“Given the accomplishments of the past few months, it is with great pride that we welcome these three esteemed individuals to WorldWater’s Board,” said Quentin T. Kelly, Chairman and CEO. “David Gelbaum is a strong proponent of advanced and next-generation solar technology, and it is an honor to have him participate directly in the future of our company. Likewise, David Anthony, a venture capitalist who also teaches at the New York Academy of Sciences, will bring professional entrepreneurial experience and vision to WorldWater. I am also pleased to welcome Dr. Hesse to our Board. I have known Walter as CEO of ENTECH for several years now, and our two companies together are already working aggressively to bring the ENTECH 20X concentrator PV and thermal technology into full production for implementation in the US and world markets by this summer.”
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can not only generate and distribute electricity, but can drive 1000 horsepower motors and pumps from sunshine independently or in conjunction with the electric grid, providing solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Solar Technologies Corp., visit the website at www.worldwater.com.
About ENTECH, Inc:
ENTECH, Inc., a wholly owned subsidiary of WorldWater & Solar Technologies Corp., provides advanced concentrator solar energy technology for a variety of applications, ranging from solar power arrays for spacecraft and terrestrial implementation to day lighting systems for commercial buildings. The company's patented solar power systems produce electricity from sunlight for applications on Earth (terrestrial power) and in space (spacecraft power). ENTECH's arched Fresnel lenses capture sunlight and focus it onto small solar cells, thereby reducing electricity costs compared to conventional flat-plate (planar) solar energy approaches. Additional information can be found at http://www.entechsolar.com.
Forward Looking Statements:
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
For WorldWater & Solar Technologies:
Jessie Sullivan, 609-818-0700 ext. 20
JSullivan@worldwater.com
or
Press:
Amy Copeman, 609-818-0700 ext. 58
ACopeman@worldwater.com
or
Investor Relations:
Chris Witty, 646-438-9385
cwitty@darrowir.com
