CHATSWORTH, Calif.--(BUSINESS WIRE)--Jan. 16, 2002--Leading microturbine power systems manufacturer Capstone Turbine Corporation announced today that Karen K. Clark has joined Capstone and will serve as Chief Financial Officer. Reporting directly to Capstone President and CEO, Dr. Ake Almgren, Clark will be responsible for all aspects of the Company's financial planning and analysis.
"We are extremely pleased to add an individual of Karen's talent and background to our management team," said Almgren. "Karen met all of the criteria that we established for our new CFO including experience in a number of senior financial positions within public companies and a strong background in manufacturing. In addition, Karen brings to Capstone an understanding of the energy industry, which is the industry we serve. We are impressed with the breadth of Karen's experience in accounting, administration and finance. We are happy to have Karen as a member of our executive team and believe that she is ideally suited to help lead our company as we continue to develop and grow our markets."
"I am very excited to join Capstone, particularly at a time when it has added a number of other talented individuals to its management team who are committed to taking the company to the next level," said Karen Clark. "I firmly believe that the market for distributed generation presents exceptional long-term growth opportunities and I am pleased to be part of a company that is well positioned to extend its leadership position in this industry."
Clark joins Capstone after serving as Senior Vice President and CFO of PacifiCorp, an electric utility service provider with fiscal 2001 revenues of $5 billion. In this role, she was involved in major financial and operating decisions, including establishing commodity trading policies and limits, new business development, capital spending and regulatory policy.
Prior to PacifiCorp, Clark was Senior Vice President of Finance for Sunbeam Corporation, a publicly held consumer goods company with worldwide operations and annual revenues in excess of $2 billion. She was a member of the new senior management team brought in to attempt a turnaround of the company and was responsible for several finance functions. Clark joined Sunbeam as a result of its acquisition of The Coleman Company, Inc., where she held the position of Vice President of Finance from 1997 through 1999.
For sixteen years prior to joining Coleman, Clark held finance positions in manufacturing and technology companies and worked as a Certified Public Accountant and Certified Management Accountant in public accounting.
About Capstone Turbine
Capstone Turbine Corporation is the world's leading producer of low-emission microturbine systems. In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has sold and shipped 2,000 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than one million hours of operation serving, among others, the following applications:
|--||Hybrid electric vehicles (HEVs): onboard generation|
|--||Resource recovery: converting oilfield, landfill and sewage waste gases into electricity|
|--||Micro-cogeneration: combined heat/power/chilling/drying solutions|
|--||The 9s market: power security, quality and reliability|
This press release contains "forward-looking statements," as that term is used in the federal securities laws, about Capstone's business, such as the potential future growth of Capstone Turbine Corporation and its markets. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. These risk factors are identified, among other places, under "Business Risks" in Capstone's most recent 10-Q SEC filing. Capstone cautions you not to place undue reliance on these statements, which speak only as of the date of this release. Capstone undertakes no obligation to release any revisions to such statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.