eHydrogen Solutions Announces Operations Alignment Exclusively to Hydrogen-Powered Vehicles and CEO Resignation
09 Agosto 2010 - 5:28PM
eHydrogen Solutions (Pink Sheets:EHYD) announced today the
Company's Chairman and CEO has tendered his resignation, effective
immediately. Mr. Welch suffered a sudden and major family tragedy
preventing his performance of any professional duties.
As a result, many of the company's current
initiatives, prior investments' future income, and ongoing
technological development and design work may not succeed as
anticipated, if at all.
The company will adjust its operations to lines of business with
existing operations and existing support and development personnel
not reliant upon the continued involvement of the CEO.
The Company will focus its operations and business development
exclusively on the development of hydrogen powered internal
combustion engine conversions and hydrogen-powered passenger
vehicles.
All prior operations, assets, and designs dependent on the CEO
will be either divested or placed on hold for the foreseeable
future or until such time as the company can obtain the necessary
research and development resources.
The CEO has agreed to waive all accrued deferred compensation
and future royalties and other anticipated incomes. He has waived
any rights or claim to equity in the company.
About eHydrogen Solutions
eHydrogen Solutions (eHs) specializes in the development of
hydrogen production and conversion systems for internal combustion
vehicles and the design and development of hydrogen powered
vehicles. The Company's technologies are designed to produce
hydrogen in the most cost effective, environmentally friendly and
sustainable manner possible.
eHs' proprietary echnologies are available to qualified
partners in a wide variety of vertical and/or geographic markets
worldwide, through joint development/adaptation, distribution and
production agreements.
Safe-Harbor
This release contains statements or projections regarding future
performance that are forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those projected as a result of certain
risks and uncertainties. The company's filings contain various RISK
FACTORS (and are incorporated on the Company's website "Investors"
section by reference) and should be read before any investment
decision.
The company maintains its web site at:
www.eHydrogenSolutions.com
CONTACT: eHydrogen Solutions, Inc.
Investor Relations
+1 (775)-636-6077
info@eHydrogenSolutions.com
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