Biofuel technology developer Global Resource restructures board of directors

16 March 2010

Pink Sheets-listed energy efficiency and biofuel technology developer Global Resource, which develops patented microwave-based technologies for recycling tyres and converting hydrocarbon materials into fuels, has restructured its board of directors.

Edward V Szofer and Paul Sommerville will join the board of directors immediately and CEO of the company, Ken Kinsella, will join the board in the next 30 days pending a board resolution. The company said it has identified Jeff Wittman as its prime candidate to become the company’s next CFO.

‘We are pleased with the calibre of our new board members who come to us from top leadership positions in the fields of technology and clean energy production,’ said Brian Ettinger, chairman of the board of directors for Global Resource. ‘We believe that these changes represent a strong investment in human capital for the future growth of the company. We look forward to leveraging their knowledge and expertise in order to commercialise our technologies, improve our earnings and increase shareholder value.’

Szofer has nearly 30 years of expertise in public markets, guiding companies from start-ups to corporations with valuations of over $4bn in market cap, having held board positions for public and private multinationals.

With over 37 years of experience within construction and public company arenas, Sommerville served as CEO for energy pipeline installer Associated Pipe Line Contractors prior to joining Global Resource’s board.

The company said finance executive Wittman, who has over 20 years of experience building sustainable companies, will build on corporate governance and financial responsibility.

‘We are extremely pleased to welcome Wittman to our executive management team,’ said Global Resource’s CEO Kinsella. ‘He will be instrumental in assisting Global Resource in executing on its commercialisation strategy, securing additional joint ventures and improving shareholder value.’

As part of the board’s restructuring process, Lincoln Jones and Fred Clark have resigned due to personal reasons, Global Resources said, and it will continue to search for high quality industry experts to serve as members of the board.

Ettinger said, ‘We would like to thank all of the board members for their diligent efforts and support during their tenure serving the company. Their involvement marked an exciting time with significant milestones reached.’

Global Resource is a patented clean technology microwave company with applications for recovering hydrocarbons and fossil fuels from sources such as tyres, municipal solid waste and waste oil streams.

Copyright © 2010 NewNet

Tags: biofuel, energy efficiency

This story was published on Tuesday, March 16th, 2010 at 6:10 pm and is filed under Europe, biomass/biofuel, companies, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply