LAS VEGAS, Oct. 13, 2003 — The board of directors of Powertrusion International Inc., a composites technology company known for its proprietary composite utility poles and crossarms, has named Alfred P. (Bo) Statham to succeed Joseph W. Reilly as president and CEO.
For the past six years, Statham has been a consultant to Millennium Energy Holdings Inc., the majority shareholder of Powertrusion, and has served as the principal liaison between the two companies.
He has worked closely with the board and management of Powertrusion since Millennium acquired its majority interest in the company in August 2001. Statham is an attorney who has significant experience in the utility industry and in the development and management of start-up companies.
Michael J. DeConcini, Powertrusion’s chairman of the board, was pleased that Statham was available to assume management of the company. “Bo knows Powertrusion and the electric utility industry very well, and the board is confident in his ability to effectively manage the company,” said DeConcini.
In another personnel move, Daniel J. Lonergan has been named vice president, engineering. Lonergan, who has been with the company since June 1998, has extensive experience in product development and production management of advanced composite materials. He formerly was with the McDonnell Aircraft Co.
In addition to the Statham and Lonergan appointments, Powertrusion has completed a recapitalization and a $2.5 million equity placement. According to DeConcini, all authorized equity is now common stock, and the company has no significant debt.
Powertrusion has also closed its Scottsdale, Ariz., office and has consolidated operations in Las Vegas, where its manufacturing facilities are located. “This will enable the company to operate more efficiently and cost-effectively,” DeConcini said.
In May 2001, Powertrusion entered into an exclusive “supply and distribution agreement” with McFarland Cascade, the largest distributor of wood utility poles in North America. As a result, Powertrusion has restructured its sales and marketing program to reflect McFarland’s responsibility to sell, stock and distribute Powertrusion’s fiberglass composite utility poles. “We’re optimistic about the relationship with McFarland and the aggressive marketing program McFarland has implemented,” Statham said. “Powertrusion is now poised to take advantage of market opportunities.”
Kevin Comerford, McFarland’s director of marketing, said, “We are excited about Powertrusion’s composite poles and crossarms. They complement our core utility structure products and will fill a gap that we previously were unable to offer. Customers across North America are already using the Powertrusion products and many more are in the process of specifying them for applications they have identified.”
Statham expressed confidence in Powertrusion’s technology and products, stating, “The electric utility and telecommunications industries can depend on Powertrusion to provide poles, crossarms and related equipment that meet application requirements served so well by pultruded fiber reinforced composite products.”
About Powertrusion International Inc.
Powertrusion International Inc., a composites technology company, designs, manufactures and markets pultruded infrastructure products including its proprietary composite utility poles and crossarms. Powertrusion maintains its headquarters and manufacturing plant in Las Vegas.
About McFarland Cascade
McFarland Cascade is a manufacturer of wooden utility poles in North America with facilities throughout the United States and Canada. McFarland Cascade is a solution provider to customers in the utility and telecommunications industries. In addition to providing poles, McFarland Cascade specializes in managing inventory and logistics assets for its utility customers. McFarland Cascade is headquartered in Tacoma, Wash. For more information, see www.ldm.com.