Unique Mobility Appoints CEO William G. Rankin to Additional Post of Chairman
8 March 2000
Unique Mobility Appoints CEO William G. Rankin to Additional Post of Chairman
GOLDEN, Colo., March 8 Unique Mobility Inc. (Amex: UQM)
announced today that its Board of Directors has elected its Chief Executive
Officer, William G. Rankin, to the additional post of Chairman of the Board,
succeeding Ray A. Geddes, who remains a Director.
Mr. Rankin, 56, joined Unique in 1992 as Executive Vice President and
became a member of the Board of Directors in 1994, and President and Chief
Operating Officer in 1996. In August 1999, he was promoted to Chief Executive
Officer. From 1976 through 1992, Mr. Rankin held a variety of management
positions with Deere and Company, serving from 1986 through 1992 as General
Manager of Deere Tech Services, a division which developed, marketed and
installed computer integrated manufacturing technologies.
Commenting on his appointment as Chairman, Mr. Rankin said, "I appreciate
the confidence that our Board of Directors has placed in me in this additional
role and I am looking forward to leading Unique Mobility through one of the
most exciting periods in its history. The Company is poised to continue its
rapid growth and we expect to transition into profitability during the current
quarter. We have developed a solid portfolio of compelling technologies to
serve existing and growth markets and have established high quality
manufacturing operations for motors, electronics and gears which are growing
rapidly and have additional production capacity. Going forward, it is our
goal to continue to develop and produce advanced products for existing
commercial markets and the emerging alternative energy technologies sector."
In addition to the appointment of Mr. Rankin as Chairman, Donald A.
French, the Company's Treasurer and Chief Financial Officer, has been named to
the additional post of Corporate Secretary. Mr. French previously served as
Corporate Secretary in 1987 and 1988.
Unique Mobility, Inc. is a leading developer and manufacturer of power
dense, high efficiency motors, gear assemblies and electronic assemblies for
the automotive, aerospace, telecommunications, medical and industrial markets.
A major emphasis of the Company is developing products for the alternative
energy technologies sector including the electric, hybrid-electric and fuel
cell electric vehicle and distributed power markets. The Company's
headquarters and engineering and product development center are located in
Golden, Colorado. Manufacturing facilities are located in Frederick, Colorado
(electric motors and gear assemblies) and St. Charles Missouri (electronic
assemblies and wire harnesses). For more information on the Company, please
visit its worldwide website at http://www.uqm.com.
This press release contains forward-looking statements that involve risks
and uncertainties. These statements may differ materially from actual future
events or results. Readers are referred to the Risk Factors section of the
Registration Statement on Form S-3 (File No. 333-78525) filed by the Company
with the SEC, which identifies important risk factors that could cause actual
results to differ from those contained in the forward-looking statements,
including the Company's ability to become profitable, its ability to obtain
additional financing, the Company's reliance on major customers and suppliers
and the possibility that product liability insurance may become unavailable.
These forward-looking statements represent the Company's judgment as of the
date of the press release. The Company disclaims, however, any intent or
obligation to update these forward-looking statements.