AMSC Appoints Pamela Lenehan to its Board of Directors
DEVENS, Mass., Mar 15, 2011 (BUSINESS WIRE) --
American Superconductor Corporation (NASDAQ: AMSC), a global power technologies company, today announced that it has appointed Pamela F. Lenehan to the company's Board of Directors. Lenehan currently serves as President of Ridge Hill Consulting, a strategy consulting firm, and brings more than 30 years of strategic planning and financial management experience in corporate, investment banking, and public board environments to AMSC. Lenehan's addition expands the Board to eight members, seven of which are independent.
"Pam Lenehan brings a wealth of leadership, financial management and strategic planning experience to American Superconductor," said Greg Yurek, founder and chief executive officer of AMSC. "She has been a driving force behind the strategic growth of multiple public companies. We are pleased to add her expertise to our Board of Directors during this exciting time at AMSC. We look forward to benefiting from her insight and direction in the months and years to come."
Prior to founding Ridge Hill Consulting in 2002, Lenehan was Chief Financial Officer of Convergent Networks, a high technology start-up. Previously, she was Senior Vice President, Corporate Development and Treasurer of Oak Industries, a NYSE-listed manufacturer of telecommunications components which was sold to Corning. She also previously served as a Managing Director in Investment Banking for 14 years at Credit Suisse First Boston and started her career in corporate banking at Chase Manhattan Bank.
Lenehan is well-versed in board-related matters, having served as a director for a variety of public companies. She currently serves as a director for Spartech Corporation, a $1 billion NYSE-listed company; Monotype Imaging, a $100 million NASDAQ-listed company; and National Mentor Holding, a $1 billion private company. She holds a Professional Director Certification from the American College of Corporate Directors.
About American Superconductor (NASDAQ: AMSC)
AMSC offers an array of proprietary technologies and solutions spanning the electric power infrastructure - from generation to delivery to end use. The company is a leader in renewable energy, providing proven, megawatt-scale wind turbine designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that enhance the reliability, efficiency and capacity of the grid, and seamlessly integrate renewable energy sources into the power infrastructure. These include superconductor power cable systems, grid-level surge protectors and power electronics-based voltage stabilization systems. AMSC's technologies are protected by a broad and deep intellectual property portfolio consisting of hundreds of patents and licenses worldwide. More information is available at www.amsc.com.
American Superconductor and design, Revolutionizing the Way the World Uses Electricity, AMSC, Powered by AMSC, Amperium, D-VAR, dSVC, FaultBlocker, PowerModule, PowerPipelines, PQ-IVR, PQ-SVC, SeaTitan, SuperGEAR and Windtec and design are trademarks or registered trademarks of American Superconductor Corporation or its subsidiaries. All other brand names, product names or trademarks belong to their respective holders.
Any statements in this release about future expectations, plans and prospects for the company, including our expectations regarding the future financial performance of the company and other statements containing the words "believes," "anticipates," "plans," "expects," "will" and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: we have a history of operating losses, and we may incur losses in the future; our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; a significant portion of our revenues are derived from a single customer and revenues from this customer may decline in future periods; adverse changes in domestic and global economic conditions could adversely affect our business; changes in exchange rates could adversely affect our financial results; we may not realize all of the sales expected from our backlog of orders and contracts; we rely upon third party suppliers for the components and subassemblies of many of our products, making us vulnerable to supply shortages and price fluctuations; we have not manufactured our Amperium wire in commercial quantities, and a failure to manufacture our Amperium wire in commercial quantities at acceptable cost and quality levels would substantially limit our future revenue and profit potential; and our patents may not provide meaningful protection for our technology, which could result in us losing some or all of our market position. Reference is made to these and other factors discussed in the "Risk Factors" section of the company's most recent quarterly or annual report filed with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent the company's views as of the date of this release. While the company anticipates that subsequent events and developments may cause the company's views to change, the company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date this press release is issued.
SOURCE: American Superconductor Corporation
AMSC Contact: Jason Fredette, 978-842-3177 Managing Director, Corporate Communications Email: jfredette@amsc.com
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