Los Angeles, CA (PRWEB) August 28, 2007
OriginOil, Inc., the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, appointed Ivan Ivankovich, a board member, as chairman of its Finance and Audit Committee.
Mr. Ivankovich stated: "I am excited to be involved in OriginOil. Over the years I have successfully worked with Riggs in various startup and turn around projects. In 2004, we helped grow YellowPages.com leading to its sale for $100 million."
Dane Madsen, CEO of Yellowpages.com at the time of its sale, remarked: "Ivan has proven to be the most qualified financial person I have had the pleasure of working with and that measure by which I test all others. Ivan's ability to grasp and then organize complex businesses and create financial models and forecasting, then lead the execution of those models, makes him one of the best CFOs in the business."
Riggs Eckelberry, the company's founder and CEO, commented: "Ivan's years of experience as an operating financial executive and investment banker will help us with operating efficiencies as well as ensure fiscal discipline and compliance under the Sarbanes Oxley Act for public companies. We are excited to know he will be at the helm of this effort."
Mr. Ivankovich has over 19 years of financial and operational expertise. Mr. Ivankovich is currently a consulting Chief Financial Officer and advisor to several high-technology companies. From 2005 to 2006, he served as the managing director of VisionPoint Capital, a boutique investment bank, advising clients in the middle market. From 2003 to 2005, he served as the Chief Financial Officer of YellowPages.com, an on-line directory of national and local merchants. At YellowPages.com he managed and directed the company's financial and operational initiatives. He led and negotiated the merger of the company into a group led by two large telcos (SBC and Bell South). Prior to YellowPages.com, from 2001 to 2003, he served as Vice President of Portfolio Operations at Platinum Equity, a global acquisition firm where he managed and operated certain of its portfolio companies. Over the years, he also served as a senior financial executive for venture-backed companies such as HealthAllies and TriVida Corporation, which was acquired by Befree Inc. (now part of ValueClick: VCLK).
About OriginOil, Inc.
OriginOil™, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products such as diesel, gasoline, jet fuel, plastics and solvents without the global warming effects of petroleum. Other oil producing feedstock such as corn and sugarcane often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. To learn more about the Company, please visit our website at http://www.originoil.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
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