In these challenging financial times we are very pleased with the confidence our investors have placed in both the Panacis opportunity and the management team.
Ottawa, ON (PRWEB) February 14, 2012
The Board of Directors of Panacis Inc., a leader in advanced energy storage systems based on lithium polymer and other rechargeable technologies for high reliability, mission critical applications, welcomes Mark D. Kershey as President and Chief Executive Officer as the company secures $1.5 million in private investment. Panacis Founder Steve Carkner moves into the role of Chief Technology Officer.
“I am very pleased we have closed this $1.5 million equity financing. This, in addition to our R&D rebate we have received from the Government of Canada Scientific Research and Experimental Development (SR&ED) program, puts Panacis in a position of having in excess of $2 million at our disposal,” said Mark Kershey, CEO and President, Panacis Inc. “In these challenging financial times we are very pleased with the confidence our investors have placed in both the Panacis opportunity and the management team. This financing will allow Panacis to execute on its growth objectives and to create market awareness for the advanced battery systems we produce. Panacis will be entering a growth phase and this financing will assist us in attracting the right people to our team.”
“This is a natural progression of the business and one that I am very pleased to see happen,” said Steve Carkner, CTO and Founder, Panacis. “Competition in any technology industry is fierce and trying to perform both roles as CEO and CTO could ultimately result in compromises. With Mark on board, we will each be able to focus on our respective roles to drive Panacis to new heights in business and on the technical front.”
Mr. Kershey has 30 years of experience in technology sectors including low voltage semiconductor design, medical instrument development and sales, Intellectual Property Licensing and negotiating multi-million dollar development contracts for next generation DRAM devices. He has managed international cross-functional teams including R&D and Sales, Marketing and Customer Service. Mr. Kershey co-founded Barkley Capital Corporation which in the late 1990s and early 2000s invested in early stage technology companies in Canada and the USA. Mr. Kershey is a co-founder of Spartan Bioscience Inc. and iWatchLife Inc.
Panacis is a global developer and producer of safe, reliable and scalable battery systems for telecommunication, defense and renewable energy applications. Panacis uses smart energy management technology to provide flexible and clean power that turns energy storage into a viable and unique competitive advantage for our customers. Unlike conventional technologies, Panacis provides lighter, smarter and more efficient energy storage products with complete local and remote management capabilities. Our systems deliver a reduced total cost of ownership that is unsurpassed in the industry today. For more information, please visit http://www.panacis.com.
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Public Relations & Corporate Communications, Panacis Inc.