NanoMech's Bankruptcy Case To Be Dismissed: Jim Phillips' Tenure as Chairman and CEO Commended

WILMINGTON, Del., March 18, 2020 /PRNewswire-PRWeb/ -- Today, NanoMech has filed a motion with the Delaware Bankruptcy Court (Case No. 19-10851 (JTD)) seeking approval of a settlement that will result in the dismissal of NanoMech's bankruptcy case filed last year. The settlement resolves and eliminates any issues over why the company went into bankruptcy.

As is often done in bankruptcy cases, NanoMech authorized a third-party to conduct a thorough review of its business activities and financial affairs, including the eight years that the company operated under the leadership of former CEO Jim Phillips. The post-bankruptcy board of directors completed its review and determined that under the leadership of Mr. Phillips, NanoMech appropriately addressed the many challenges it faced as an investment-stage company and that there was no wrongdoing associated with Mr. Phillips' stewardship, the performance of Mr. Phillips and the other pre-bankruptcy directors and officers, or with Mr. Phillips' retirement from the company.    

Long-time Director Deborah Wince Smith said, "I had the opportunity to witness Jim's entrepreneurial skills and non-stop dedication to building NanoMech from a research entity to a producer of products contending with some of the largest companies in the world, in industries important to America's competitiveness in science and innovation."

NanoMech's current CEO Ben Waisbren commented that "during his tenure, Mr. Phillips made significant headway with many key milestones in diligently building the company towards maturity in the early stage nanotechnology manufacturing era."

Mr. Phillips is now Chairman and CEO of The Covenant Business Group, LLC, an internationally focused firm involved in bringing new companies and innovations to market in a variety of emerging technology platforms.

SOURCE NanoMech