OriginOil Appoints Steve Glovsky as Second Independent Director
Expands number of board seats and establishes Audit and Compensation Committees
Los Angeles, California – 09 April, 2012 – OriginOil, Inc. (OTC/BB: OOIL), developer of a breakthrough technology to convert algae into renewable crude oil, announced today the appointment of technology, finance, and media strategist, Steve Glovsky to its board of directors. With this appointment, the Company increased its board seats from three to four as Mr. Glovsky becomes the second independent director on OriginOil’s board. The board also established its Audit and Compensation Committees and intends to appoint members to the committees in the near future.
“We are honored that Steve has accepted this position,” said Riggs Eckelberry, OriginOil chairman and CEO. “He brings many years of expertise in Sarbanes-Oxley and other key matters as these become increasingly important to a maturing public company. We welcome him to our team and look forward to great things together.”
Steven Glovsky added, “I’m excited to become part of OriginOil at a time when it could be making decisive commercial and technology moves. I hope to help Chairman and CEO Riggs Eckelberry with governing a public company as it expands onto the national and world stage.”
Mr. Glovsky has served as a consultant to a number of technology and media companies, where he has advised chief executive officers and division managers on strategic, product, business and financial matters. He currently consults for a robotics company that designs and builds mobile robots for manufacturing.
As a consultant to Adstar, Inc. (NASDAQ: ADST), a technology company in the publishing industry, Glovsky managed the initial set up and implementation of Sarbanes-Oxley and SAS70 regulatory requirements. He has consulted with Titan (NYSE:TTN – acquired by L-3 Communications), a leading provider of information and communications products, solutions, and services to government entities, and MaxPreps, Inc. a leading online sports publisher, acquired by CBS. He served as Director of Enrollment for Adult Studies at Aquinas College, managed by the Institute for Professional Development, a division of Apollo Group (NASDAQ: APOL).
Prior to this, Steven Glovsky was a Senior Manager at Arthur Andersen and spent five years in the banking industry at Bank of America managing an employee compensation program for 6,000+ employees, and Security Pacific National Bank where he built and managed compensation programs for four operating divisions. Glovsky is a non-practicing attorney of law. He received his Juris Doctor from the University of Southern California Law Center and a Bachelor of Arts degree from Tufts University.
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Matters discussed in this update contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, 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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