OriginOil Moving from Development to Commercialization
Veteran technology executive joins management team to fast-track commercialization process
Los Angeles, CA – March 14, 2011 – OriginOil, Inc. (OOIL), the developer of breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, today announced its shift from the development phase to the commercialization phase and has recruited a career veteran of technology projects to fast-track the commercialization process.
“OriginOil will continue to innovate, it’s in our DNA,” said Riggs Eckelberry, OriginOil CEO. “Meanwhile, a number of our technologies have matured to the point where we need to focus on fast-track commercialization.
“This includes seeking independent validations, combining with other systems in the process chain, aggressively developing our intellectual property, signing distribution partnerships, and the many other activities involved in commercialization of a new technology.”
To support this new focus, veteran technology executive Paul Reep has accepted the position of Senior Vice President of Technology, as well as a seat on OriginOil’s Board of Directors.
Effective immediately, Mr. Reep will implement the fast-track commercialization process he has successfully demonstrated throughout his career. During his most recent assignment at the University of Southern California’s Stevens Institute for Innovation, Mr. Reep managed as many as 200 technology cases at one time.
In addition, Mr. Reep has a proven ability to facilitate government and private sector partnerships, including a major multi-agency technology transfer initiative with the Departments of Commerce, Energy, Interior, Agriculture, and the Environmental Protection Agency. The result of this work is still ongoing at the Department of Energy, where bio-energy is a key mission area.
Behind these accomplishments is a lifetime of engineering experience as a senior manager in the Department of Energy and at the Illinois Power Company, Mountain States Energy, Inc., Atomics International (Rockwell) and Lockheed Development Center.
“I’m excited about the opportunity to lead the OriginOil technical team in what is sure to be an amazingly productive time for the company,” Reep said.
Safe Harbor Statement:
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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