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| 8-K - AXION INTERNATIONAL HOLDINGS, INC. | v208634_8k.htm |
Exhibit
99.1
Axion
International Appoints Steve Silverman as New Chief Executive
Officer
Elevated
to CEO and Retaining Current Title of President, Mr. Silverman Will Lead Axion
into Next Phase of Growth
NEW
PROVIDENCE, N.J. - January 21, 2011 – Axion International (OTCBB: AXIH),
producer of the world’s strongest recycled composite plastic industrial building
products and railroad ties, announced today that its Board of Directors has
appointed Axion’s current President and COO, Steve Silverman, as its new Chief
Executive Officer while retaining his title of President, effective
immediately.
Jim
Kerstein, Axion’s current Chief Executive Officer and Chief Technology Officer,
will continue as CTO and focus increasingly on developing new products and
applications for Axion’s unique recycled plastic structural material while
promoting the strategic relationships that have proven to be the foundation of
the business.
“This is
an exciting period for Axion. As we move into a high-growth phase of our
development I am pleased to hand over the position of CEO to such a highly
qualified management executive thereby allowing myself to focus on continued
business and technology development ,” stated Mr. Kerstein. “Steve’s
organizational management and decision-making experience across various emerging
companies will provide Axion and its shareholders with a new and exceptionally
dynamic leader. As proven with his successful management style and various new
contract-wins since his appointment as Axion’s President and COO, I have
absolute confidence that Steve is the executive to fulfill our strategic goals
as we position Axion as a major building supply company. I look
forward to working with Steve to continue building Axion.”
Since
joining Axion as President and COO in October, 2010, Mr. Silverman has been
instrumental in laying the foundation for Axion’s product management
initiatives, and developing strong partnerships that will allow Axion to achieve
growth going forward. In his prior experience Mr. Silverman was a major
contributor to a five-fold increase in revenues at Archbrook Laguna, LLC. He led
the company’s diversification strategy, formed unique joint ventures with
international companies, and held a key role in the company’s organizational
restructuring and long-term strategic development. He also led the merger team
that integrated BDI and Laguna into one company.
“I am
honored and excited to accept the appointment of Axion’s Chief Executive Officer
and I couldn’t agree more that we are entering an exciting phase in Axion’s
development,” said Mr. Silverman. “Jim and the company have done a tremendous
job developing Axion’s unique recycled plastic technology with Rutgers
University and proving its efficacy across numerous industrial applications,
which in many respects is the most difficult aspect of developing an innovative
product. Moving forward we plan to further strengthen our capital structure and
product management initiatives, while simultaneously accelerating our growth by
bringing Axion’s game-changing structural composites to mass market. Building
upon our prior success, Axion will continue to develop strong partnerships and
drive our proven materials into widespread acceptance across the rail, marine
and heavy road and bridge-building industries. As 2011 unfolds, I
look forward to leveraging Axion’s proven industry performance to become the
leading provider of alternative structural building products, all while
maintaining a keen focus on revenue growth and an unequivocal commitment to
shareholder value.”
In
addition to appointing Steve Silverman as Axion’s new Chief Executive Officer,
the Board of Directors has approved a change of Axion’s fiscal year-end from
September 30 to December 31 to bring the company in line with a more traditional
financial reporting calendar. The Company anticipates filing its Form 10K for
the transition period ended December 31, 2010, within the required
period.
Developed
in conjunction with Rutgers University’s Materials Sciences and Engineering
Department, Axion’s Recycled Structural Composite (RSC) is designed from 100%
recycled plastics and is used in structural applications such as composite
railroad ties, I-beams, pilings, bulkhead and cross beams. RSC is inert and
contains no toxic materials. It will never leach, warp and is impervious to
insect infestation. Because it is lighter than traditional materials,
transporting RSC is less expensive and reduces energy costs. In addition, RSC is
completely recyclable at the end of its functional life.
About
Axion International
Axion
International is a leading structural solution provider of cost-effective
alternative infrastructure and building products. The Company’s "green"
proprietary technologies allow for the development and manufacture of innovative
structural products made from 100% recycled consumer and industrial plastics.
Axion's up-cycled products are an economic and sustainable alternative to
traditional building materials such as wood, steel or concrete. Developed in
collaboration with scientists at Rutgers University, Axion's patented
technologies allow for products that are extremely strong, durable, flexible in
design, and low maintenance.
For
additional information, please visit Axion’s corporate website:
www.axionintl.com
Forward-Looking
Statements
This
release contains "forward-looking statements" for purposes of the Securities and
Exchange Commission's "safe harbor" provisions under the Private Securities
Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of
1934. These forward-looking statements are subject to various risks and
uncertainties that could cause Axion’s actual results to differ materially from
those currently anticipated, including the risk factors identified in Axion’s
filings with the Securities and Exchange Commission.
Financial
Communications Contacts:
Trilogy
Capital Partners
Darren
Minton, President
Toll-free:
800-592-6067
info@trilogy-capital.com
PR
Financial Marketing LLC
Jim
Blackman
713-256-0369
jim@prfmonline.com
Media
Relations
Sean
Mahoney
310-867-0670
seamah@gmail.com