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8-K - FORM 8-K - FUEL TECH, INC. | y92284e8vk.htm |
Exhibit 99.1
CONTACT: | David S. Collins Chief Financial Officer (630) 845-4500 |
FOR IMMEDIATE RELEASE
Tracy H. Krumme Vice President, Investor Relations (203) 425-9830 |
FUEL TECH ELECTS W. GRANT GREGORY AND GEORGE F. MACCORMACK TO ITS BOARD OF DIRECTORS
WARRENVILLE, Ill., Aug. 8, 2011 Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in
advanced engineering solutions for the optimization of combustion systems and emissions control in
utility and industrial applications, today announced the election of Mr. W. Grant Gregory and Mr.
George F. MacCormack to Fuel Techs Board of Directors.
Mr. Gregory, 70, has served as Vice Chairman of Cerberus Capital Management, L.P. since 2005,
and has served as Chairman of Gregory & Hoenemeyer, Inc., a merchant banking firm, since 1988. Mr.
Gregory retired as Chairman of the Board after completing 24 years with Touche Ross & Co. (Deloitte
Touche Tohmatsu). During his career with Touche Ross, he led global teams in a wide range of
industries and countries while servicing the firms 100 largest clients. He played a leadership
role in the opening of the firms first office in the Peoples Republic of China in Beijing and
served as an Advisor to the Ministry of Finance for the early Joint Ventures, where he was
instrumental in creating the first U.S. Financial Reporting and Accounting courses. Mr. Gregory has
extensive experience with public companies having served as both an outside advisor and as a
corporate director for several New York Stock Exchange (NYSE) member companies. In his outside
director roles, Mr. Gregory has served as chairman of audit, governance, and compensation
committees. Mr. Gregory has also served as chairman of Special Independent Directors Committees
for NYSE-member companies.
Mr. MacCormack, 67, is a retired Group Vice President of E.I. du Pont de Nemours and Company
(DuPont), where he held a variety of positions with progressive responsibilities from 1968 until
his retirement in 2003. As Group President, Mr. MacCormack had corporate oversight responsibility
for approximately 12,000 employees and a $6 billion revenue portfolio of capital and
more
energy-intensive global Strategic Business Units. During his career, Mr. MacCormack was credited
with leading a transformation of the Specialty Chemical business unit through restructuring, asset
sales and targeted growth. He has served on the Board of Directors of a large public electric
utility for the last nine years, and has served as Executive Chairman/Vice Chairman of the Board
for four major joint ventures with international partners in Japan, Turkey and Mexico.
Douglas G. Bailey, Chairman, President and Chief Executive Officer, commented, We are pleased
to elect to our Board these seasoned executives who have impressive experience with leading
corporations. As an authority on Corporate Governance, Audit Committees and Compensation
Committees, as well as on mergers and acquisitions and tax policy, Mr. Gregory has served
successfully in numerous leadership roles as Chairman of the Board, CEO, merchant banker and
director of public, private and non-profit corporations. His extensive experience, coupled with his
in-depth knowledge of the China market, should prove invaluable as Fuel Tech intensifies its
efforts to penetrate the international utility and industrial markets.
. Mr. Bailey added, The strength of Fuel Techs board rests on its members and their personal
contributions. Mr. MacCormacks depth of knowledge in the chemical industry as well as his
corporate oversight and governance responsibility experience make him a valuable addition to
represent the interests of our stockholders. His insight will be instructive as Fuel Tech
continues to provide customers innovative solutions to produce clean, efficient energy.
Mr. Gregory graduated with distinction from the University of Nebraska, where he was later
awarded an Honorary Doctorate of Humane Letters, as well as the The Builder Award, the Universitys
highest non-academic recognition. He has completed advanced management courses at Harvard
Universitys Graduate School of Business, at New York University, and attended the Air Force War
College.
Mr. MacCormack is a graduate of Northeastern University, where he received both a Bachelor of
Science and a Master of Science degree in chemical engineering. He also received an MBA from the
University of Delaware.
Additional information on Fuel Techs Board of Directors can be accessed at
http://www.ftek.com/en-US/about/management/#board.
About Fuel Tech
Fuel Tech is a leading technology company engaged in the worldwide development,
commercialization and application of state-of-the-art proprietary technologies for air pollution
control, process optimization, and advanced engineering services. These technologies enable
customers to produce both energy and processed materials in a cost-effective and
environmentally sustainable manner.
The Companys nitrogen oxide (NOx) reduction technologies include advanced combustion
modification techniques such as Low NOx Burners and Over-Fire Air systems and post-combustion
NOx control approaches, including NOxOUT® and HERT SNCR systems as well as systems that
incorporate ASCR (Advanced Selective Catalytic Reduction), CASCADE, ULTRA and
NOxOUT-SCR® processes. These technologies have established Fuel Tech as a leader in NOx
reduction, with installations on over 640 units worldwide, where coal, fuel oil, natural gas,
municipal waste, biomass and other fuels are utilized.
The Companys FUEL CHEM® technology revolves around the unique application of
chemicals to improve the efficiency, reliability, fuel flexibility and environmental status of
combustion units by controlling slagging, fouling, corrosion, opacity and operational issues
associated with sulfur trioxide, ammonium bisulfate, particulate matter (PM2.5), carbon
dioxide and NOx. The Company has experienced with this technology, in the form of a customizable
FUEL CHEM program, on over 110 combustion units burning a wide variety of fuels including coal,
heavy oil, biomass, and municipal waste.
Fuel Tech also provides a range of combustion optimization services, including airflow
testing, coal flow testing and boiler tuning, as well as services to help optimize selective
catalytic reduction system performance, including catalyst management services and ammonia
injection grid tuning. In addition, flow corrective devices and physical and computational
modeling services are available to optimize flue gas distribution and mixing in both power plant
and industrial applications.
Many of Fuel Techs products and services rely heavily on the Companys exceptional
Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed,
high-end visualization software. These capabilities, coupled with the Companys innovative
technologies and multi-disciplined team approach, enable Fuel Tech to provide practical solutions
to some of our customers most challenging problems. For more information, visit Fuel Techs web
site at www.ftek.com.
This press release may contain statements of a forward-looking nature regarding future events.
These statements are only predictions and actual events may differ materially. Please refer to
documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a
discussion of certain factors that could cause actual results to differ materially from those
contained in the forward-looking statements.