Energous Corporation Appoints Brian Sereda to Vice President and Chief Financial Officer
SAN JOSE, CA -- (Marketwired) -- 07/13/15 -- Energous Corporation ("Energous" or "the Company") (NASDAQ: WATT), the developer of WattUp™, a revolutionary wire-free charging technology for mobile devices that provides power at a distance, has appointed Brian Sereda to the position of Vice President and Chief Financial Officer. Mr. Sereda will replace Interim Chief Financial Officer Howard Yeaton.
For over 20 years, Mr. Sereda has provided financial management expertise to a diverse set of emerging growth technology companies in software, semiconductors, networking equipment and consumer electronic devices. Most recently, he served as Chief Financial Officer of ActiveVideo, where he was responsible for the financial, investment and merger and acquisition activities essential to the company's growth and eventual acquisition of the Company by Arris Group, Inc. and Charter Communications, Inc. Mr. Sereda previously served as Chief Financial Officer of Virage Logic Corporation where he oversaw the company's successful acquisition by Synopsys. He was also Chief Financial Officer and Treasurer of Proxim Wireless Corporation. Mr. Sereda also served as Vice President of Finance and Corporate Controller for Portal Software, and has held senior financial management positions with Credence Systems Corp., Handspring Inc., Sygen International, and Lam Research.
Mr. Sereda holds an MBA from St. Mary's College of California, a BSBA from Simon Fraser University in Vancouver, British Columbia, and a Diploma of Technology in Petroleum Engineering from the British Columbia Institute of Technology in Vancouver.
"On behalf of our board and management team, I would like to thank Howard for his service and contributions over the past year," said Stephen R. Rizzone, President and CEO of Energous. "We welcome Brian to the position and are very pleased to have someone of his caliber and financial skill set serve as our Vice President and CFO. We believe Brian's broad experience working with technology and growth companies will be instrumental as we continue to focus on bringing our revolutionary wire-free charging technology to market."
In connection with his appointment as Vice President and Chief Financial Officer, on July 13, 2015, the Company issued an inducement award of restricted stock units to Mr. Sereda pursuant to his offer letter. The restricted stock unit award covers a total of 120,000 shares of common stock and vests in four equal annual installments beginning on July 13, 2016.
"Energous Corporation has made tremendous advancements since its IPO last year, most notably announcing its tier one licensing customer which has led to earlier-than-expected revenue," Mr. Sereda said. "I am excited about being part of this disruptive technology and I look forward to joining this talented team and contributing to the company's next phase of growth."
About Energous Corporation
Energous Corporation (NASDAQ: WATT) is developing WattUp, an award-winning wire-free charging technology that will transform the way people charge and power their electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary, patent and trademark-pending solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router. WattUp differs from current wireless charging systems in that it will deliver meaningful, usable power, at a distance, to multiple devices, resulting in a wire-free experience that saves users from having to remember to plug in their devices or place them on a mat. For more information, please visit Energous.com, or follow Energous on Twitter and Facebook.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange and Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements in this release that are not based on historical fact are "forward-looking statements". While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Source: Energous Corporation
Released July 13, 2015