TUCSON, Ariz.--(BUSINESS WIRE)--Apr. 2, 2009--
Applied Energetics, Inc., (Nasdaq: AERG), today announced changes in its
management. Dana Marshall entered into a separation agreement with the
company pursuant to which Mr. Marshall’s employment as President, CEO
and Chairman of the Board and service as a director terminated. In
addition, Stephen McCahon resigned as Executive Vice President and
entered into a consulting agreement with the company to provide business
and technical services for an initial term of 12 months.
Brigadier General, U.S. Marine Corps (USMC) (Ret.) James M. Feigley, a
director of the company since June 2008, has been appointed to serve as
the company’s non-executive Chairman of the Board of Directors, filling
the role of lead independent director created by the resignation of
General James A. McDivitt for personal reasons. The company also
announced that it entered into a consulting agreement with Mr. McDivitt
for Mr. McDivitt to consult with the company for a period of up to one
year.
James M. Feigley, 59, has served as President of Rock River Consulting,
Inc. a defense consulting firm he founded in early May 2003 after
retiring from the USMC. General Feigley served as Commander of the
Marine Corps Systems Command from 1998 through 2002, where he was the
executive authority on research, development, procurement, fielding and
life cycle support for all Marine Corps ground combat, combat support
and combat service support equipment, ordinance and systems. General
Feigley served as Direct Reporting Program Manager – Advanced Amphibious
Assault to the Assistant Secretary of the Navy, Research, Development
and Acquisition from 1993 through 1998, during which time he was in
charge of business planning, cost estimating, technical risk analyses
and management, systems engineering and numerous other responsibilities.
He served as Project Manager for the Headquarters, USMC and Naval Sea
Systems Command from 1986 through 1993, where he managed all technology
base projects for ‘Advanced Amphibious Assault Vehicle’ and wrote all
technical, financial, cost, management, risk, planning and performance
documentation. General Feigley also served as a member of the USMC from
1972 through 1986. He received a BS from the University of Wisconsin-
Oshkosh in 1972 and graduated from the Army Logistics Management Center
in 1982, the Marine Corps Command and Staff College in 1986 and the
Defense Systems Management College in 1986. Mr. Feigley retired from the
Marine Corps as a Brigadier General in 2002 and received many
decorations and honors during his military career.
About Applied Energetics, Inc.
Applied Energetics, Inc., based in Tucson Ariz., specializes in
development and manufacture of high performance lasers, high voltage
electronics, advanced optical systems, and integrated guided energy
systems for defense, aerospace, industrial, and scientific customers
worldwide. Applied Energetics pioneered the development of Laser Guided
Energy (LGE®) technology, and related solutions for defense and security
applications. For more information about Applied Energetics, please
visit www.appliedenergetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995:
Certain statements contained in this News Release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve a number of known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such factors include, but are not limited to: the company’s ability
to attract and retain a principal executive officer; the dependence on
sales of a limited number of products and the uncertainty of the timing
and magnitude of government funding and orders, dependence on sales to
government customers; the uncertainty of patent protection; the
uncertainty of strategic alliances; the uncertainty of management
tenure; the impact of third-party suppliers' manufacturing constraints
or difficulties; management's ability to achieve business performance
objectives, market acceptance of, and demand for, the company's
products, and resulting revenues; development and testing of technology
and products; manufacturing capabilities; impact of competitive products
and pricing ;the ability to retain key personnel; litigation and other
risks detailed in the company's filings with the Securities and Exchange
Commission. The words "looking forward," "believe," "demonstrate,"
"intend," "expect," "contemplate," "estimate," "anticipate," "likely"
and similar expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statement was made.
Applied Energetics undertakes no obligation to update any
forward-looking statements contained in this news release.
Source: Applied Energetics, Inc.
Cameron Associates
Kevin McGrath, 212-245-4577
Kevin@cameronassoc.com
