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PowerGenix Appoints New CFO to Support Growth
of Nontoxic Rechargeable Batteries

20-year Financial Veteran Brings Experience in Developing High-Growth Companies

PowerGenix Press Release - 2/27/2009
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Quantaray Super Z

Quantaray Super Z, a Nickel-Zinc (NiZn) AA rechargeable battery

SAN DIEGO, Ca. - PowerGenix, a manufacturer of nontoxic, high performance rechargeable Nickel-Zinc (NiZn) batteries, today announced the addition of John Creelman as Chief Financial Officer (CFO). As CFO, Mr. Creelman will create the foundation necessary to realize the high growth resulting from agreements the Company has signed with customers. Mr. Creelman joins PowerGenix following the closing of a $30 million Series D funding round, as well as the company's recently announced agreement to supply Ritz Camera with its rechargeable NiZn AA batteries.

"Adding a CFO with John's early-stage company experience, IPO pedigree and international operational skills to the PowerGenix team marks an important step as we move to expand our operations both in the United States and internationally," explained Dan Squiller, PowerGenix CEO. "John's track record demonstrates a strong ability to finance growing enterprises, manage competitive cost structures, drive business operations and profitable growth, while generating value for our customers, partners and shareholders."

"Environmentally friendly and high performance, NiZn rechargeable batteries are poised to make a major impact worldwide on how everything from small consumer electronics to hybrid electric vehicles are powered," Mr. Creelman said. "I'm here to help the company realize its full potential and capitalize on the enormous opportunity to replace NiCd and NiMH chemistries in the $10 billion global rechargeable battery market."

With more than 20 years of financial management experience, Mr. Creelman has worked extensively with emerging growth companies. He's played lead roles in raising more than $260 million in combined debt, private placements venture capital and two public equity (IPO) offerings. He previously served as CFO for ID Analytics, a company specializing in IT security products, and was also the CFO for Copper Mountain Networks, where he managed the company's annual revenue growth from $211,000 in 1997 to over $280 million in 2000 and led their IPO. He also held senior financial management positions with storage providers Western Digital Corporation and MTI Technology (NASDAQ: MTIC).

Mr. Creelman has an MBA from University of California at Irvine, where he also received his BA degree.

About PowerGenix

PowerGenix has developed and patented a high-energy density, high-cycle life and low-cost Nickel-Zinc battery targeting the market for energy intensive electronics and hybrid electric vehicles (HEVs). Specifically designed to utilize existing Nickel-Cadmium manufacturing processes, techniques and equipment, PowerGenix offers the supply chain scaling and security OEMs require. With its patented rechargeable Nickel-Zinc battery technology, PowerGenix is pursuing applications to replace existing Nickel-Cadmium and Nickel Metal Hydride batteries in the multi-billion dollar rechargeable battery market.

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