WATERTOWN, Mass., Nov. 23, 2010 (GLOBE NEWSWIRE) -- A123 Systems (Nasdaq:AONE), a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and systems, today announced that Michael Rubino, CFO and vice president of finance & administration, will be leaving the company effective January 14, 2011 to join a Boston-based cleantech startup. A123 has initiated a search for Rubino's successor.
"Mike has been a great asset to A123 Systems, helping us establish a leadership position in the lithium-ion battery industry and guiding us from early financing stages through our initial public offering in September 2009. While his talents will be missed, we wish him the very best of luck with his future pursuits," said David Vieau, president and CEO of A123 Systems. "We believe the future for A123 looks very bright, thanks in large part to the robust financial, legal and information technology teams that Mike helped put in place. His leadership has helped position us to build a large and profitable company."
"My time with A123 Systems has been an extremely rewarding experience," said Rubino. "I remain confident in the company's market position and long-term opportunity, and expect A123 to continue to grow and prosper as one of the industry's leading providers of lithium-ion battery technology."
About A123 Systems
A123 Systems, Inc. (Nasdaq:AONE) develops and manufactures advanced lithium ion batteries and battery systems for the transportation, electric grid services and commercial markets. Headquartered in Massachusetts and founded in 2001, A123 Systems' proprietary nanoscale electrode technology is built on initial developments from the Massachusetts Institute of Technology. For additional information please visit www.a123systems.com.
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Safe Harbor Disclosure
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the expected transition to a successor and the company's long-term opportunities and prospects for future profitability. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: delays in the hiring of a successor CFO, delays in the development of A123's products, adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which A123 operates, and other risks detailed in A123 Systems' 10-Q for the quarter ended September 30, 2010 and other publicly-available filings with the Securities and Exchange Commission. All forward-looking statements
reflect A123's expectations only as of the date of this release and should not be relied upon as reflecting A123's views, expectations or beliefs at any date subsequent to the date of this release.
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