19.02.2008 13:30:00
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Basin Water Names Michael M. Stark as Chief Executive Officer
Basin Water, Inc. (NASDAQ:BWTR) today announced the appointment of
Michael M. Stark as Chief Executive Officer and the resignation of Peter
L. Jensen as Chief Executive Officer and Chairman of the Board,
effective February 19, 2008.
Mr. Stark has led Basin Water as its President and Chief Operating
Officer since the end of October 2006, less than six months after the
Company’s initial public offering. Prior to
joining Basin Water, Mr. Stark served as President and Chief Executive
Officer of Veolia Water North America, a water services company which
Mr. Stark helped to grow to $1.2 billion in revenues when it was part of
USFilter.
Mr. Stark stated, "I am excited at the
opportunity to be at the helm of Basin Water as its President and Chief
Executive Officer as we continue its steady development toward being a
profitable, predictable growth company. During the past year we have
expanded Basin Water’s geographic coverage,
technical service offering and installed the business processes needed
to position the company to become a significant commercial water
treatment company with a national presence. I cannot, however, let the
moment pass without recognizing and thanking Peter Jensen for his vision
and success in founding Basin Water and taking it to the stage where it
is a technically sound and financially stable entity.”
Mr. Jensen stated, "With his transition into
the role of CEO, Mike brings experience, vision and enthusiasm that are
unmatched in the industry.”
Mr. Jensen has served as Basin Water’s Chief
Executive Officer since he founded the Company in December 1999. Under
Mr. Jensen’s guidance, with the support of the
late Dr. Gerald Guter and Dan Ziol, Basin Water became a leader in high
efficiency, low waste treatment for the removal of nitrate, arsenic,
perchlorate and uranium from drinking water, with seven United States
patents covering its proprietary technology. In May 2006, Mr. Jensen
completed the successful initial public offering of Basin Water which
gave the Company a strong financial foundation.
"The technologies developed by Basin have
allowed water providers to treat and use water which was previously
unusable due to high levels of contamination. This has created new
sources of drinking water in a region suffering from chronic water
shortages,” said Jensen.
Mr. Jensen, who will remain a member of the Board of Directors of Basin
Water, plans to join Empire Water Corporation (EWCR.OB), which was
recently created to own and develop water resources in Southern
California. Empire owns the West Riverside Canal Company, which produces
and distributes irrigation water in Riverside County, California. Basin
Water presently owns approximately 32% of the outstanding shares of
Empire Water Corporation.
About Basin Water, Inc.
Basin Water, Inc. is a provider of reliable, long-term process solutions
for a range of clients, which includes designing, building and
implementing systems for the treatment of contaminated groundwater, the
treatment of wastewater, waste reduction and resource recovery. Basin
Water employs treatment technologies including its own proprietary,
scalable ion-exchange wellhead treatment system, along with a host of
other treatment technologies designed to meet customer needs in an
efficient, flexible and cost effective manner. Additional information
may be found on the company's web site: www.basinwater.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements, including expectations relating to future revenues and
income, the company's ability to gain new business and control costs,
involve risks and uncertainties, as well as assumptions that, if they
prove incorrect or never materialize, could cause the results of the
company to differ materially from those expressed or implied by such
forward-looking statements. Actual results may differ materially from
these expectations due to various risks and uncertainties, including:
the company's limited operating history, significant operating losses
associated with certain of the company's contracts, the company's
ability to identify and consummate other acquisition opportunities that
improve the company's revenues and profitability, significant
fluctuations in its revenues from period to period, its ability to
effectively manage its growth, the success of the company's strategic
partners, its long sales cycles, market acceptance of its technology,
the geographic concentration of its operations and customers, its
ability to meet customer demands and compete technologically, the
company's ability to protect its intellectual property, regulatory
approvals of the company's systems, changes in governmental regulation
that may affect the water industry, particularly with respect to
environmental laws, the company's ability to attract and retain
qualified personnel and management members, the successful transition of
the company’s management processes and the
company's ability to manage its capital to meet future liquidity needs
and the timing of the company's stock repurchases, if any. More detailed
information about these risks and uncertainties are contained in the
company's filings with the Securities and Exchange Commission, including
the company's Annual Report on Form 10-K for the year ended December 31,
2006 and subsequent Quarterly Reports on Form 10-Q. The company assumes
no obligation to update these forward-looking statements to reflect any
change in future events.
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