Solar Integrated Announces Appointment of New CFO
London, UK, January 25, 2006 - Solar Integrated Technologies, Inc. (AIM: SIT.LN), a leading provider of commercial building integrated photovoltaic (BIPV) roofing systems, announced today that John M. Palumbo has been appointed Chief Financial Officer of the Company effective February 1st, 2006, bringing over 20 years of financial, accounting, operating and capital market experience to his new post.
"John will bring an experienced and balanced leadership approach to our finance, accounting, information technology and investor relations functions," commented Jon W. Slangerup, Chief Executive Officer of Solar Integrated. "His extensive experience with initial and secondary public offerings, mergers and acquisitions and credit facilities will also strengthen our management team. We now have our senior management team in place and are in a position to rapidly grow the Company in 2006 and beyond."
"I am very attracted to Solar Integrated's strategic positioning, innovative product offering, market opportunity and the quality of its management team," commented John Palumbo. "My only question after I understood the Solar Integrated business model and market opportunity was 'When do I start?' I look forward to working with the Solar Integrated team to deliver long-term shareholder value."
From May 1997 to January 2006, Mr. Palumbo has served as the Chief Financial Officer of Keystone Automotive Industries, Inc. (Nasdaq: KEYS), the leading US distributor of aftermarket collision replacement parts produced by independent manufacturers for automobiles and light trucks. He served as the Vice President and Treasurer of Keystone from March 1996 to May 1997. For its fiscal year ended April 1, 2005, Keystone had revenues of US $558 million, net income of US $14.3 million and approximately 3,400 full-time employees. From 1988 to 1996, Mr. Palumbo served as the Chief Financial Officer, Treasurer and Corporate Secretary of American United Global, Inc., a public company that manufactured and distributed certain automotive parts and construction equipment. Mr. Palumbo, 50, is a Certified Public Accountant and holds an Executive MBA. Mr. Palumbo has been involved in numerous public offerings, including two initial public offerings, and over 35 mergers and acquisitions and subsequent integrations. He led Keystone through its Sarbanes-Oxley compliance program.
Solar Integrated's current Chief Financial Officer, Geza G. Molnar, will consult with the Company until March 31, 2006 in order to facilitate an orderly transition, including the completion of the Company's audited consolidated financial statements for 2005. Mr. Molnar joined Solar Integrated as Chief Financial Officer in March 2004. During his tenure with the Company, Mr. Molnar was instrumental in the Company's initial public offering on AIM, its $37 million private placement of convertible notes and its credit facility with an affiliate of GE Energy Financial Services. |