Letter from Chairman of the Board
ALAMEDA, Calif., June 26, 2018 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS), (“Aqua Metals” or the “Company”), which is proceeding to commercialize its proprietary electrochemical lead recycling technology called AquaRefining™, has issued the following letter from the Chairman of the Board, S. Shariq Yosufzai.
Dear Shareholders:
I am pleased to be serving as Chairman of the Board of Aqua Metals. I accepted this role because I believe both the technology and the Company have a promising future. My hope is that I can add value with my experience and provide the kind of leadership that can help drive us to the next level.
Aqua Metals has recently gone through a substantial amount of transition with significant changes in management and the board. We have also reached an important phase as a startup business as we strive to ramp up AquaRefining and build towards launching our technology licensing business. For these reasons, the board has decided to defer the search for a new CEO and has asked Steve Cotton to lead Aqua Metals through this crucial time in our evolution.
I and the Board have complete confidence is Steve’s ability. Having served with the Company since its early stages as Chief Commercial Officer, along with his experience building his own successful business from the ground up, we believe he is uniquely qualified to lead Aqua Metals at this time while providing a sense of continuity for the team as it navigates the challenges of commercializing a first-of–its-kind technology. The search for a Company CEO may resume in the future if the board deems it appropriate.
I would also like to address the recent capital raise, which was oversubscribed and quite successful. The public stock offering provides two key ingredients, an ample runway to reach our potential and the stability the team needs to focus on the important tasks at hand. The Board feels the combination of a strong balance sheet and consistency with Steve Cotton as our President will provide the most conducive conditions for success.
I am also pleased to share that several members of the Board and management participated in the capital raise and, in the interest of aligning Board compensation with the success of the Company, board members have agreed to receive compensation in the form of 50% stock and 50% cash. This not only speaks to the confidence the Board has in the technology, but also in Steve Cotton’s leadership and in Aqua Metals.
I and the Board offer our full support to Steve and look forward to the Company progressing under his guidance.
Sincerely,
S. Shariq Yosufzai, Chairman of the Board of Aqua Metals
