| | Entech Solar, Inc., recently announced that David Gelbaum, the company’s Chairman and Trustee of The Quercus Trust, and a major shareholder in the company, will now be the Chief Executive Officer of Entech.
With immediate effect, Gelbaum would replace Frank W. Smith, who had served as the company’s CEO since March 2008. Smith, while relinquishing his CEO role, would continue to serve the company in an advisory capacity, through Gelbaum’s transition into his new role. Smith would retain his seat on the company’s Board.
The company also announced that Gelbaum, through The Quercus Trust, had invested through a private placement agreement, an additional $600,000 in the Company in exchange for Entech Solar restricted common stock at a purchase price of $0.08 per share.
“I recognize and appreciate the excellent job that Frank has done in taking the company through a difficult transition period over the past two years,” Gelbaum said, adding that as the company's transition was almost complete, Entech Solar was now in a position to complete the product development and commercialization of its Thermavolt, Solarvolt and Daylighting products.
Entech Solar also announced that Jacob J. Worenklein, a member of the company's board of directors and Chairman of its Audit committee, had resigned from the Board...
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