VISTA, Calif., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Omnitek Engineering Corporation (OTCQB:OMTK) today announced John M. Palumbo has been elected to serve on the company's board of directors and as chairman of its audit committee.
"John's election represents an important step in the company's evolution. His public company experience, financial expertise and industry relationships were attractive qualities in his selection. His background will be invaluable as we ramp up domestic and international sales of diesel-to-natural gas systems for the heavy-duty truck market. We appreciate John's interest in serving on our board and look forward to working with him at an exciting juncture in the company's history," said Werner Funk, president and chief executive officer of Omnitek Engineering Corporation.
Palumbo, 57, is a widely recognized leader in the automotive parts industry. He currently serves as chief executive officer for PartsChannel, Inc., a privately held Los Angeles-based distributor of automotive collision repair parts sold to automotive repair shops and independent distributors throughout the United States. Previously, he was chief financial officer for Solar Integrated Technologies. Palumbo served from 1996 to 2006 as chief financial officer for then Nasdaq-listed Keystone Automotive Industries, Inc. During his tenure, the company's market capitalization increased significantly -- climbing from approximately $63 million to $800 million before being acquired in October 2007 for more than $800 million. A certified public accountant, he earned a Bachelor of Science degree in finance from Canisius College in Buffalo New York, as well as an Executive Master of Business Administration degree from The Peter F. Drucker Claremont Graduate University. Palumbo currently serves on the board of The Certified Automotive Parts Association (CAPA), an independent, non-profit certification organization dedicated to ensuring high-quality parts and standards for automotive collision replacement parts.
About Omnitek Engineering Corporation
Omnitek Engineering Corp. develops and sells proprietary diesel-to-natural gas conversion systems and complementary products, including new natural gas engines that utilize the company's technology -- providing global customers with innovative alternative energy and emissions control solutions that are sustainable and affordable.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other ``forward-looking'' information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions. Important factors that may cause actual results to differ from projections include, among many others, the ability of the Company to raise sufficient capital to meet operating requirements, completion of R&D and successful commercialization of products/services, patent completion, prosecution and defense against well-capitalized competitors. These are serious risks and there is no assurance that our forward-looking statements will occur or prove to be accurate. Words such as ``anticipates,'' ``expects,'' ``intends,'' ``plans,'' ``believes,'' ``seeks,'' ``estimates,'' and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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