SPOKANE, Wash., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- The Board of Directors, Regi U.S., Inc. and its wholly owned subsidiary, RadMax Technologies, Inc., are pleased to announce that Michael Urso has accepted the interim position of Chief Operating Officer (COO), Regi U.S., Inc., and will be transitioning into the role and title of Chief Executive Officer (CEO) later this year.
Mike is a Senior Executive with over 25 years of experience in the areas of Innovation, Business Development, Marketing, Operations Management, and Sales with companies ranging from startups to large global corporations.
A skilled leader with an impressive track record of transforming companies with commodity based, or incremental innovation strategies into innovation leaders, Mike has extensive experience mentoring startup companies in successfully moving many from concept to commercialization. Open, the nation's largest clean technology startup accelerator program, whose charter is to find, fund, and foster entrepreneurs with ideas to solve our greatest environmental and energy challenges for Cleantech. In 2008 Mike was named "Mentor of the Year" in the Pacific Northwest region.
Prior to taking this position, Urso served as the Vice President of Product Innovation for Saint-Gobain's North American Gypsum business. While in this position he moved Saint Gobain from a position of innovation follower to being the innovation leader in the North American gypsum industry.
During his extensive career Mike has also held leadership positions as Senior Principal Consultant, Sirti, a Washington State funded, high tech business incubator with a successful track record of launching new companies or guiding successful exits; Vice President of Marketing, Potlatch Corporation, Wood Products and Resource Management Divisions; Global New Business Development Manager and Global Composite Materials Project Manager, Dow Chemical Company, Emulsion Polymers Division; Operations Manager, Dow Chemical, Chemical and Metals Divisions; North American Marketing Manager, Dow Chemical, Emulsion Polymers Division; and Canadian Marketing Manager, Dow Chemical, Emulsion Polymers Division.
Current CEO and Board Chairman, Paul W. Chute, two years ago volunteered to rescue the RadMax technology and rebuild the company with a new, solid corporate foundation from which the technology could be further developed and advanced. The resulting successes were due to the building of a strong team of experienced business executives, dynamic, diverse and internationally recognized engineering teams and highly skilled and accomplish support members.
With the recent announcement of successfully testing the RadMax proof-of-concept gas expander, Mr. Chute has accomplished his initial and primary goal of rebuilding a series of failed companies into one dynamic corporate entity with the single focus of further developing and proving the RadMax technology.
Upon accomplishing this initial goal, Mr. Chute's secondary objective was to replace himself with a highly experienced corporate executive, proficient in taking successful startups and leading their teams to commercializing. The addition of Michael Urso to the leadership team has now also completed that objective.
Mr. Chute is transferring his role as CEO to Michael Urso on April 30th, 2018, at Regi U.S., Inc.'s Annual General Meeting in Spokane, WA.
Mr. Chute will retain his position on the Board of Directors and continue on part time status as Corporate Advisor. He also intends to work on projects that support the health and growth of Regi U.S., Inc. and RadMax Technologies, and continue to support Mr. Urso during his transition.
We encourage all investors and interested parties to follow our Company's progress routinely posted on our website radmaxtech.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Regi U.S., Inc.
Paul Chute, CEO
ABOUT REGI U.S., INC.
RadMax Technologies, Inc., the wholly owned subsidiary of REGI U.S., Inc., is developing for commercialization multiple improved axial vane type rotary devices using our Patented RadMax Rotary Technology. This Technology allows for revolutionary designs of lightweight and high efficiency engines, compressors pumps and other devices. One current prototype, The RadMax engine, has only two unique moving parts, the vanes (up to 12) and the rotor, compared to the 40 moving parts in a simple four-cylinder piston engine. This innovative design makes it possible to produce up to 24 continuous power impulses per one rotation that is vibration-free and extremely quiet. The RadMax engine also has several capabilities allowing it to operate on fuels including gasoline, natural gas, hydrogen, propane and diesel. For more information, please visit radmaxtech.com
Statements in this press release regarding the business of and REGI U.S, Inc. (together the "Companies'") which are not historical facts are "forward-looking statements" that involve risks and uncertainties, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: the impact of competitive products and pricing, the Companies' dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Companies or develop or license other functionally equivalent technologies; financing requirements; changes in laws, rules and regulations applicable to the Companies and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Companies' actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in Regi U.S., Inc.'s financial statements, management discussion and analysis and material change reports filed with the United States Securities and Exchange Commission at www.sec.gov, and REGI's Form 10-K annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Companies will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Companies or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Companies do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Telephone (509) 474-1040
520 N. Market St. STE # 10
Spokane, WA. 99217-7800
Source:REGI U.S., Inc.