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SOURCE Integral Technologies, Inc.
James Eagan, co-founder of ORBCOMM LLC, appointed CEO of ElectriPlast™ Corp. -- Integral Focuses on New Detroit Tech Center and Ramp Up with Key Partners
BELLINGHAM, Wash., Jan. 24, 2014 /PRNewswire/ -- Integral Technologies, Inc. (OTCBB: ITKG) ("Integral"), an emerging leader in hybrid conductive plastics, and its wholly owned subsidiary ElectriPlast Corp., announced today the appointment of Integral's Chairman of the Board, James Eagan, to the position of CEO of ElectriPlast Corp. Mr. Eagan replaces Herbert Reedman Jr., who has led the commercialization efforts for ElectriPlast over the past three years and will remain an adviser to Integral's Board of Directors.
"We are continuing our emphasis on expanding ElectriPlast Corp's technical and engineering capabilities," said Mr. Eagan. "Early last year, we developed a collaborative plan to enter new market segments with partners who have world-class manufacturing, distribution, and product development expertise. As we enter 2014, we are pleased to have executed on that plan. We are now even better positioned for the further commercialization of ElectriPlast with our BASF, Delphi Automotive PLC and Hanwha L&C relationships, coupled with our Detroit Tech Center."
Prior to joining Integral, Mr. Eagan held various roles with global provider of satellite telecommunication services, ORBCOMM, and its licensees. He co-founded ORBCOMM LLC and purchased from Chapter 11 all the assets-including 36 satellites and its global operations-from ORBCOMM Global, L.P., which had expended $600 million for its global network build out. As Executive Vice President and Chief Marketing Officer in the new venture, he was responsible for developing a new business model, slashing costs and growing the subscriber base.
Continuing to expand key strategic relationships with BASF, Delphi Automotive PLC and Hanwha L&C, Integral recently announced the opening of its ElectriPlast Tech Center in Detroit, which provides facility upgrades for staff expansion, while adding resources allowing for greater internal testing, engineering and product development. The Detroit Tech Center's engineering staff has over 50 years of expertise and Integral plans to add to this team in the near future. With the opening of the Detroit facility, Integral subsequently announced that it expects to close its Fort Washington, Pennsylvania office at the end of January.
"These shifts in our corporate structure and resources better align us with our overall strategy, namely taking full advantage of the enormous resources and market presence of our partners," said Doug Bathauer, CEO of Integral. James' history of successfully introducing new technology to the market, plus his experience consummating international license agreements with manufacturing, distribution and reseller components are invaluable at this stage of our development. He most recently led us through the manufacturing and licensing agreement process with Hanwha L&C, and we are excited to see the further impact he will make leading the ElectriPlast team. I would like to thank Herb and his team for all their tremendous efforts over the years, and I look forward to continuing to work with him as an advisor to our Board."
"It is great to see our business vision for ElectriPlast taking shape", said Herbert Reedman. "These partnerships offer new opportunities and we are now well positioned to execute on these strategies. I can think of no better person to lead these efforts than James Eagan. I look forward to continuing my involvement with the company as an advisor to the Board"
About Integral Technologies, Inc.
(ITKG) ("Integral"), and wholly owned subsidiary ElectriPlast Corp, engage in the discovery, development, and commercialization of electrically conductive hybrid plastics used primarily as raw materials in the production of industrial, commercial and consumer products and services worldwide. Its core material, ElectriPlast®, is a non-corrosive, electrically conductive resin-based material whose properties allow it to be molded into any of the infinite shapes and sizes associated with plastics, rubbers and other polymers while reducing component weight by 40 to 60%. Integral is a leader in conductive hybrid plastics with a broad Intellectual Property portfolio referencing its ElectriPlast technology. Applications for ElectriPlast include: Shielding Wire, Power Electronics, Connectors, and Cables; Shielding, Conduction, Batteries, Semiconductors, Heated Elements, Sensors, Antennas, Medical Devices, Consumer Electronics and Acoustics, Fuses, Capacitors, Resistors, RFID, Bus bars and Terminals. Follow us on Facebook and Twitter.
Safe Harbor Statement
This press release contains "forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. These statements include, without limitation, predictions and guidance relating to the company's future financial performance and the research, development and commercialization of its technologies. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements, as the result of such factors, risks and uncertainties as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company to execute its plans, (3) other factors detailed in the company's public filings with the SEC, including, without limitation, those described in the Company's annual report on Form 10-K for the year ended June 30, 2013 as filed with the Securities and Exchange Commission and available at www.sec.gov, and (4) the parties may be unable to agree upon definitive agreements. You are urged to consider these factors carefully in evaluating the forward-looking statements.
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