Hydrogen Engine Center, Inc. and HEC-TINA Management Changes
On August 31, 2017, a Special Meeting of the Board of Directors for the Hydrogen Engine Center, Inc. (HEC) and HEC-TINA, Inc. (H-T) was held at the corporate offices in Greeneville, TN. All five Board of Director members attended. Since the beginning of the HEC Corporation in 2003 and H-T in 2014, Ted Hollinger has provided operational control, technical support, and direction for the companies. Now at 76, he would like to slow down a little and decrease the stress and burden of operational control. Ted has decided to focus his attention on completing development of existing HEC projects such as the “closed loop engine” and the development of new high efficiency engine technologies. With this decision, he will be resigning from the official duties of President, Chief Executive Officer and Chairman of the Board of both companies effective September 29, 2017. HEC and H-T are currently discussing a research arrangement with Ted to allow him to continue the development of existing projects and patents started by HEC and HEC-TINA. Both companies will be able to participate in any new technologies that may be developed and be of interest to the corporations.
At the meeting, William (Bill) Ayres was nominated and elected to temporarily fill the President, CEO, and Chairman positions upon Ted’s effective resignation date. Bill’s career includes 40-years of alternative energy business management, marketing and renewable energy research He has been a Member of the HEC Board of Directors since 2008 and H-T since 2014. HEC and H-T are currently reviewing Bill’s requested employment requirements and compensation. Bill and Pedro Blach (also a HEC and H-T Board member and President of TINA) will lead a search committee to identify Senior Management and Production candidates to fill the positions as HEC begins commercial production.
Hydrogen Engine Center, Inc., and its subsidiary, HEC-TINA, Inc. develops systems and processes used in the design, manufacture and distribution of clean energy and carbon-free renewable hydrogen fuel systems including alternative fuel internal combustion engines, engine controls and generator systems. HEC-TINA technologies can provide 24 hours/day and 7 days a week energy to customers and partners in industrial and power generation markets. The hydrogen fuel source is produced by the electrolysis of water, using energy from any source of energy including wind, solar, hydroelectric, or fossil sources. These solutions and the engines using them are also designed to run on methanol, ammonia and other traditional renewable fuels. Engines and engine products are sold under the brand name Oxx PowerTM. Principal offices are located at 1621 Industrial Road, Unit B, Greeneville, TN 37745.
Visit www.hydrogenenginecenter.com or in the US dial 423-278-2952 for more information.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21£ of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, the failure of the Common Stock Purchase Agreement to close as anticipated, the ability of the Company to commence commercial operations after several years of minimal business activity, new products and technologies that may compete with those the Company plans to offer, the Company’s ability to hire and retain qualified employees, the Company’s dependence on third-party suppliers, the availability of capital and other risks.