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Ecology Coatings, Inc. (OTC Bulletin Board: ECOC), a leader in the discovery and development of nanotechnology-enabled, ultra-violet curable advanced materials, today announced the resignation from the Board of Directors of its Chief Financial Officer, David W. Morgan, and its Chief Operating Officer and President, Dr. F. Thomas Krotine, effective September 15, 2008. Concurrently, the company is pleased to announce the appointment of two new directors, JB Smith, Managing Partner of Equity 11, Ltd., and Rocco DelMonaco, Jr., Vice President of University Safety, Georgetown University.
"On behalf of the Board, I would like to express our appreciation to both Tom and Dave for their significant input as directors, and for their continued efforts and contribution to the company's growth and success, as valuable members of the Ecology Coatings management team," said Ecology Chairman Richard D. Stromback. "We are pleased to welcome to the Board JB Smith and Rocco DelMonaco," added Stromback.
"JB is a seasoned executive who has worked in private equity for over ten years. He has played a key role in the development of some very successful companies," noted Stromback. "His involvement with private equity and emerging companies provides a balance that will benefit Ecology Coatings, as it moves toward greater commercialization of its environmentally friendly UV-cured coating technologies."
Stromback continued, "We are also pleased to welcome Rocco to the Board. His diversified experience and background will be of great value to our business. I am confident we can all work together to develop a sound strategy for the company going forward that will leverage our capabilities to maximize shareholder value and become a leader within the clean technology coatings industry."
Smith is currently the Managing Partner for Equity 11, Ltd. and serves as chairman of Isekurity, the nation's leader in identity theft solutions and largest employer of former federal agents. He is a partner in WM Reign, Ltd., an investment model solely dedicated to helping finance churches by utilizing his Philanthropic Investment(SM) concept. Smith holds a Bachelors Degree in Administration of Justice from Pennsylvania State University.
DelMonaco, Jr. is currently the Vice President of University Safety at Georgetown University, where he oversees, manages and leads the Department of Public Safety, Department of Safety & Environmental Management, and the Department of Emergency Management and Business Continuity. Prior to joining Georgetown University, he was with ManTech Security and Mission Assurance Corporation as its Assistant Executive Director. DelMonaco has held a number of management positions for the Department of Homeland Security and the United States Secret Service. He earned a Bachelors Degree in Business Administration from the University of Miami, and a Masters in Public Administration from Pepperdine University in Malibu, California.
Ecology Coatings plans to add two additional directors, and the Board will nominate and appoint a Chair of the Audit Committee.
About Ecology Coatings, Inc.
Ecology Coatings is a global leader in the development of nano-enabled, ultra-violet curable, clean technology coatings that are designed to drive efficiencies and clean processes in manufacturing. The company creates proprietary coatings with unique performance attributes by leveraging its platform of integrated nanomaterial technologies. Ecology Coatings collaborates with industry leaders to develop high-value, high-performance coatings for applications in the paper, automotive, general industrial, electronic, and medical sectors of the economy. Ecology Coatings was founded in March 1990 and is headquartered in Auburn Hills, Michigan. The company maintains an R&D facility in Akron, Ohio.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as, Ecology Coatings (the "Company"), by and through its management, "anticipates," "believes," "estimates," "expects," "forecasts," "foresees," "intends," "plans," or other words of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and a wide variety of other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company's ability to: successfully commercialize its technology; generate revenues and achieve profitability in an intensely competitive industry; compete in products and prices with substantially larger and better capitalized competitors; secure, maintain and enforce a strong intellectual property portfolio; attract additional capital sufficient to finance our working capital requirements, as well as any investment of plant, property and equipment; develop a sales and marketing infrastructure; identify and maintain relationships with third party suppliers who can consistently provide us a reliable source of raw materials; acquire, develop, or identify for our own use, manufacturing capacity; attract and retain talented individuals; expand its shareholder base and public awareness of the Company through its investor relations program; continue operations during periods of adverse changes in general economic or market conditions, and other events, factors and risks previously and from time to time disclosed in our filings with the Securities and Exchange Commission, including, specifically, the "Risk Factors" enumerated in the Company's latest Annual Report on Form 10-KSB.
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