WOOD DALE, Ill., Nov. 4, 2011 (GLOBE NEWSWIRE) -- Power Solutions International, Inc (OTCBB:PSIX) announced today that Mr. Jay Hansen was elected to its Board of Directors on October 26, 2011.
Mr. Hansen is the co-founder of O2 Investment Partners, LLC, a private equity investment group focusing on small and middle market manufacturing, niche distribution, and select service and technology businesses. Mr. Hansen has served as the President of O2 Investment Partners, LLC since 2010. Prior to forming O2, Mr. Hansen provided consulting services in the financial and manufacturing industries. From May 2003 through February 2006, Mr. Hansen served as the Vice President and Chief Financial Officer, and in 2006 he served as the Chief Operating Officer, of Noble International, Ltd., a supplier of automotive parts, component assemblies and value-added services to the automotive industry. Mr. Hansen holds a Bachelor of Science degree in Economics from the Wharton School at the University of Pennsylvania.
"We are pleased to have Jay on the Board of Power Solutions International," commented Gary Winemaster, Chairman and Chief Executive Officer of the Company. "Jay brings to PSI both strong skills and experience that make him a great addition to our Board. His accomplishments as an operational and financial executive will enable him to offer exceptionally relevant advice to our Company."
Mr. Hansen replaces Mr. Thomas J. Somodi on the Board of PSI. Mr. Somodi will continue his integral role at PSI as its Chief Operating Officer and Chief Financial Officer. "Good corporate governance practices, especially in our new phase as a publicly-traded company, require more independence between the Board and Management," stated Mr. Somodi.
Added Gary Winemaster, "Tom's continuing role in the business is critical to the success of PSI, and we are pleased that Tom remains committed to the success of our Company. This Board change is a win/win for the Company and all involved, as we benefit from Tom's continued focus on operations and Jay's relevant experience and energy."
About Power Solutions International
Power Solutions International, Inc. (OTCBB:PSIX) is a leader in the design, engineering and manufacture of emissions-certified alternative-fuel and conventional power systems. PSI can provide integrated turnkey solutions to leading global original equipment manufacturers in the industrial, off-road and on-road markets. The Company's unique in-house design, prototyping, engineering and testing capacities enable the customized production of clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel, gasoline, or hybrid systems. PSI develops and delivers complete .97–22 liter power systems that meet both its customers' specific power needs and applicable environmental standards. The Company also provides aftermarket products and support. PSI power systems are used worldwide in power generators, forklifts, aerial lifts, industrial sweepers, as well as in equipment for oil and gas production, aircraft ground support, agriculture, and construction.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.