ClearSign designs, develops and markets technologies that aim to improve the key performance characteristics of combustion systems, including emission, operational performance, energy efficiency and overall cost effectiveness.
SEATTLE, July 23, 2018 /PRNewswire/ -- ClearSign Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion technologies that improve energy and operational efficiencies, while dramatically reducing emissions, announces the appointment of Robert T. Hoffman Sr. to the Company's Board of Directors. In accordance with the Voting Agreement signed by the Company and clirSPV LLC on July 20, 2018 and in accordance with the Company's bylaws, the Company's Board of Directors increased the number of directors from five to six and appointed Mr. Hoffman to fill the vacancy.
Mr. Hoffman comes to ClearSign with more than 30 years of relevant capital markets experience and expertise. He has served as a managing director, portfolio manager, state investment council chairman, assistant state treasurer, mergers & acquisitions analyst and throughout his entire career – fundamental investor.
In 2011, Mr. Hoffman founded and continues to manage Princeton Opportunity Management LLC with the stated goal of "Public Equity Investing with a Private Equity Mindset." Mr. Hoffman recently spearheaded the creation of clirSPV LLC, a single purpose vehicle formed and capitalized by a small group of experienced high net-worth and single-family office investors with the sole purpose to acquire a large equity position in ClearSign. As recently reported, clirSPV now owns an approximate 19.9% stake in the Company's common stock. Previously, he served as Founder and Managing Partner of Candlewood Capital, a long/short fund which managed more than $1 billion in primarily institutional assets. Mr. Hoffman also was a Managing Director and Portfolio Manager for the Growth & Income (G&I) mutual fund and institutional assets of what was originally Scudder Stevens and Clark, where he was responsible for all buy and sell decisions. During his tenure, G&I assets under management expanded from approximately $1.75 billion to more than $25 billion. Mr. Hoffman was also nominated by two separate governors to serve three terms as a Member and Chairman of the State of New Jersey Investment Council (SIC) from 1990 to 2002. The SIC has ultimate oversight responsibility for state and local pension funds totaling more than $80 billion. Mr. Hoffman's career also includes service as the Assistant State Treasurer for Pensions and Investments for the State of New Jersey, Special Assistant to the Governor of New Jersey and Mergers and Acquisitions Analyst at ABN/LaSalle Bank. He holds an M.B.A. with Distinction from the Kellogg School of Management at Northwestern University and an Economics degree from Dartmouth College.
"We are excited and fortunate to have Rob join our Board," said Steve Pirnat, Chairman and CEO of ClearSign. "He brings a strong background of capital markets experience, having direct responsibility and oversight for investment decisions involving tens of billions of dollars. We look forward to his input and perspective as the Company executes on its expanding pipeline of commercial and strategic opportunities."
"After performing a significant amount of due diligence and gaining a detailed understanding of the combustion industry, I am convinced that ClearSign's unique and patented Duplex™ technologies have the potential to be a game-changer," stated Mr. Hoffman. "I look forward to helping to create sustainable value for both the Company and its shareholders."
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, and power industries. For more information, please visit www.clearsign.com.
Cautionary Note on Forward-Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and the Company's employees, the Company's ability to obtain financing, competition, whether the Company's technology will be accepted and other factors identified in the Company's Annual Report on Form 10-K filed with the Securities & Exchange Commission and available at www.sec.gov and other factors that are detailed in the Company's periodic and current reports available for review at www.sec.gov. Furthermore, the Company operates in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
SOURCE ClearSign Combustion Corporation