LiTHOS Announces Executive Team Expansion to Accelerate Growth in the Sustainable Lithium Sector and Financing Closure.
LiTHOS Group Ltd. (“LiTHOS” or the “Company”) (CBOE CA: LITS), a leader in sustainable lithium production, is excited to announce recent strategic changes to its executive team to enhance operational efficiency and meet the growing demand for environmentally responsible energy solutions.
We are pleased to introduce Judson LaCapra as our new Chief Development Officer, Seth Coblentz as General Counsel and Elyssia Patterson as VP of Corporate Communications. These appointments are pivotal for aligning our leadership with our strategic objectives, particularly as the Company moves to deploy commercial AcQUA™ systems in the field for paying customers.
About the New Executives:
- Judson LaCapra brings extensive international management experience, having developed long-term partnerships and operations worldwide. He has a proven track record in homeland security and renewable energy projects, and his multilingual abilities and background in international business from Georgetown University are invaluable to our global operations.
- Seth Coblentz has over 20 years of experience counselling high-growth businesses within tightly regulated industries, including 5 years working in Frankfurt, Germany. He specializes in mergers and acquisitions, complex investment transactions, corporate structuring, and regulatory compliance. Seth received his Juris Doctorate, Cum Laude, from the University of Miami.
- Elyssia Patterson, MBA, brings a wealth of experience in capital markets and has been instrumental in leading companies through public listings. In her new role, she will focus on enhancing investor relations and articulating our strategic priorities to the financial community.
Current Key Developments:
- Manufacturing Milestones: We have begun manufacturing our AcQUA™ modular field unit, and company factory acceptance testing is scheduled for July 2024. A critical step towards deploying our innovative technology in the field at scale.
- Leadership Enhancements: The promotions of Joe Fuqua to Chief Operating Officer and Michael Westlake to President, along with the appointment of Gabe Segal as Vice President of Strategy & Finance, are key to bolstering our operational and financial planning capabilities.
Compensation Update: Grant of RSUs and PSUs
In a prudent move to manage our cash resources effectively, the Lithos Board has approved the granting of an aggregate of 1,360,000 restricted share units (RSUs), compensating our executive officers, Independent Board Members, Advisory Board Members and strategic consultants with equity in lieu of cash. Additionally, we are pleased to announce the granting of an aggregate of 5,668,888 performance share units (PSUs), which vest as to 25% for each sale by the Company of at least USD$5,000,000. Granting RSUs and PSUs provides a strong incentive for our executives and other team members, aligning their interests with the Company’s long-term success. This approach ensures that our leadership is deeply invested in our collective success while conserving cash to support our ongoing operations and growth initiatives.
Successful Financing Closure
LiTHOS is also pleased to announce the successful closure of its previously announced financing. The Company has received an aggregate of $1,146,288.90 at a price of $0.70 per Unit. This funding will support LiTHOS’s continued innovation and expansion in the field of sustainable lithium extraction.
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LiTHOS Announces Executive Team Expansion to Accelerate Growth in the Sustainable Lithium Sector and Financing Closure. source