Texaco Press Release - Texaco Establishes Texaco Technology Ventures; Frank C. Ingriselli Named
Frank C. Ingriselli Named President
Will Manage Company's Equity Interest in Energy Conversion Devices, Inc. and Related Joint Ventures in Advanced Energy Technologies
FOR RELEASE: THURSDAY, AUGUST 10, 2000
White Plains, N.Y., Aug. 10 - Texaco (NYSE: TX) announced today establishment of Texaco Technology Ventures (TTV), a new business unit that will manage the company's 20 percent equity interest in Energy Conversion Devices, Inc. (NASDAQ: ENER). Frank C. Ingriselli has been named President of TTV, effective immediately.
In June Texaco completed the purchase of a 20 percent interest in Energy Conversion Devices, Inc. (ECD) for $67.4 million. At the time of the announcement, the companies also agreed to establish joint ventures for the continued development and commercialization of advanced energy technologies.
In July William M. Wicker, Senior Vice President of Texaco and James R. Metzger, Vice President and Chief Technology Officer of Texaco, were elected to ECD's Board of Directors.
Commenting on the establishment of TTV, Wicker said, "Texaco Technology Ventures will lead Texaco's efforts in the commercialization of ECD's unique energy-related technologies in the areas of fuel cells, photovoltaics, batteries and hydrogen storage. In this manner, Texaco's significant marketing skills, distribution capabilities and capital base can be employed to maximize the value of ECD's technologies. As President of TTV, Frank Ingriselli will play a central role in the continued development of our advanced energy strategies."
Since 1998, Ingriselli has served as Assistant to Management in the office of Senior Vice President William M. Wicker. Ingriselli was graduated from Boston University in 1975 with a bachelor of science degree in business administration. He earned an MBA from New York University in finance and international finance in 1977, and a juris doctorate degree from Fordham University School of Law in 1979.
Ingriselli joined Texaco in 1979 as a member of the negotiations and contracts group in the Producing - Eastern Hemisphere Department. Following several assignments with increasing responsibility in the Middle East/Far East Division and the Texaco International Exploration Company, Ingriselli was appointed to direct Texaco's Western Siberia Initiative in Russia in 1992. He was named Manager of Upstream Business Development for the Europe Division in 1993, with primary responsibility for identifying new business opportunities in the former Soviet Union. In 1994, Ingriselli led a team that reviewed Texaco's international marine requirements, which led to the formation of a strategic alliance with Stena, a Swedish marine transportation company. Ingriselli was appointed Manager of Texaco's Gorgon/Chrysaor liquefied natural gas project offshore northwest Australia in 1995. In 1996 he was named President and Chief Executive Officer of the Timan Pechora Company LLC, an affiliate joint venture company of Texaco, headquartered in Houston, Texas.
Ingriselli will continue to be located at Texaco's Corporate Center in White Plains, N.Y.
This press release contains a number of forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements made concerning Texaco's and TTV's expected performance and financial results in future periods are based upon Texaco's and TTV's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to Texaco and TTV, among others, could cause Texaco's and TTV's actual results to differ materially from those described in the forward-looking statements: mechanical and technological failures; decreased demand for advanced energies; worldwide and industry economic conditions; inaccurate forecasts of crude oil, natural gas and petroleum product prices; increasing price and product competition; price fluctuations; and higher costs, expenses and interest rates. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including Texaco's Annual Report on Form 10-K filed with the SEC on March 24, 2000, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release.
Updated: August 2000