FORT LEE, N.J., Sept. 2, 2014 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" or the "Company"), a manufacturer of specialty electrical transmission and distribution equipment for applications in the utility, industrial and commercial markets, today announced the appointment of three new executives, significantly augmenting the company's corporate sales and marketing organization.
"The investments we are making in our corporate sales and marketing staff are calculated and purposeful as we hire top industry talent and cultivate a results-driven sales culture to increase our top-line growth, reinforcing our competitive position as we look toward 2015 and beyond," said Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer.
"We are pleased to welcome these individuals to become an essential part of our team, where I am confident their experience, technical abilities and contacts will prove invaluable to our current and prospective customers," added Vince Visconti, General Manager of Pioneer's Strategic Sales Group. "These three proven executives will rapidly get up to speed, enhancing the execution of our strategy to increase our project-driven order backlog, drive incremental revenue growth and profitability."
Joining the Pioneer sales and marketing team are, in alphabetical order:
-- Stephane Brouillette - Mr. Brouillette joins the Pioneer team as Marketing Manager where he will provide leadership, technical expertise and strategic direction for our newly expanded, power dry-type transformer offering. He will have a particular focus on large industrial customers and on engineering, procurement and construction firms in the Canadian market. He is highly regarded in the industry for his ability to marry deep technical skills with a practical approach to engineering custom solutions for complex applications. Mr. Brouillette joins the company from Hammond Power Solutions, where he held positions of increasing responsibility over the first 23 years of his career and made significant R&D contributions to that company's patent portfolio. -- Daniel Day - Mr. Day joins Pioneer's Strategic Sales Group as Segment Manager - Transformers, with a focus on increasing the company's power dry and liquid-filled transformer sales penetration in the OEM segment of the U.S. market. He has 16 years' experience in the transformer business, most recently as Vice President of Sales and Marketing for Schaffner MTC, where he was instrumental to driving the company's power magnetics sales in the North American market, particularly in the transit, mining and generator sectors, among others. Mr. Day got his start in the transformer business in 1992 at Virginia Transformer where he had direct responsibility for all sales activities in the OEM drive market segment. Following his tenure with Virginia Transformer, Mr. Day served in a leadership role with VFP, a manufacturer of prefabricated structures for the telecommunications, power and modular building industries, as the head of its sales and marketing group. -- Brian Olsen - Mr. Olsen joins Pioneer's Strategic Sales Group as a Senior Sales Representative where he will focus on increasing sales penetration in the mission critical market in the Northeast region of the U.S. With more than 13 years of industry experience, he joins the team from Schneider Electric where he was responsible for selling UPS & switchgear systems to facility management companies and large enterprise accounts. Prior to his time with Schneider, he served in several sales leadership roles with Emerson Network Power where he focused on the mission critical business segment in the Northeast region of the U.S. Mr. Olsen also previously served as a Lieutenant in the United States Navy.
Nathan Mazurek commented further, "The commitment we are making to our sales organization and technical expertise, as demonstrated by the addition of these three key individuals together with our existing and recently expanded team, will play an instrumental role in making our overall business more sustainable, more profitable and more predictable over the coming years while accelerating Pioneer's growth."
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. is a manufacturer of specialty electrical transmission and distribution equipment and provides through its subsidiaries a broad range of custom-engineered and general purpose solutions for electrical applications in the utility, industrial and commercial markets. The Company is headquartered in Fort Lee, New Jersey and operates from eight additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales and administration. To learn more about Pioneer, please visit our website at www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) the Company's ability to expand its business through strategic acquisitions, (ii) the Company's ability to integrate acquisitions and related businesses, (iii) the fact that many of the Company's competitors are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services, which may make it difficult for the Company to attract and retain customers, (iv) the Company's dependence on Hydro-Quebec Utility Company and Siemens Industry, Inc. for a large portion of its business, and the fact that any change in the level of orders from Hydro-Quebec Utility Company or Siemens Industry, Inc. could have a significant impact on the Company's results of operations, (v) the potential loss or departure of key personnel, including Nathan J. Mazurek, the Company's Chairman, President and Chief Executive Officer, (vi) the fact that fluctuations between the U.S. dollar and the Canadian dollar will impact the Company's revenues, (vii) the Company's ability to generate internal growth, (viii) market acceptance of existing and new products, (ix) operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material, labor or overhead cost increases, interest rate risk and commodity risk, (x) restrictive loan covenants or the Company's ability to repay or refinance debt under its credit facilities that could limit the Company's future financing options and liquidity position and may limit the Company's ability to grow its business, (xi) general economic and market conditions in the electrical equipment, power generation, commercial construction, industrial production, oil and gas, marine and infrastructure industries, (xii) the impact of geopolitical activity on the economy, changes in government regulations such as income taxes, climate control initiatives, the timing or strength of an economic recovery in the Company's markets and the Company's ability to access capital markets, (xiii) the fact that unanticipated increases in raw material prices or disruptions in supply could increase production costs and adversely affect the Company's profitability, (xiv) the fact that the Company's Chairman controls a majority of the Company's combined voting power, and may have, or may develop in the future, interests that may diverge from yours and (xv) the fact that future sales of large blocks of the Company's common stock may adversely impact the Company's stock price. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual and Quarterly Reports on Form 10-K and Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Brett Maas, Managing Partner
SOURCE Pioneer Power Solutions, Inc.