Gevo, Inc. : Gevo Announces a Strategic Hire for its Executive Team
Reports an Equity Grant Under NASDAQ Listing Rule 5635(c)(4)
ENGLEWOOD, Colo. - March 19, 2013 - Gevo, Inc. (NASDAQ: GEVO) today announced
that it has expanded its executive team to include Dr. Stephen P. Toon as its
Executive Vice President of Operations and Process Development. In his new
role at Gevo, Dr. Toon will report to Christopher Ryan, Ph.D., President,
Chief Operating Officer, and Chief Technology Officer, and will have overall
responsibility for Gevo's Luverne, Minn. facility from startup through to
"Steve is a veteran of many new technology startups. He brings together a rare
combination of expertise, combining industrial fermentation, plant startups,
and operations," said Dr. Ryan. "Our whole organization will benefit from him
Prior to joining Gevo, Dr. Toon served as Vice President of Engineering and
Operations at OPX Biotechnologies and Vice President of Manufacturing and
Engineering at Verenium Corporation. He spent ten years as a senior scientist
at Cargill and was previously a scientist and doctoral fellow at the National
Renewable Energy Lab. Dr. Toon holds a Ph.D. in Biology from the University
of Denver, and an M.S. in Botany and a B.S. in Microbiology, both from the
University of Arkansas.
On March 15, 2013, the compensation committee of Gevo's board of directors
approved a stock option award to Dr. Toon for an aggregate of 100,000 shares
of common stock in accordance with NASDAQ Listing Rule 5635(c)(4). The stock
options were granted to induce Dr. Toon to accept employment with Gevo. The
stock options vest one third on the anniversary of the grant the remaining
vesting monthly over the following 24 months, subject to Dr. Toon remaining
employed through the relevant vesting date. The stock options have an exercise
price of $1.89 per share, which was the closing price of Gevo's common stock
on March 15, 2013. The option grant generally expires shortly after Dr. Toon
terminates employment, but in no event later than March 15, 2023.
Gevo is a leading renewable chemicals and next-generation biofuels company.
Gevo's patent-protected, capital-light business model converts existing
ethanol plants into biorefineries to make isobutanol. This versatile chemical
can be directly integrated into existing chemical and fuel products to deliver
environmental and economic benefits. Gevo started up its first commercial
isobutanol facility in Luverne, Minn. and has a marquee list of partners
including Coca-Cola, Sasol, and LANXESS, among others. Gevo is committed to a
sustainable biobased economy that meets society's needs for plentiful food and
clean air and water. For more information, visit www.gevo.com.
Certain statements in this press release may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include statements that are not
purely statements of historical fact, and can sometimes be identified by our
use of terms such as "intend," "expect," "plan," "estimate," "future,"
"strive" and similar words. These forward-looking statements are made on the
basis of the current beliefs, expectations and assumptions of the management
of Gevo and are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking statements.
All such forward-looking statements speak only as of the date they are made,
and the company undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise. Although
the company believes that the expectations reflected in these forward-looking
statements are reasonable, these statements involve many risks and
uncertainties that may cause actual results to differ materially from what may
be expressed or implied in these forward-looking statements. For a further
discussion of risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as well as
risks relating to the business of Gevo in general, see the risk disclosures in
the Annual Report on Form 10-K of Gevo for
the year ended December 31, 2011, as amended, and in subsequent reports on
Forms 10-Q and 8-K and other filings made with the Securities and Exchange
Commission by Gevo.
Gibbs & Soell for Gevo
T: (212) 697-2600
PR & Marketing Coordinator
T: (303) 858-8358
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applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Gevo, Inc. via Thomson Reuters ONE
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