07.12.2007 13:00:00
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Mobility Electronics Adds Peter L. Ax to Board of Directors
Mobility Electronics, Inc. (NASDAQ:MOBE), a leading provider of
innovative portable power and computing solutions, today announced the
addition of Peter L. Ax to its Board of Directors. Mr. Ax, 48, currently
serves as the managing partner of Phoenix Capital Management, a merchant
banking firm, and has been on the Board of Directors of Meritage Homes
Corporation (NYSE:MTH) since 2002. Mr. Ax also serves on the
Advisory Board of Directors of Cascadia Capital, a Seattle-based
investment banking and merchant banking firm.
Mr. Ax previously served as head of the Private Equity Placement Group
and Senior Vice President of Lehman Brothers. In this role, Mr. Ax was
responsible for the funding of many high-growth, early-stage companies
in the United States and abroad. Prior to founding Phoenix Capital
Management, Mr. Ax was a co-founder and Chief Executive Officer of
SpinCycle, Inc., a publicly held consolidator and developer of
coin-operated laundromats.
Mr. Ax holds an MBA from The Wharton School at the University of
Pennsylvania, and a law degree and Bachelor of Science degree from the
University of Arizona. Mr. Ax is also a certified public accountant and
has been an accounting instructor at The Wharton School.
"We are very pleased to add Peter to our Board
of Directors,” said Robert W. Shaner, Chairman
of the Board of Directors of Mobility Electronics. "Peter
is a seasoned financial expert who has successfully built his own
companies and helped guide the growth of numerous other companies in his
role as an investment banker. We believe his insight and experience will
be valuable to the Company as we continue to build our business.”
Following the appointment of Mr. Ax, Mobility’s
Board of Directors consists of seven members, with six being classified
as independent.
In addition, on December 5, 2007, Mobility’s
Board of Directors revised the structure of its committees as follows:
Audit Committee: Jeffrey R. Harris, Chairman, Peter L. Ax and Michael
J. Larson.
Compensation & Human Resources Committee: William O. Hunt, Chairman,
Larry M. Carr and Michael J. Larson.
Corporate Governance & Nominating Committee: Larry M. Carr, Chairman,
Peter L. Ax and William O. Hunt.
About Mobility Electronics, Inc.
Mobility Electronics, Inc., based in Scottsdale, Arizona, is a developer
of universal power adapters for portable computers and mobile electronic
devices (e.g., mobile phones, PDAs, digital cameras, etc.) and creator
of the patented iGo® intelligent tip
technology. Mobility Electronics’ iGo brand
offers a full line of AC, DC and combination AC/DC power adapters for
portable computers and low-power mobile electronic devices. All of these
adapters leverage the Company’s iGo
intelligent tip technology, which enables one power adapter to
power/charge hundreds of brands and thousands of models of mobile
electronic devices through the use of interchangeable tips.
The Company also offers other accessories for the mobile electronic
device market, such as foldable keyboards.
Mobility Electronics’ universal chargers are
available at www.iGo.com as well as the
stores of leading retailers and wireless carriers. For additional
information call 480-596-0061, or visit www.mobilityelectronics.com.
Mobility Electronics, iGo and …improving
your mobile experience are registered trademarks of Mobility
Electronics, Inc. All other trademarks or registered trademarks are the
property of their respective owners. This release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s
current expectations and beliefs and are subject to risks and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. In particular,
factors that could cause actual results to differ materially from those
in the forward-looking statements include the sell through rates of the
Company’s power products at retail and
wireless carrier accounts; delays or cessation of shipments of the
Company’s products to the carrier; the timing
and success of new product introductions; the development and
introduction of new products by us and our competitors; the performance
of suppliers and subcontractors; industry and general economic or
business conditions; and other factors detailed in our filings with the
Securities and Exchange Commission. Forward-looking statements speak
only as of the date made and are not guarantees of future performance.
We undertake no obligation to publicly update or revise any
forward-looking statements.
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