NEW YORK, Jan. 31, 2017 (GLOBE NEWSWIRE) -- Receivable Acquisition & Management Corporation (OTCQB:CSEI) d/b/a Cornerstone Sustainable Energy (“CSE”), headquartered in New York City, elected an additional member to its Board of Directors at its recent shareholders meeting in New York City. All of the matters presented by management to the shareholders for the meeting held January 20 were approved by large margins.
“We are pleased to announce the addition of Monirul Hoque to our Board of Directors,” stated Tom Telegades, CEO. “Mr. Hoque is an independent director who brings a wealth of experience to the Company in the areas of financial planning, investment banking, and business strategy. His educational background in Electrical Engineering and Physics also adds a valuable technical dimension to the Board.”
“The opportunity for this Company’s technology for converting low-grade heat into power has enormous potential, and I am pleased to join the team that is moving the Company and the technology forward,” noted Mr. Hoque after the shareholder meeting. “I look forward to applying my background and experience to helping the business achieve major success in key industrial verticals both locally and internationally.”
Among the matters approved by shareholders was the proposal to change the name of the Company from Receivable Acquisition & Management Corporation to PwrCor, Inc. The use of Cornerstone Sustainable Energy and the CSE abbreviation and symbol would also be discontinued. "The new name – PwrCor, Inc. – allows us to emphasize our business objective to commercialize our disruptive energy conversion technology, branded PwrCorTM, and establish a recognizable position in the marketplace,” said Mr.Telegades. The shareholders also approved a reverse stock split expected to be in the ratio of one for six shares currently outstanding. An announcement will be issued when the corporate name and trading symbol change, and a stock split is officially made.
Subsequent to the shareholder meeting, on January 24, the Company filed a Form 8-K with the SEC that provides additional relevant information.
About Mr. Hoque
MONIRUL HOQUE has over 20 years of experience with global financial services firms including GE Capital, JP Morgan and Bank of America. Mr. Hoque joined Alliance Global Finance as a Managing Partner in November 2012, investing Private Equity in Special Situations and Growth Capital type transactions in various Innovative technology-focused areas, primarily CleanTech, CyberTech, and FinTech. From September 2009 until October 2012 he was employed by Sawmill Capital Partners as an Emerging Markets Financial Advisor. Prior thereto, from February 2008 to August 2009, Mr. Hoque was employed by Al Rayan Investments in Doha, Qatar, as Managing Director of the group focused on emerging markets. From December 2003 until February 2008 he was employed by Banc of America Securities where he ran the Principal Financial Real Estate and Infrastructure Strategies Group. He has worked in investment and corporate banking, private equity, real estate, and asset management, and has extensive experience in investing in debt and equity products and their derivatives. He is adept at driving business plans, developing corporate strategies and leading across multiple cultural environments. His experience preparing detailed financial and strategic documents to regulators, investors and bankers will be useful to the Company. Mr. Hoque earned a master's degree with honors in Finance from Columbia University. Through a combined degree program, he received a BS in Electrical Engineering from Columbia University and a BA in Physics from Bard College.
About the Company
Receivable Acquisition & Management Corporation d/b/a Cornerstone Sustainable Energy (“CSE”) is an energy technology company offering cleantech energy solutions for the Waste Heat to Energy, Geothermal, and Solar Thermal markets, as well as other applicable markets. CSE is focused on energy infrastructure development projects and delivering cleantech energy solutions to commercial and not-for-profit customers.
About the Technology
PwrCorTM engines can cost effectively convert ultra-low-grade heat to usable mechanical or electrical energy, opening up an immense market that competing technologies cannot exploit with a cost effective solution. PwrCorTM is a cleantech ‘GREEN’ technology that uses no fossil fuels, does not operate via combustion, has no emissions, and does not process any working fluids that are flammable, harmful to the environment, or costly to replace. PwrCorTM is scalable, modular, and runs relatively silently, all within a small footprint.
CSE's Forward-Looking Statement Safe Harbor
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to raise sufficient financing to implement its growth strategy, and its ability to successfully develop and commercialize its proprietary products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent reports on Forms 10-K, 10-Q, 8-K and other filings made with the SEC. Copies of these reports are available from the SEC's website, www.sec.gov, or without charge from the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
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