ST. LOUIS, April 29 /PRNewswire-FirstCall/ -- Zoltek Companies, Inc. (Nasdaq: ZOLT - News) today announced that Kevin J. Schott, a financial executive and certified public accountant with more than a dozen years experience in entrepreneurial and high technology businesses, has been appointed Zoltek's Chief Financial Officer.
As an independent consultant since 2001, Schott, 38, has served a variety of publicly and privately owned companies, including Zoltek, in different facets of financial planning and management, including budgeting and forecasting, managing international finance operations, cash management, financial controls and capital raising.
After graduating from Washington University with a degree in business administration in 1988, Schott worked for two years with Ernst & Young in St. Louis, and then joined Bridge Information Systems, where he worked for ten years, including five as vice president and corporate controller. As a financial consultant, Schott played a key role in the integration of the finance and accounting functions at TLC Vision Corporation, created through the May 2002 merger of Toronto-based TLC Laser Eye Centers and St. Louis-based Laser Vision Centers.
"Kevin Schott is exceptionally well qualified to serve as Zoltek's Chief Financial Officer at this critical transitional time," said Zsolt Rumy, Zoltek's Chairman and Chief Executive Officer. "We are now entering what we believe will be a period of growth as demand for carbon fibers accelerates and the commercial markets for carbon fibers permanently diverge from the aerospace markets. Kevin is an extremely capable and gifted financial executive, with a wealth of experience in areas that will be of particular importance to Zoltek going forward, including capital raising, international cash management, budgeting and financial controls, and acquisition integration."
This press release contains forward-looking statements, which are based upon the current expectations of the Company. Because these forward-looking statements are inherently subject to risks and uncertainties, there are a number of factors that could cause the Company's plans, actions and actual results to differ materially. Among these factors are the Company's ability to: execute restructuring and other cost reduction plans; achieve profitable operations; raise new capital and increase its borrowing at acceptable costs; manage changes in customers' forecasted requirements for the Company's products; manage its current excess carbon fiber production capacity and re-activation of its idle facilities as required by future demand for the Company's products; continue investing in application and market development; manufacture low-cost carbon fibers and profitably market them; and penetrate existing, identified and emerging markets. The timing and occurrence (or non- occurrence) of transactions and events that determine the future effect of these factors on the Company, as well as other factors, may be beyond the control of the Company. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Zoltek is an applied technology and materials company. Zoltek's Carbon Fiber Business Unit is primarily focused on the manufacturing and application of carbon fibers used as reinforcement material in composites, oxidized acrylic fibers for heat/fire barrier applications and aircraft brakes, and composite design and engineering to support the Company's materials business. Zoltek's Hungarian- based Specialty Products Business Unit manufactures and markets acrylic fibers, nylon products and industrial materials.