Exhibit 99.1
[ZOLTEK logo]
FOR IMMEDIATE RELEASE
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ZOLTEK COMPANIES, INC. PROMOTES ANDREW WHIPPLE
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TO BECOME CHIEF FINANCIAL OFFICER
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ST. LOUIS, MISSOURI -- April 23, 2009 -- Zoltek Companies, Inc. today
reported that it has appointed Andrew W. Whipple as its Chief Financial
Officer. Mr. Whipple has served as Zoltek's Chief Accounting Officer since
May 2008.
Zsolt Rumy, Zoltek's Chairman and CEO, commented, "In the year that
Andy has been on board he has proven himself to be a real contributor
with a strong technical and business background. He has successfully performed
many challenging assignments, while strengthening our financial and accounting
functions to meet increasingly complex external reporting obligations and to
support our operational needs. We are pleased that we were able to fill the
permanent CFO position internally with an individual who has earned the
respect of our Board of Directors and employees. Andy's promotion is a logical
step in the development of our management team to execute our growth strategy
of commercializing low-cost carbon fibers."
Prior to joining the Company, Mr. Whipple, age 45, served as Chief
Financial Officer of E3 Biofuels from 2007 to 2008. From 1998 to 2007, he was
employed by Digital Teleport, Inc. initially as Controller and later as Chief
Financial Officer. After Digital Teleport was acquired by CenturyTel in 2003,
he became Vice President of Operational Support. Mr. Whipple also was Senior
Manager in the St. Louis office of Deloitte & Touche, LLP where he worked from
1993 to 1998. He is a Certified Public Accountant and earned a degree in
accounting from Virginia Tech in 1985.
Mr. Whipple succeeds Mr. Rumy who had served as Chief Financial
Officer on an interim basis since May 2008.
FOR FURTHER INFORMATION CONTACT:
ZSOLT RUMY, CEO
3101 MCKELVEY ROAD
ST. LOUIS, MO 63044
(314) 291-5110
This press release contains certain statements that constitute "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. The words "expect," "believe," "goal," "plan,"
"intend," "estimate," and similar expressions and variations thereof are
intended to specifically identify forward-looking statements. Those statements
include statements regarding the intent, belief or current expectations of us,
our directors and officers with respect to, among other things: (1) our
financial prospects; (2) our growth strategy and operating strategy, including
our focus on facilitating acceleration of the introduction and development of
mass market applications for carbon fibers; (3) our current and expected
future revenue; and (4) our ability to complete financing arrangements that
are adequate to fund current operations and our long-term strategy.
[ZOLTEK logo]
Zoltek Companies, Inc. Promotes Andrew Whipple To Become Chief Financial
Officer
Page 2
April 23, 2009
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This press release also contains statements that are based on the current
expectations of our company. You are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various factors.
The factors that might cause such differences include, among others, our
ability to: (1) penetrate existing, identified and emerging markets, including
entering into new supply agreements with large volume customers for wind
energy and other high volume commercial applications; (2) continue to improve
efficiency at our manufacturing facilities on a timely and cost-effective
basis to meet current order levels of carbon fibers; (3) successfully add new
planned capacity for the production of carbon fiber and precursor raw
materials and meet our obligations under long-term supply agreements; (4)
maintain profitable operations; (5) increase our borrowing at acceptable
costs; (6) manage changes in customers' forecasted requirements for our
products; (7) continue investing in application and market development in a
range of industries; (8) manufacture low-cost carbon fibers and profitably
market them despite increases in raw material and energy costs; (9)
successfully operate our Mexican facility to produce acrylic fiber precursor
and add carbon fiber production lines; (10) resolve the pending non-public,
fact-finding investigation being conducted by the Securities and Exchange
Commission; (11) successfully continue operations at our Hungarian facility if
natural gas supply disruptions recur; (12) successfully prosecute patent
litigation; and (13) manage the risks identified under "Risk Factors" in our
filings with the SEC. Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be predicted or
quantified, you should not rely upon forward-looking statements as predictions
of future events. The events and circumstances reflected in the
forward-looking statements may not be achieved or occur and actual results
could differ materially from those projected in the forward-looking
statements.