New composition of the Management Board

9/7/2012 10:37 AM EST

Greentech Energy Systems A/S
Changes board/management/auditors

New composition of the Management Board


                                                   Copenhagen, 07 September 2012

                                                                                

                        Company Announcement No 24/2012



The Board of Directors has performed a review of the composition of the
Management Board in light of the strategy of the Company and, as stated in
Company Announcement 16/2012 of 08 June 2012, of the resignation of Mark
Fromholt as CFO. 

Based on the above, the Board of Directors has made the following changes of
the Management Board: 

  -- Mr. Michele Lerici, the Company’s current COO replaces Mr. Mark Fromholt
     and takes up the position as CFO of the Group (cv on Greentech website).

  -- Mr. Alessandro Reitelli has been appointed as new COO of the Group . Mr.
     Reitelli  has 18 years of experience in finance and operations that he
     acquired as a consultant in Arthur Andersen and at management level in a
     listed group, in Europe and North Africa. (cv on Greentech website).

  -- Mr. Eugenio De Blasio steps down as deputy CEO and exits the Group to start
     other professional challenges. This position will not be replaced.

The Board of Directors welcomes Mr. Lerici and Mr. Reitelli in their new
positions as CFO and COO of the Group and wishes them good luck. 

The Board of Directors thanks Mr. De Blasio and Mr. Fromholt for the work they
have performed in the Group in the last years and wishes them all the best in
the prosecution of their professional careers. 

Following the above, the future Management Board of Greentech Energy Systems
A/S consists of: 

Mr. Sigieri Diaz della Vittoria Pallavicini, CEO

            Mr. Michele Lerici, CFO

            Mr. Alessandro Reitelli, COO



The Board of Directors





                                        For further information, please contact:

Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71