SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 7, 2007--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(R) 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.
CONTACT: Financial Relations Board
Tony Rossi, 213-486-6545
trossi@frbir.com
SOURCE: Mobility Electronics, Inc.
