Reports an Equity Grant Under NASDAQ Listing Rule
5635(c)(4)
ENGLEWOOD, Colo. - March 19, 2013 - Gevo, Inc. (NASDAQ: GEVO) today announced that
it has expanded its executive team to include Dr. Stephen P. Toon
as its Executive Vice President of Operations and Process
Development. In his new role at Gevo, Dr. Toon will report to
Christopher Ryan, Ph.D., President, Chief Operating Officer, and
Chief Technology Officer, and will have overall responsibility for
Gevo's Luverne, Minn. facility from startup through to commercial
operation.
"Steve is a veteran of many new technology
startups. He brings together a rare combination of expertise,
combining industrial fermentation, plant startups, and operations,"
said Dr. Ryan. "Our whole organization will benefit from him
joining Gevo."
Prior to joining Gevo, Dr. Toon served as Vice
President of Engineering and Operations at OPX Biotechnologies and
Vice President of Manufacturing and Engineering at Verenium
Corporation. He spent ten years as a senior scientist at
Cargill and was previously a scientist and doctoral fellow at the
National Renewable Energy Lab. Dr. Toon holds a Ph.D. in
Biology from the University of Denver, and an M.S. in Botany and a
B.S. in Microbiology, both from the University of Arkansas.
On March 15, 2013, the compensation committee of
Gevo's board of directors approved a stock option award to Dr. Toon
for an aggregate of 100,000 shares of common stock in accordance
with NASDAQ Listing Rule 5635(c)(4). The stock options were granted
to induce Dr. Toon to accept employment with Gevo. The stock
options vest one third on the anniversary of the grant the
remaining vesting monthly over the following 24 months, subject to
Dr. Toon remaining employed through the relevant vesting date. The
stock options have an exercise price of $1.89 per share, which was
the closing price of Gevo's common stock on March 15, 2013. The
option grant generally expires shortly after Dr. Toon terminates
employment, but in no event later than March 15, 2023.
About Gevo
Gevo is a leading renewable chemicals and
next-generation biofuels company. Gevo's patent-protected,
capital-light business model converts existing ethanol plants into
biorefineries to make isobutanol. This versatile chemical can be
directly integrated into existing chemical and fuel products to
deliver environmental and economic benefits. Gevo started up its
first commercial isobutanol facility in Luverne, Minn. and has a
marquee list of partners including Coca-Cola, Sasol, and LANXESS,
among others. Gevo is committed to a sustainable biobased economy
that meets society's needs for plentiful food and clean air and
water. For more information, visit www.gevo.com.
Forward-Looking
Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements that are not purely
statements of historical fact, and can sometimes be identified by
our use of terms such as "intend," "expect," "plan," "estimate,"
"future," "strive" and similar words. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of Gevo and are
subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and the company undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise. Although the company
believes that the expectations reflected in these forward-looking
statements are reasonable, these statements involve many risks and
uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. For a further discussion of risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for
the year ended December 31, 2011, as amended, and
in subsequent reports on Forms 10-Q and 8-K and other filings made
with the Securities and Exchange Commission by Gevo.
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