Solix Biofuels Announces Appoints Joel Butler As New CEO

Solix Biofuels, Inc. (Solix) today announced the appointment of Joel Butler as Chief Executive Officer. Mr. Butler brings extensive experience in manufacturing and product commercialization, with over twenty years of management experience in both early stage and Fortune 500 companies. Prior to joining Solix, Mr. Butler was at Accenture as a founding member of their supply chain strategy practice, working on transformation projects at such companies as Verizon, Nokia and Best Buy. Prior to Accenture, Mr. Butler was co-founder and Chief Technology Officer (CTO) of SwiftRivers, an analytical software optimization firm. Mr. Butler also worked at Quantum Corporation, where his roles included Director of Technology Licensing and Director of Software Applications. He has a B.S. in Naval Architecture & Marine Engineering from Webb Institute of Naval Architecture, an M.S. in Transportation Science and an M.S. in Management Science both from Massachusetts Institute of Technology (MIT). Mr. Butler was previously Solix's CTO.

"Joel's background provides the Company with the expertise needed to drive the commercialization of the Solix AGS™ technology," said Tim Lewin, Director of I2BF Venture Capital, an investor in Solix and a member of Solix's Board of Directors. "We believe Solix is now well positioned to launch these much needed systems into the marketplace."

"I look forward to driving the launch of our proprietary algae production systems," said Joel Butler. "I believe that Solix's AGS technology provides the best opportunity to enable the industry to deliver a range of products derived from algae in the coming years. These uniquely engineered systems will provide our customers with reliable, high productivity, algae cultivation capabilities."

Solix has demonstrated continuous growth of high oil-producing algae in its AGS for almost three years, with no production failures and significant year-over-year improvements in both biomass yield and oil output. Last summer, they achieved peak growth rates over 3000 gallons per acre per year, thereby crossing the threshold that has been deemed as commercially viable. Solix has also demonstrated its technology at scale at its demonstration plant located in Southwestern Colorado on the Southern Ute Reservation. This facility uses waste carbon dioxide and produced water from industrial sources.

Doug Henston, previously Solix's CEO, and David Maytubby, CFO, have resigned from the Solix to pursue other opportunities.