DGAP-News: Mynaric

Mynaric hires senior leaders to grow US business
 

- Joe Fehrenbach appointed as the CEO of Mynaric USA

- Mike Soutullo new CTO of Mynaric USA

- Mynaric USA to establish own engineering and manufacturing capabilities

Munich, 28 November 2017 - After its successful IPO on October 30th on the Frankfurt Stock Exchange, Mynaric is delivering on its promises to invest the IPO proceeds in its internationalization by appointing senior leaders to grow its US subsidiary.

"I am glad we found such experienced leaders to run our US subsidiary and feel very confident that they will be able to bring substantial upside for our access to the US market," says Dr. Wolfram Peschko, CEO of Mynaric on the new management team of Mynaric USA.

Joe Fehrenbach was appointed as CEO and now leads the Huntsville, Alabama based Mynaric USA. He joins Mynaric USA from Hexagon, a 3.1 billion Euro global provider of technology solutions, where Mr Fehrenbach was President of Hexagon US Federal, an independent subsidiary of the Swedish parent company serving US governmental customers. In this role Mr Fehrenbach achieved year-over-year revenue growth, brought in key talent, leveraged an expanding technology portfolio and improved small and large business partnerships, while investing in R&D to drive long-term customer and shareholder value.

"I am excited to join Mynaric USA and looking forward to using my experience in establishing successful businesses to bring laser communication to the US aerospace market," Joe Fehrenbach comments on his appointment.

Mr Fehrenbach is supported by Mike Soutullo, who was recently appointed as CTO of Mynaric USA but who has already been with the company since late 2016. Mr Soutullo has more than 35 years of experience in the space industry and joined Mynaric USA from Teledyne Brown Engineering, an aerospace contractor. Before joining Mynaric USA he led the development of the MUSES platform that is now successfully operating on the International Space Station, ISS. Mr Soutullo holds nine prestigious awards from NASA and was most recently honoured with the NASA Exceptional Public Achievement Medal. He is leading the development of Mynaric's space terminal that is designed to interconnect satellites in low earth orbit with distances of some thousand kilometres.

"We see great momentum in the space industry with the emergence of large-scale satellite constellations intended to bring broadband connectivity to the most remote places on earth. Our space terminal will be part of making these constellations happen and I am glad to lead our efforts to make this a reality," says Mike Soutullo on his promotion as the new CTO of Mynaric USA.

Mynaric USA will focus on the growing US commercial and government markets and operate as an independent subsidiary under US management. It will establish its own engineering as well as manufacturing capabilities and already runs significant projects with commercial customers. Mynaric USA is located in Huntsville, Alabama, a major space industry cluster.

About Mynaric AG

Mynaric (formerly Vialight Communications) is a manufacturer of laser communication technologies for building dynamic communication networks in air and in space. The products for wireless data transmission include ground stations and laser terminals that allow very large quantities of data to be transmitted wirelessly at high speed over long distances.

Important information
Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or, in each case, the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with our industry, as well as many other risks specifically related to the Company and its operations.
 

Contact

Jan Hutterer
Kirchhoff Consult AG
mynaric@kirchhoff.de
+49 40 609 186 65
www.kirchhoff.de
 
Mynaric AG
Friedrichshafener Str. 3
82205 Gilching
Germany
www.mynaric.com