George Clute, Lou Ryan, Rick Fox join SprayCool’s Board of Directors
LIBERTY LAKE, Wash. – (Jan. 11, 2006) –SprayCool, the maker of SprayCool™ technology
and products, today announced that George Clute, Lou Ryan and Rick Fox will join the company’s
board of directors, bringing a combined 86 years of experience and leadership in the commercial
technology and finance arenas.
“These are very strong additions to our existing board that will expand our ties in the
corporate and commercial technology communities,” said Jeff Severs, president and chief
executive officer of SprayCool. “We have been successfully implementing SprayCool technology
in military and government applications for nearly two decades, and the introduction of their
knowledge and leadership will be critical in taking the company to the next level as we move
forward with growing our new commercial division.”
SprayCool recently launched a commercial division to address the growing problem of pervasive thermal
issues in high performance commercial electronics design. SprayCool technology uses liquid evaporation,
or phase change, of dielectric fluid to cool electronics. This provides revolutionary improvements
in performance over existing cooling technology, enabling greater capabilities in electronics
design.
Clute has been involved in the financing of more than 200 predominantly Pacific Northwest private
companies and is a managing director of Banyan Capital Partners, a private equity firm based
in Vancouver, B.C. For more than 20 years prior to Banyan, Clute was one
of two founding individual partners of OVP Venture Partners in Kirkland, WA.
Clute recently led a round of funding from Banyan to accelerate the growth of SprayCool’s commercial
products division.
“Lou and I have worked together for a number of years to help build shareholder value
in other companies, most notably Delrina and Foundstone, and Rick is well known as a leader in
t he Northwest business community,” Clute said. “Those of us at Banyan were particularly
excited when Lou and Rick agreed to participate at a board level for SprayCool because their track
records and experience closely align with the company’s needs at this point.”
Ryan is a renowned technology leader with more than 25 years of computer industry experience
as a Silicon Valley entrepreneur with companies such as Borland Corporation, Delrina Corporation,
Entercept Technologies and Foundstone Technologies. He brings a host of expertise to the table
in the areas of strategic planning, sales and marketing international business, mergers and acquisition,
and venture/ late-stage financing. Ryan currently serves on a variety of public and private boards.
“SprayCool’s extensive experience with government and military applications makes us
uniquely positioned to move into the commercial market,” Ryan said. “I am confident
that our commercial product line will enable our customers to address the complex thermal issues
that prevent them from maximizing the efficiency and efficacy of their data centers.”
Fox has more than 35 years of leadership experience with leading financial and technology
companies, including Ernst & Young, PACCAR, Wall Data, and CyberSafe Corporation. He serves
on several private and public company boards and provides consulting services to entrepreneurs
and financial services firms.
“The commercial electronics market has reached a point where a disruptive technology is
needed to enable the next generation of high performance computers and SprayCool’s SprayCool System
Solutions are uniquely positioned to meet that need,” Fox said. “This is a proven
technology that will change the way high performance electronics are cooled and enable manufacturers
to design and innovate without compromising their vision.”
About SprayCool, Inc.
SprayCool, Inc. uses its innovative technology, SprayCool™, to revolutionize how electronics
are packaged, powered and cooled. It is the leading technology that is enabling the development
and delivery of electronic system solutions for problems with heat, noise, space and reliability.
SprayCool, Inc. is a privately held corporation headquartered near Spokane, Wash.
About SprayCool™ System Solutions
SprayCool System Solutions use a fine mist of liquid, sprayed in a thin layer, which evaporates,
to cool electronics. The process continuously cycles within a closed loop system. SprayCool changes
the geography of electronics, resulting in cooler, quieter, more powerful, and more durable electronic
devices. Companies are using SprayCool System Solutions to enable the next generation of electronics.
Media Contacts:
Bob Silver
MWW Group for SprayCool
206-689-8505
bsilver@mww.com
