(Honolulu, HI, Sept. 23, 2008) — HR BioPetroleum, Inc. (HRBP) announced today the appointment of Martin Sabarsky as Chief Financial Officer and Chief Operating Officer. Mr. Sabarsky had been consulting with HRBP throughout 2008 in the development of the Company’s business plan, financial models, and in strategic partnering discussions, including the Company’s recently-announced memoranda of understanding with Hawaiian Electric Company, Maui Electric Company, and Alexander & Baldwin for a commercial algae facility on Maui.
Over the past 13 years, Mr. Sabarsky has demonstrated significant leadership in the industrial biotechnology industry, in addition to spear-heading major transactions across multiple industries, including the biotechnology industry. Prior to joining HRBP, Mr. Sabarsky was Vice President of Corporate Development at Diversa Corporation and a member of the Executive Committee, where he led the corporate development function and executed additional strategic roles within the Finance and Accounting department. Before Diversa, Mr. Sabarsky worked as an investment banker with Bear, Stearns & Co. Inc., where he focused on financings and mergers and acquisitions within the life sciences industry and was a lead banker on Diversa’s $200 million IPO in 2000. Prior to joining Bear Stearns, Mr. Sabarsky worked as an attorney with Latham & Watkins LLP, where he focused on transactions within the real estate, healthcare, venture capital, and biotechnology industries, among others. Mr. Sabarsky has an A.B. in Biology and Political Science from Brown University, a J.D. from Harvard Law School, and an M.B.A. from the Rady School of Management at UC San Diego.
“Martin brings with him an outstanding background and record of achievements in finance, mergers & acquisitions, strategic partnering, investor relations, and general management,” said Edward T. Shonsey, Chief Executive Officer of HR BioPetroleum. “Having worked closely with Martin for almost five years at Diversa and during 2008 while he consulted with HRBP, I am delighted to have him formally join the HRBP team.”
“I would like to thank Ed Shonsey and the Board of Directors for giving me this opportunity with HR BioPetroleum, whose business and approach epitomizes my personal philosophy of trying to ‘do well by doing good,’ “ stated Mr. Sabarsky. “With an industry-leading combination of proven algae production technologies, world-class partners, and a growing portfolio of commercial project opportunities, HR BioPetroleum is, I firmly believe, the best-positioned company to make this exciting technology a commercial reality within the next few years. I look forward to working with Ed and the Board to assemble and deploy the necessary financial and human resources to do just that.”
About HR BioPetroleum
HR BioPetroleum, Inc., (HRBP) is a Hawaii-based and -founded renewable biofuels company focused on using the most productive plants on earth – marine microalgae – to produce biofuel feedstocks while simultaneously reducing industrial emissions of CO2. HRBP intends to construct and operate commercial algae facilities that will convert carbon dioxide emissions from power plants and other large point sources of carbon dioxide into feedstocks for biofuels and other valuable products. In 2007, HRBP and Royal Dutch Shell PLC, the international energy company, formed Cellana, a separate joint venture, to operate a demonstration facility to grow marine algae and produce vegetable oil for conversion into biofuel. Additional information is available at www.hrbp.com.