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Press CenterAPX Appoints Joseph Varnas as Chief Technology OfficerSanta Clara, CA - June 25, 2008 - APX, Inc., the leading infrastructure provider for environmental and energy markets, today announced the appointment of Joseph A. Varnas to the newly created position of Chief Technology Officer. Mr. Varnas will be responsible for APX’s technology roadmap and strategy, including expansion of the company’s existing platforms for power and environmental markets, as well as developing new solutions to help APX integrate its market infrastructure with the financial markets. “Joe is a proven leader in the technology arena with deep roots in the financial industry and a comprehensive understanding of the emerging environmental commodities market,” said Brian Storms, APX’s Chairman and Chief Executive Officer. “His extensive business and technology background will be a valuable addition to our team. Joe’s experience in building complex technology solutions for some of the world’s largest financial institutions will be a tremendous asset as we scale our proven infrastructure to meet the growing demands of both the global carbon markets and the North American power markets.” “The capital markets are essential to the continued growth of emissions trading and I look forward to working with our team to develop the cutting-edge technology that will bring these markets together,” said Mr. Varnas. “APX already manages more than 2 billion certificates in its registry systems for carbon and renewable energy markets, and is ensuring that the necessary infrastructure is in place to support the emerging US compliance and voluntary markets.” Prior to joining APX, Mr. Varnas served as Executive Vice President and Chief Information Officer at Marsh, a leading global risk management and insurance brokerage firm. In this role, he led the firm’s IT and Operations, Global Consumer Business Unit, and Human Resources departments. Previously, he was a managing director at UBS Global Asset Management, where he was President of UBS U.S. Mutual Funds and responsible for IT and operations across the Asset Management Group. Mr. Varnas also served as Chief Operating Officer of Morningstar Investor Services and Vice President and Manager of Product & Technology Development at UBS PaineWebber. Earlier in his career, he worked at Merrill Lynch, Pierce, Fenner & Smith, Chemical Investment Services Corp., and Prudential Mutual Fund Management, Inc. Mr. Varnas will report to Mr. Storms and his appointment as Chief Technology Officer is effective immediately. About APX, Inc. APX is the leading infrastructure provider for environmental and energy markets in renewable energy and greenhouse gases including carbon commodities. Providing a bank and mint for environmental commodities, the APX Environmental Market Depository™ is trusted to create, track, manage, and retire renewable energy certificates (RECs), energy efficiency and conservation certificates, carbon offset credits such as verified emissions reductions (VERs), and greenhouse gas emission allowances. The company is the system of choice for all major renewable energy markets in North America and greenhouse gas markets worldwide. APX also provides technology, strategic consulting, and expert operational services to assist wholesale power market participants reduce costs and improve performance in power scheduling, settlement, market operations, system operations support, and demand response programs. A privately held company, APX is headquartered in Santa Clara, CA. Contacts: Sard Verbinnen & Co. |
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