Seacon Phoenix, Inc. Announces Rear Admiral Millard Firebaugh Joins Its Board of Directors

20-Dec-2005

Leader in Underwater Cables and Connectors Adds Distinguished Admiral and Experienced Executive to its Team

WESTERLY, R.I.--(BUSINESS WIRE)--Dec. 20, 2005--Seacon Phoenix, Inc. announced today that Rear Admiral Millard S. Firebaugh, USN (Ret) has joined its board of directors. Currently, Admiral Firebaugh is President and Chief Operating Officer of SatCon Technology Corporation (NASDQ: SATC), which designs, manufactures, and sells energy management products for power markets worldwide. "We are delighted to have Millard join our board," said Frank Ravenelle, President of Seacon Phoenix. "He brings a long and deep experience with submarine design and construction through his distinguished Navy career and subsequent role as Electric Boat Corporation's Chief Engineer and will be a valuable contributor to Seacon's continued success," added Mr. Ravenelle.

"I am pleased to join the Seacon Phoenix board and work with this growing and exciting company," said ADM Firebaugh. "Seacon Phoenix has developed a world-class reputation for providing subsea electrical connectivity solutions," ADM Firebaugh continued, "and I believe there are ample opportunities to continue its success through further expansion in core military business and by addressing new market applications."

About Seacon Phoenix

Seacon Phoenix, Inc. (www.SeaconPhoenix.com) was acquired by an investor group led by Hastings Equity Partners and Quarterdeck Equity Partners in February, 2005. Seacon Phoenix is a leading manufacturer of underwater electrical and optical connectors and cable assemblies for the military and commercial markets. The company specializes in glass to metal sealed connectors, feed thrus, electrical devices, lithium battery tops and high technology underwater fiber optic connectors and cable assemblies. Applications in harsh environments, such as undersea, oil and gas downhole, nuclear and aerospace, provide the most common uses for its products. Seacon's headquarters and primary manufacturing operations are located in Westerly, Rhode Island.

About Rear Admiral Millard S. Firebaugh, USN (Ret)

Rear Admiral Firebaugh graduated from MIT in 1961 and received a commission in the Navy. Following duty on USS Mitscher (DL-2) he returned to MIT graduating in 1966 with a master's degree in electrical engineering and a Naval Engineer degree. He participated in the search for the remains of the USS Thresher (SSN-593), qualified as a salvage diver, and served as a ship superintendent in the Portsmouth Naval Shipyard involved in the overhauls of nuclear submarines and the construction of the deep diving research submarine USS Dolphin (AGSS-555). He returned to MIT receiving a D.Sc. degree in Ocean Engineering in 1972. Subsequently, he supported the Navy's deep submergence assets at Submarine Development Group One and administered contracts for the construction of Los Angeles Class submarines at Electric Boat. In 1979 ADM Firebaugh began service in the headquarters of the NAVSEASYSCOM in submarine design and naval architecture and managed the design of the SSN688 Class VLS, which was deployed on 32 ships. He was selected as program manager to initiate design and construction of the Seawolf Class submarines. After seeing the program through design and award of contracts to construct the first two ships of the class, he became Chief Engineer of the NAVSEASYSCOM, serving in that position until retirement in 1995. Since departing the Navy, he has been involved in various technical activities including the remediation of nuclear waste. From 1997 to 2005 he returned to the submarine business at General Dynamics, Electric Boat Corporation where he was Vice President, Innovation and Chief Engineer. Today, ADM Firebaugh serves as President and COO of SatCon Technology Corporation (NASDQ: SATC). ADM Firebaugh holds the American Society of Naval Engineers' Gold Medal, the US Navy Distinguished Service Medal and was recently elected to the National Academy of Engineering. He is the editor of the second edition of "Naval Engineering and American Sea Power".

About Hastings Equity Partners

Hastings Equity Partners, LLC (www.HastingsEquity.com) is a private equity firm, located in Waltham, MA, focusing on acquiring niche manufacturing, distribution, and business services companies. Hastings looks for attractive investment opportunities where it can leverage its partners more than sixty years of operating experience to help companies create sustained value for its customers, employees, and investment partners.

About Quarterdeck Equity Partners

Quarterdeck Equity Partners, Inc. (QEP), headquartered in Los Angeles, is the merchant banking arm of the Quarterdeck family of companies (www.qtrdeck.com). QEP focuses exclusively on investments in the global aerospace, defense and federal information technology industries.


Fast Fact

Hastings strives to help companies create sustained value for its employees, customers, and investment partners.