According to Thomson Financial, Frederik Mowinckel, vice chairman of Solar Integrated Technologies Inc., a Los Angeles, Calif.-based manufacturer of building-integrated photovoltaic (BIPV) systems, plans to retire from the board of directors and will not be standing for re-election. Mowinckel was nominated to the board by UPC Energy Group.
However, Solar Integrated Technologies states the warrants granted to UPC Energy will not be affected in any way as a result of the board changes, and the warrants will not become immediately exercisable as a result of Mowinckel's retirement.