MPM Tech announces management changes, aggressive plan to complete financial reporting compliance

SPOKANE, Wash. - June 7, 2013 - PRLog -- MPM Technologies, Inc., (the “Company” or “MPM”) filed an 8-K with the Securities and Exchange Commission (the “SEC”) to announce a restructuring of its management team. For details of the restructuring, please refer to the Company’s Current Report on Form 8-k (http://www.sec.gov/Archives/edgar/data/799268/000149315213001082/0001493152-13-001082-index.htm), filed with the SEC on June 4, 2013.

In brief, effective May 29, 2013, the shareholders of MPM Technologies removed Peter Chase as Chief Executive Officer, President and Director, and removed Michael Mooney as Secretary, Treasurer and Principal Accounting Officer. Mr. Peter Colella, Jr. and Mr. Brian Burrow were appointed as Interim Chief Executive Officer and Interim Chief Financial Officer, respectively. Mr. Collela will oversee the company’s day-to-day operations, and Mr. Burrow will perform the duties commensurate with his position until the Board of Directors has identified a new Chief Executive Officer and Chief Financial Officer.

Mr. Colella has been active in corporate finance activities on a national and international level over the course of his 32-year career. In addition to over 300 successful investment banking transactions, he has also built a stellar performance record with turnarounds and profit improvement services over the past 20 years. Mr. Colella is currently the president and Chief Executive Officer of The Colmen Group, a business services company based in Pennsylvania, focused on business strategy and corporate finance.. Mr. Burrow brings 15 years of business and entrepreneurial experience to the Company. For the past five years, he has worked as an economist and project manager for organizations including Haskins Steel, City of Spokane, the Spokane Area Workforce Development Council and Spokane Community College.

These changes were made to further align MPM Technologies’ vision with that of its major shareholder Carbon Cycle Investments, LLC, (“CCI”) which has a controlling interest in the Company following a stock purchase agreement on April 3, 2013. All CCI companies are aligned with a simple common goal: Rebalance the carbon cycle for the benefit of future generations.

“It may be a grand and altruistic goal, but it’s why I began this journey more than 25 years ago,” says CCI co-founder and MPM board member Tim King. “Our purpose is to create sustainably driven communities, and we have a fiscally sound blueprint that can be replicated throughout the world. We believe that this singular focus will benefit the planet, our employees, our partners and our investors.”

To help manifest Mr. King's and CCI’s global vision, the Company has engaged Ebro Accounting & Consulting Inc, an Orange County, Calif., based registered CPA and professional accountancy corporation, and Lucosky Brookman LLP, a national corporate finance and securities law firm, to accelerate the process of getting its financial reporting up to date, including: updating certain prior periodic filings and maintaining compliance with periodic reporting on an ongoing basis, as well as  performing other general and corporate services as may be required from time to time.

“We share CCI’s and Mr. King’s vision for the future,” says Elsa Ebro, CPA, and Principal of Ebro Accounting and Consulting. “Our expertise, and commitment to roll up our sleeves and do the necessary work, will help accelerate the compliance process.”

The Company will be revamping its policies, procedures and controls, in order to obtain compliance with The Sarbanes-Oxley Act of 2002 and, once in compliance with its reporting requirements, expects to be quoted on either the OTCBB and/or the OTCQB.

About Carbon Cycle Investments, LLC: CCI is a holding company that develops, acquires and manages businesses that stimulate social, economic and environmental sustainability. CCI is based in Spokane, Wash. www.carboncycleinvestments.com

About MPM Technologies, Inc.: MPM is a leading global manufacturer of environmental control equipment and a developer of waste-to-value energy solutions. MPM has offices in Spokane, Wash., and Ramsey, NJ. www.mpmtech.com

About Ebro Accounting & Consulting: Ebro Accounting and Consulting is a registered CPA and professional accountancy corporation based in Orange County, California that specializes in outsourced/contract CFO, assurance, transaction advisory, consulting and tax work for both growing public and private companies, and for private companies transitioning from the private to public markets. www.ebroconsulting.com

About Lucosky Brookman LLP: Lucosky Brookman LLP is a boutique corporate finance and securities law firm with offices in New York, California and New Jersey, representing both domestic and international clients in sophisticated corporate and securities transactions, mergers and acquisitions, secured and unsecured lending transactions, PIPEs and general corporate matters. www.lucbro.com

About The Colmen Group: Colmen is a private, full-line business services provider powered by a seasoned operational and strategic team with expertise in investment banking, specializing in mergers & acquisitions and corporate finance. Colmen has offices in King of Prussia, Penn., and Palm Beach Gardens, Fla. www.colmengroup.com

FORWARD-LOOKING STATEMENTS

The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Contact: Jon Sumple, Carbon Cycle Investments
Phone: 509-242-3036
Email: jsumple@cciholdings.com