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"The company and Mr. Parry have reached an agreement to address a problem regarding the company's tax classification of Mr. Parry's employment status and related withholding obligations in a manner that minimizes ZBB Energy's financial exposure," ZBB said in a statement.
The company also said that Paul Koeppe, who currently serves as an independent member of the board of directors, has been appointed as ZBB Energy's interim chief executive officer effective Nov. 2.
"We are taking all necessary actions to resolve the matter and to strengthen the company's internal controls on a going-forward basis," said Bill Mundell, company chairman. "We do not believe that the potential obligations identified in the internal investigation will have a material impact on the company's financial statements."
ZBB also said it has postponed its 2009 annual meeting, originally scheduled for Wednesday. The meeting has been scheduled for Nov. 16.
ZBB Energy Corp. provides energy storage products based on proprietary zinc rechargeable energy storage technology. ZBB Energy was founded in 1998 and also has offices in Perth in western Australia.
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