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Cyngn Announces Appointments of Two New Independent Directors

Retired finance executive, Colleen Cunningham, and a veteran sales and marketing executive, Jim McDonnell to join the Board of Directors.

Cyngn |

MENLO PARK, Calif., October 5, 2021 — Cyngn (or the “Company”), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, today announced the appointments of Colleen Cunningham, a retired finance executive, and Jim McDonnell, a veteran sales & marketing executive, to its Board of Directors.

 

Bringing over 35 years of experience in finance to Cyngn, Ms. Cunningham most recently served as Senior Vice President-Controller at Zoetis, Inc., a global animal health company, where she helped bring the company public in 2013. She previously held roles as Global Managing Director at RGP, CEO of Financial Executives International, and CFO of Havas Advertising. She has also served as a former member of the FASB Advisory Committee and IASB Advisory Committee. Ms. Cunningham is recently retired, working as a freelance chef and serving on boards of nonprofits.

 

Boasting 38 years of experience in sales & marketing, Mr. McDonnell currently serves as the SVP of Sales & Marketing at Vispero, a private equity backed company that is the world’s leading assistive technology provider for the visually impaired. Mr. McDonnell was previously the VP of sales excellence HSM and Commercial Excellence for HSF at Honeywell and was responsible for designing and implementing the go-to-market strategy for Honeywell Scanning and Mobility. He also previously served as SVP Global Sales & Marketing at Intermec and held numerous senior roles for more than 26 years at Hewlett-Packard.

 

Lior Tal, CEO of Cyngn, stated, “We are very excited to welcome Colleen and Jim to Cyngn’s Board. I am confident that Colleen’s extensive background in finance and capital markets will prove valuable as Cyngn progresses down this path to becoming a public company. Jim’s tremendous expertise and proven leadership in sales & marketing at various tech companies will be particularly instrumental as we work toward full-scale commercialization of our Enterprise Autonomy Suite.”

 

Ms. Cunningham commented, “I am honored to be joining the Board of Cyngn at this exciting juncture in the Company’s history. I look forward to serving as a resource to the leadership team when it comes to IPOs, SEC reporting, and technical accounting as the Company navigates the journey to becoming publicly listed and commits to beginning an ongoing dialogue with the investment community.”

 

Mr. McDonnell added, “I am thrilled to be joining Cyngn as an independent director at this monumental point in the Company’s development. I believe that my extensive background as a senior sales & marketing executive and strong skills in developing and executing an effective go- to-market strategy will prove valuable to Cyngn in these early stages. Cyngn’s innovative autonomous driving software solutions seek to revolutionize the way in which industrial and commercial enterprises operate, and I am pleased to have this opportunity to be a part of the Company’s future success.”

About Cyngn

Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Investor Contact:

Don Alvarez

Media Contact:

Luke Renner

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (the "SEC"), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Cautionary Note. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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