Lighter Capital Announces New CEO

SEATTLE – July 19, 2012 – Lighter Capital, a leading pioneer of the revenue-based financing model, today announced that Andy Sack, the Company’s Founder, has chosen to become the company’s Executive Chairman, and that BJ Lackland has been appointed as CEO.

“Stepping back from the day-to-day CEO role and moving to Executive Chairman was a decision that makes sense for the organization and for me personally,” Sack said. “I remain passionate about the Lighter Capital business and the revenue-based financing model, so I’m very much looking forward to working with BJ. I’m also looking forward to being able to spend more time on my efforts at TechStars Seattle and Founder’s Co-Op.”

Mr. Lackland brings Lighter Capital broad experience in company financings, venture and angel investments, and building and leading operating teams. Most recently, Lackland served as CFO and Board member for Power Efficiency Corporation, a publicly traded manufacturer of advanced electronic control devices. Earlier in his career, he was Vice President and Director for Summit Energy Ventures, a venture capital fund focused on investments in energy technology companies, where he was instrumental in completing numerous equity and debt investments. Prior to Summit Energy Ventures, Lackland served as Director of Strategic Relations for EnCompass, a software and e-commerce localization company.

A Seattle native, Lackland completed his graduate studies at the University of Washington, where he completed an MBA and MA in International Studies.

“I’m excited to be working with Andy, the rest of the board, and the Lighter Capital team to usher in what is truly an innovative funding structure and investment process,” Lackland said. “I look forward to helping drive that innovation forward while also enabling all of our current portfolio companies to achieve their full potential.”

Lighter Capital’s primary venture backers include Summit Capital and Voyager Capital. Earlier this year the company was named a Finalist for the Washington Technology Industry Association’s Technology Accelerator Award.