Fallbrook – NuVinci Announces Chapter 11 Bankruptcy Proceedings

CEDAR PARK, TEXAS – Yesterday Fallbrook Technologies Inc. announced that Roger Wood, former CEO of publicly traded Dana Holding Corp, will become the new CEO for the privately held developer and licensor of NuVinci. His first act as Fallbrook CEO will be to implement a financial restructuring that substantially reduces debt service and recapitalises the company. The restructuring is to be achieved through a Chapter 11 reorganisation filed yesterday.