Rusty Never Sleeps

Braziel steps down as Altra chairman to head start-up

HOUSTON, TEXAS. -- Feb. 7, 2001 -- Altra Energy Technologies announced Wednesday that its founder, online marketplace pioneer Rusty Braziel, is stepping down as chairman of the board of the company to launch a new e-markets consulting and software firm.

Altra president and CEO, Paul Bourke, who led the company through a period of growth and diversification over the past two years, will assume the chairman role.

Braziel founded Altra, which serves as an e-marketplace for the energy industry, in 1996. Braziel said in a statement that he would remain active on the Altra board. He remains a substantial stakeholder in Altra. His new company, Netrana, will bring market-building methodologies and online trading software to a range of industries and markets.

"Altra is a proven company run by a seasoned management team," said Bourke. "Rusty's departure is an emotional loss, but he is leaving at the time when the company has experienced record growth and is positioned to achieve profitability early in 2001."

Altra reported a 20 percent year-on-year revenue increase in 2000 from its trading platforms, collectively known as the Altra Market Place (formerly known as Altrade), and a 15 percent revenue increase from its software sales, collectively known as Altra Energy Tools.