MELVILLE, N.Y., Jan. 25, 2013 (GLOBE NEWSWIRE) -- FalconStor Software, Inc. (Nasdaq:FALC), a market leader in disk-based data protection, today announced that Louis J. Petrucelly, FalconStor's chief financial officer, vice president and treasurer, has been selected as a recipient of the Long Island Business News 40 Under 40 Award for 2013. The award ceremony took place at a gala event on January 24. This year marks the 15 th anniversary of the annual 40 Under 40 Award program, a salute to 40 men and women who have achieved success in business before the age of 40. Recipients of the award are individuals who have a proven track record of career success, are involved in mentoring others and promoting their profession and who give back to their communities. "The honor accorded to Lou by this year's 40 Under 40 Award program is well deserved, as it recognizes the Island's best and brightest for their exceptional business accomplishments and community involvement," said Jim McNiel, president and CEO of FalconStor. "For more than five years, Lou has demonstrated his financial acumen and dedication while serving as a key member of the FalconStor finance team. Lou's leadership and ongoing contributions to the company are appreciated by his colleagues and staff, and we all congratulate him for his success." "This award is an honor I share with an impressive group of Long Island business professionals I am pleased to count as my colleagues," said Petrucelly. "I would like to acknowledge the exceptional people who have helped me all along the way to achieve my personal and professional goals. My special thanks go to the entire FalconStor team, with whom I have been proud to serve during the most rewarding years of my career." Petrucelly, age 38, was named chief financial officer in August 2012, following his promotion to vice president of finance and appointment to treasurer and acting CFO in May 2012. He joined FalconStor in 2007 as the company's director of financial reporting, and in 2008 he was elevated to the position of director of finance, in which capacity he served until his promotion last year. Prior to joining FalconStor, he was the corporate controller for Granite Broadcasting Corporation and held several senior financial management positions with PASSUR Aerospace, Inc., including chief financial officer. He began his career with Ernst & Young, LLP. He has served on the board of directors of the Lupus Alliance of America, Long Island/Queens Affiliate since 2008 and is currently a member of its finance committee. Petrucelly received his bachelor's degree in accounting from the C.W. Post campus of Long Island University.