Frontier Acquisition Corp. Announces Proposed Management Changes
CALGARY, Aug. 10, 2012 /CNW/ - Frontier Acquisition Corp. (FFF.P: TSX-V) (the "Corporation" or "Frontier") is pleased to announce, subject to regulatory approval, that Chris Yellowega and Monty Balderston have agreed to join Frontier. Mr. Yellowega will be appointed President and Chief Executive Officer of Frontier and Mr. Balderston will be appointed Executive Vice President and Chief Financial Officer of Frontier on closing of the Corporation's qualifying transaction whereby Frontier will acquire all of the issued and outstanding shares of the Tuccaro Group entities (the "Transaction") concurrent with a brokered prospectus offering of subscription receipts on a "commercially reasonable efforts" basis for aggregate gross proceeds of approximately $90 million (the "Offering") as previously announced on August 1, 2012.
The Transaction is subject to the approval of the TSX Venture Exchange (the "Exchange") and the policies of the Exchange relating to qualifying transactions, as well as shareholder approval of the Tuccaro Group. The Transaction, when completed, will constitute the qualifying transaction of the Corporation pursuant to Policy 2.4 of the Exchange. The Corporation was listed on the Exchange as a capital pool company on February 13, 2012 and its principal business is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses with a view to completing a qualifying transaction. Trading in the common shares of the Corporation will remain halted until such time as the Exchange has received the documentation required by Policy 2.4 of the Exchange.
John Jacobs, Chief Executive Officer of the Corporation commented, "We are very excited to have Chris and Monty join Frontier as it will successfully complete another key milestone in our vision to build a leading maintenance, repair and operations services organization for plants, mines and energy infrastructure in western and northern Canada". "Chris brings a wealth of experience in senior leadership roles within parallel businesses to our strategic vision and Monty comes to Frontier with a solid track record in numerous senior financial leadership roles within publicly traded companies" added Brad Creswell, President of the Corporation.
On completion of the Transaction, Mr. Jacobs, Mr. Creswell and Ms. Lisa Mortell will resign as officers of the Corporation simultaneously with Mr. Yellowega's and Mr. Balderston's appointments. Mr. Jacobs and Mr. Creswell will continue to be Board members of Frontier providing strategic direction and oversight to Frontier. The following are backgrounds of the proposed officers of Frontier.
Chris Yellowega - Proposed President and Chief Executive Officer, Age 41
Mr. Yellowega is an experienced senior executive and Professional Engineer. He has 20 years of varied experience in engineering, operations, maintenance and senior management roles in the mining and energy industries. Mr. Yellowega brings a depth of experience in operating and service markets in the target business areas for Frontier and has a strong business focus on strategy, execution and cost. From 2008 to 2012, Mr. Yellowega was Vice President, Construction and prior thereto Vice President, Operations with North American Energy Partners Inc. ("North American"), a provider of mining, heavy construction, industrial, piling and pipeline services in western Canada. North American is listed on the NYSE and TSX (NOA). From 2005 to 2008, he was Vice President, Upstream with Synenco Energy Inc. ("Synenco"), a former TSX listed oil sand resource development company involved in the Northern Lights upstream mining and bitumen extraction project. Synenco was acquired by Total SA in 2008. From 2000 to 2005, Mr. Yellowega was a senior manager with Shell Canada's oil sands group, involved with the Muskeg River Mine development for Albian Sands Energy Inc.
Mr. Yellowega graduated from the University of Alberta in 1993 with a Bachelor of Science degree in Mining Engineering.
Monty R. Balderston - Proposed Executive Vice President and Chief Financial Officer, Age 42
Mr. Balderston is a Chartered Accountant with over 16 years of experience, including over 10 years in senior leadership roles with publicly traded companies. From June 2011 to July 2012, he acted as Chief Financial Officer of Silica North Resources Ltd., a privately held start-up company focused on developing deposits and supplying proppant (frac sand) to the oil and natural gas industry. From May 2003 to June 2011, Mr. Balderston held various senior financial roles including Chief Financial Officer from March 2008 to June 2011 of Peak Energy Services Ltd. ("Peak"), a diversified energy services company providing drilling and production services to its customers in both the conventional and unconventional oil and natural gas industry in western Canada and the United States as well as the oil sands regions of western Canada. Peak was listed on the TSX until it was purchased by Clean Harbors Inc. in June 2011. From May 2000 to July 2002, he held senior financial roles with International Properties Group Ltd., a real estate company, which was listed on the TSX until late 2002. From September 1995 to April 2000, Mr. Balderston was with the accounting firm PricewaterhouseCoopers LLP and held various progressing finance related roles in both the audit and management consulting practices.
Mr. Balderston graduated from the Northern Alberta Institute of Technology with a Finance Diploma (with Honors) in 1991 and graduated from the University of Alberta with a Bachelor of Commerce degree (with Distinction) in 1995. He earned his Chartered Accounting designation in the Province of Alberta in 1998.
Craig Jenkins - Proposed Vice President, Operations, Age 39
Mr. Jenkins is currently the Corporate Manager for Tuccaro Inc., the corporate services entity within the Tuccaro Group of companies. Mr Jenkins is an 18 year employee of the Tuccaro Group in a variety of leadership roles that has seen dramatic growth in the company. Mr. Jenkins has been involved in the general stewardship of the Tuccaro Group supporting all facets of the business including but not limited to collective agreement negotiation, strategic planning, organizational effectiveness, and bid & proposal support.
Mr. Jenkins graduated with a Bachelor of Laws degree (with Honors) from the University of Glamorgan in 1994. Prior to completing his law degree, Mr. Jenkins was employed within the civil construction industry.
About the Corporation
The Corporation is a capital pool company within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. The board of directors of the Corporation consists of John R. Jacobs, Bradford N. Creswell, Trevor Haynes, Darin R. Coutu, Edward J. Redmond, Don Basnett, Rob Hunt and Darrell R. Peterson. The officers of the Corporation are John R. Jacobs, Bradford N. Creswell and Lisa M. Mortell. Except as specifically contemplated in the Exchange CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed qualifying transaction.
Investors are cautioned that trading in the securities of a capital pool company should be considered highly speculative.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
This news release includes certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are made as of the date of this news release and the Corporation does not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. These forward-looking statements include, among other things:
- completion of the Transaction and the Offering;
- terms and conditions of the Transaction; and
- composition of management of the Corporation following completion of the Transaction.
These statements are only predictions and are based on current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In making such forward-looking statements, assumptions have been made regarding, among other things, industry activity, marketability of the products of the Tuccaro Group, the state of financial markets, business conditions, continued availability of capital and financing, future oil and natural gas prices and the ability of the Corporation to obtain necessary regulatory approvals. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These risks and uncertainties include: the possibility that the parties will not proceed with the Transaction and the Offering, that the ultimate terms of the Transaction and the Offering will differ from those that are currently contemplated, that the Transaction and Offering will not be successfully completed for any reason (including the failure to obtain the required approvals from regulatory authorities) and regulatory changes. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Corporation, investors should review the Corporation's continuous disclosure filings that are available at www.sedar.com and the Corporation's website at www.frontieracquisition.com.
On behalf of the Board of Directors of Frontier Acquisition Corp.
(signed) "Bradford Creswell"
SOURCE: Frontier Acquisition Corp.For further information:
For further information on Frontier Acquisition Corp., please contact:
Frontier Acquisition Corp.
Bradford N. Creswell - President and Director
Phone: (206) 689-5685
Fax: (206) 204-1710