CALGARY, ALBERTA, April 12 /CNW/ - NOVA Chemicals' (NYSE: NCX)(TSX:NCX)
President and Chief Executive Officer, Jeffrey M. Lipton, today described
rapid improvement in NOVA Chemicals' business in 2007 after reporting year-end
results for 2006. Speaking at the company's annual shareholder meeting, Lipton
discussed the company's restructuring during the past year and its positive
"Results in March of this year improved dramatically after we worked
through inventory-related softness in January and February, and we expect the
second quarter to be just as strong," said Lipton. "With growing demand and
continuing delays in new capacity additions, we believe ethylene and
polyethylene market conditions can remain strong through 2011."
In other agenda items at the annual meeting, the shareholders:
-- elected the following directors, all of whom were previously serving
as directors, for a one-year term: Jerald A. Blumberg, F. Peter Boer, Jacques
Bougie, Joanne V. Creighton, Robert E. Dineen, Jr., L. Yves Fortier, Kerry L.
Hawkins, Jeffrey M. Lipton, Arnold M. Ludwick, Christopher D. Pappas, and
James M. Stanford.
-- approved the reappointment of Ernst & Young LLP as auditors of the
-- approved amendments to the company's stock option plan.
NOVA Chemicals produces plastics and chemicals that are essential to
everyday life. Our employees develop and manufacture materials for customers
worldwide that produce consumer, industrial and packaging products. We work
with a commitment to Responsible Care(R) to ensure effective health, safety,
security and environmental stewardship. Company shares are traded on the
Toronto and New York stock exchanges as NCX.
Visit NOVA Chemicals on the Internet at www.novachemicals.com.
The information in this news release contains forward-looking statements,
including statements regarding NOVA Chemicals' expectation of strengthening
performance in 2007; NOVA Chemicals' positive business outlook; NOVA
Chemicals' beliefs concerning rapid improvement in 2007; NOVA Chemicals'
expectation that the second quarter will be strong for its business; and NOVA
Chemicals' belief that ethylene and polyethylene market conditions can remain
strong through 2011. By their nature, forward-looking statements require NOVA
Chemicals to make assumptions and are subject to inherent risks and
uncertainties. There is significant risk that predictions, forecasts,
conclusions and projections will not prove to be accurate, that NOVA
Chemicals' assumptions may not be correct and that actual results may differ
materially from such predictions, forecasts, conclusions or projections. Some
of the risks that could affect NOVA Chemicals' future results and could cause
results to differ materially from those expressed in the forward-looking
statements include: uncertainties regarding commodity chemicals price levels
(which depend, among other things, on supply and demand for these products,
capacity utilization and substitution rates between these products and
competing products); feedstock availability and prices; operating costs; the
impact of competition; changes in customer demand, including customer
acceptance of NOVA Chemicals' Performance Products; uncertainties associated
with the North American, South American, European, and Asian economies and
other risks detailed from time-to-time in the publicly filed disclosure
documents and securities commissions reports of NOVA Chemicals. NOVA
Chemicals' forward-looking statements are expressly qualified in their
entirety by this cautionary statement. In addition, the forward-looking
statements are made only as of the date of this news release, and except as
required by applicable law, NOVA Chemicals undertakes no obligation to
publicly update these forward-looking statements to reflect new information,
subsequent events or otherwise.
Responsible Care(R) is a registered trademark of the Canadian Chemical
Producers Association (CCPA) in Canada and is a registered service mark of the
American Chemistry Council (ACC) in the United States.
For further information:
For further information: NOVA Chemicals Corporation Media inquiries,
please contact: Greg Wilkinson, 412-490-4166 Vice President, Public and
Government Affairs OR Investor Relations inquiries, please contact: Chris
Bezaire, 412-490-5070 Vice President, Investor Relations