VANCOUVER, Jan. 11 /CNW/ - Yalian Steel Corporation (TSX-V: YL) ("Yalian" or the "Company") is pleased to announce that Murray Flanigan has been appointed as the Company's chief financial officer (CFO) effective immediately. Mr. Flanigan replaces George Dorin, who has served as CFO on an interim basis since July 2, 2009.
Mr. Flanigan brings a wealth of international financial management, public market, and business development experience to Yalian. Prior to joining Yalian, Mr. Flanigan served as CFO of Qwest Investment Management, a leading Canadian investment management firm that specializes in identifying and structuring investment products for the natural resource and energy sector. During his tenure he was responsible for the preparation and completion of interim, year-end consolidated financial statements, and all regulatory reporting and filings for Qwest and for over 15 private and publicly listed companies in Qwest's portfolio, as well as arranging and closing numerous multi-million dollar equity and debt financings, and overseeing the design, implementation and launch of various new financial products and services. Before Qwest, Mr. Flanigan served in key senior management roles including CFO of Skymark Financial Group (Skymark), a private financial services company with operations in Canada, Latin America, and the Middle East, and Vice President of Corporate Development for Adelphia Communications Corporation (Adelphia), formerly the fifth largest cable television company in the United States. While at Skymark and Adelphia, Mr. Flanigan worked directly with the CEO's of both companies to successfully establish and implement corporate business strategies, as well as execute numerous M&A and financial transactions. In addition, while at Adelphia, Mr. Flanigan was appointed by the CEO to chair the management boards of Adelphia's joint venture and partnership interests. Mr. Flanigan earned a Bachelor of Commerce degree from the University of British Columbia and holds a Chartered Accountant and Chartered Financial Analyst designation.
"Murray is an experienced financial professional who has successfully put together financings, joint ventures, and acquisition strategies worldwide," stated Edward (Bud) M. Siegel Jr., chairman and acting chief executive officer of Yalian. "On behalf of the board and management of Yalian, I would like to welcome him to the team. I would also like to thank George Dorin for his contribution to the Company as the interim CFO. We appreciate his hard work and wish him the best in his future endeavors."
An update from Yangzhou Yalian
Following the Grand Opening Ceremony on October 16, 2009, Yangzhou Yalian received its first order from a Canadian company. This first trial order has been successfully completed and was shipped to Canada on January 8, 2010.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-80 grade steel.
For further company information please access our website: www.yaliansteel.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.
SOURCE YALIAN STEEL CORPORATION
For further information: For further information: YALIAN STEEL CORPORATION, Murray Flanigan, Chief Financial Officer, Tel. No.: (604) 696-6388