TSX Symbol: ORI
WOODBRIDGE, ON, Aug. 21 /CNW/ - Organic Resource Management Inc. ("ORMI")
today announced that the Company's Board of Directors has approved a number of
management changes including the appointment of Charles Buehler as Chairman &
CEO and Ian Kelland as President.
Charles Buehler founded Organic Resource Management Inc. in 1985 and has
served as CEO since its inception. He pioneered the organic and non-hazardous
liquid waste industry in Canada. Mr. Buehler has extensive knowledge of
organic waste treatment technologies including anaerobic digestion. He was
directly responsible for the development of two patented organic recycling
technologies as well as ORMI's sophisticated GIS logistics management software
system. Mr. Buehler is ORMI's largest shareholder. He has assumed the role of
Chairman from Robert Bandeen who, as previously announced on July 3, 2007
resigned after nine years of exceptional service. In his new role Charles
Buehler will be providing vision and direction, guiding the investor relations
efforts and working on financing initiatives.
In keeping with good corporate governance practices for a company that
has an executive chairman, the Board has appointed Matthew Gaasenbeek as Lead
Director. In this role Mr. Gaasenbeek will be responsible for chairing regular
meetings of the independent directors. Mr. Gaasenbeek has been a director
since 2004 and is also the Chair of the Audit Committee.
Ian Kelland joined the Company in 2003 as Vice President of Operations &
CFO. He guided the Company through a difficult financial period and
successfully implemented the Company's handheld technology. Mr. Kelland is a
Chartered Accountant with extensive operational background in transportation
and a seasoned financial executive. In his new role as President he will be
responsible for all operational and financial matters, and as such will also
continue to be the chief financial officer of the Company.
The Company is also announcing today the appointment of Edward Dreher to
the position of Vice President Finance. Edward has been with the Company since
2006 in the position of Controller. He has held senior financial positions in
a number of Companies including a major Ontario composting operation.
Mr. Dreher is a CGA.
These appointments are part of a multi-step restructuring program the
Company has undertaken with objectives that include simplifying the Company's
balance sheet and organizational structure, strengthening its management and
eliminating related party issues. The Company believes this restructuring will
allow it to intensify its operational focus and make it more attractive to the
investment community. The restructuring program began this past June with the
conversion of all the outstanding preferred shares into common shares and was
followed by the amalgamation of the Company with its largest subsidiary, and
concurrent name change to Organic Resource Management Inc. The Company expects
to announce further restructuring steps in the coming weeks.
This press release is available on the Company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit the investor relations section of the Company's
website at http://www.ormi.com/ORMI_Investor.asp. Alternatively, investors are
asked to e-mail all questions and correspondence to firstname.lastname@example.org where they
can also request addition to the Organic Resource investor e-mail list to
receive all future press releases and updates directly.
About Organic Resource Management Inc.
Organic Resource is Canada's largest provider of vacuum truck services
for the collection, treatment and disposal of organic and other non-hazardous
liquid waste. ORMI services in excess of 8,000 commercial, industrial,
institutional and residential customers in Ontario, Quebec, and British
Columbia. Further information about ORMI may be obtained at the Company's web
site at www.ormi.com .
For further information:
For further information: Corporate Inquiries, Charles H. Buehler,
Chairman & Chief Executive Officer, email@example.com