COEUR D'ALENE, ID, June 18 /CNW/ - WGI Heavy Minerals, Incorporated ("WGI") (TSX: WG) announced today that Vic Alboini resigned as a Director effective June 16, 2010. Subsequent to Mr. Alboini's resignation, and on the same day, the Board of Directors of the Company elected Patrick C. Hodgson, as a Director of the Company, to serve until the next Annual Meeting of Shareholders of the Company or until his successor is duly elected and qualified.
"Mr. Alboini spent a relatively short time as a director of the Company but his contribution was very positive and we will miss his valued input," said Gordon Fear, Chairman of the Board. In advising the Company of his resignation, Mr. Alboini indicated that he had joined the board in order to help the Company address certain specific goals. He had accomplished some of those goals since joining the Board. Jaguar Financial Corporation, a Company chaired by Mr. Alboini, very recently sold its significant shareholder position in WGI and as a result Mr. Alboini felt it was an appropriate time to resign as a director of WGI.
Patrick C. Hodgson is a Vice President with Cinnamon Investments Limited ("Cinnamon"). Cinnamon and Patrick W.E. Hodgson, Cinnamon's controlling shareholder, own and have control of an aggregate of 6,955,100 common shares of the Company, representing approximately 29.4% of the Company.
Formerly, Mr. Patrick C. Hodgson was President of T-W Truck Equippers of Buffalo, NY, and a Consultant with Bain & Co. in its Toronto office. Mr. Hodgson earned an M.B.A. from the University of Pennsylvania, Wharton School of Finance and a B.A. in geology from Williams College.
Chief Executive Officer Greg Emerson said, "Patrick Hodgson's background in geology, operations and corporate finance will be a welcome addition to the Board in these important areas as the Company continues to profitably grow its operations."
The principal business of WGI Heavy Minerals, Incorporated is the processing and sale of industrial abrasive minerals and the manufacturing and sale of ultra high pressure waterjet cutting machine replacement parts. The Company, through its subsidiaries, markets and sells abrasive products and services and waterjet replacement parts globally.
This press release contains forward-looking statements concerning the business, operations, and financial performance and condition of WGI Heavy Minerals, Incorporated. A number of the matters discussed and statements made in the press release contain forward-looking statements reflecting current expectations regarding future assets. When used in this press release, the words "believe", "anticipate", "intend", "estimate", "expect", "project", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and are naturally subject to risks, uncertainties, and changes in circumstances beyond management's control that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause such differences include but are not limited to: exploration and development risks; risks related to permits and title to property; risks related to foreign countries and regulatory requirements; operating hazards; foreign currency fluctuations; competition; fluctuations in the market price of mineral commodities and transportation costs; uncertainty as to calculations of mineral deposit estimates; uninsured risks; and dependence upon key management personnel and executives. Actual results may differ materially from those expressed here. You should not place undue reliance on such forward-looking statements. The Company is under no obligation to update or alter such forward-looking statements, whether as a result of new information, future events, or otherwise.
Expressed in U.S. dollars unless otherwise stated.
SOURCE WGI Heavy Minerals, Incorporated
For further information: For further information: Greg Emerson, Ed Kok, 810 Sherman Ave., Coeur d'Alene, ID, 83814, U.S.A., (208) 666-6000, Fax (208) 666-4000, www.wgiheavyminerals.com; Greg Emerson, President & CEO, (208) 770-2202, E-mail email@example.com; Ed Kok, General Counsel, Investor Relations, (208) 770-2208, E-Mail firstname.lastname@example.org