Director David Smith has resigned to pursue personal interests
Toronto Stock Exchange: XRG
(All Amounts in $US unless otherwise stated)
KNOXVILLE, TN, Feb. 25, 2013 /CNW/ - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a US Central Appalachian producer of high quality coal, is pleased to announce that it has elected Justin A. Converse to its Board of Directors, to replace director David Smith who has resigned to pursue personal interests. The changes maintain the number of independent directors at five and the Board at seven members.
Mr. Converse is the Chairman and CEO of Converse and Company, Inc., a full service Coal brokerage that specializes in serving Utility and Industrial customers in the Southeast region. The company has managed over $4,000,000,000 worth of coal transactions since 1996. He is also the Chairman and CEO of Glasscock and Company, a sand and ready mix company that combines a bulk freight hauling and handling business with a ready-mixed concrete operation and the largest permitted sand mine in South Carolina, and Dorchester Dirt Company, a bulk freight hauling company with over 70 trucks that serves major utility plants and cement producers in South Carolina.
"We are pleased to have an executive with such significant industry experience as a member of our Board of Directors," stated Todd Q. Swanson, Chairman of the Board of Xinergy. "Justin's deep understanding of the coal markets, combined with his long term relationship marketing Xinergy's coal, positions him well to add significant value to our Board, particularly as we ramp production at our South Fork mid vol metallurgical mine. We look forward to his contributions."
David Smith, who has served on the Board since the Company's IPO, has resigned from the Board to pursue personal interests. "David has contributed substantially to our Board during his tenure, helping guide the Company through its growth phase and the challenging market environment of the past year" stated Mr. Swanson. "We thank him for his commitment and efforts, and wish him well in his future endeavours."
About Xinergy Ltd.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies. For more information, please visit www.xinergycorp.com.
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Xinergy's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the effects of the Sale on Xinergy's liquidity, Xinergy's intended use of the net proceeds from the Sale, and selected fourth quarter 2012 operating date. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, completion of Xinergy's financial statements for fiscal year 2012, which may reflect audit-related adjustments to the fourth quarter selected financial data presented in this release, and developments in Xinergy's business which may impact the company's intended use of the net proceeds from the Sale.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on Xinergy's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Xinergy has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Please refer to the risks outlined in Xinergy's public disclosure record available on SEDAR at www.sedar.com for more details.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF XINERGY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE XINERGY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
SOURCE: Xinergy Ltd.
For further information:
Chief Executive Officer
Michael R. Castle
Chief Financial Officer