Business & Finance
Business and Finance
Business and Finance
Mon, January 10, 2011 Evergreen Energya?s New Executive Chairman Issues Open Letter to Shareholders
DENVER--([ BUSINESS WIRE ])--Evergreen Energy Inc. (NYSE Arca: EEE) today issued the following open letter to the companya™s shareholders from its recently appointed Executive Chairman of the Board of Directors, Ilyas Khan:
Dear Shareholders,
It has been a week since I became Chairman of Evergreen Energy Inc., and the purpose of this letter is to reach out and say hello to shareholders, and to communicate some basic objectives.
As some of you may be aware, I am very familiar with Evergreen and the K-Fuel® technology, having watched the company closely for a number of years. I am well versed on Evergreena™s technologies and its history a" both the accomplishments as well as the challenges. As the companya™s new Executive Chairman, I am now fully dedicated to guiding Evergreen to reach its potential, which I believe is significant. Confirming the statement that I made upon joining, there is absolutely no question that the K-Fuel technology is needed all over the world.
In joining Evergreen, my objective is to build our company into a global green technology player through the development and commercialization of our technologies. I will do this through taking an active day-to-day leadership and decision-making role, working closely with the companya™s management team. The focus of my responsibilities at Evergreen will be to develop and execute on key business objectives around the commercialization of the K-Fuel process, Evergreena™s patented clean coal technology. In doing so, I will be working closely with my colleagues to evaluate opportunities to develop additional applications for the K-Fuel technology, focusing on opportunities in the US as well as globally, leveraging my international professional experience, and looking at markets in Asia, Europe and Africa. I will be involved in actively seeking out and executing on opportunities to strengthen the companya™s financial foundation, in particular opportunities to improve the companya™s current balance sheet in an effort to support the companya™s drive toward long-term sustainable profitability.
In the short time since joining Evergreen, I have met with and spoken to a number of the companya™s current stakeholders. I will be spending focused time in the next several days and weeks on the companya™s business plan to evaluate improvement opportunities and certain alternatives to our approach in the market.
I would like to close by expressing my conviction that the engineering challenge that needs to be addressed to deliver K-Fuel refined coal to market is clearly identified and addressable, and it is much more achievable today than at any time in the past. This is partially due to the cumulative advances made in terms of engineering experience in the past few years, and also due to our own in-house experiences gained at the Fort Union site. My goal is to work with the Companya™s team to continue the focus on building a leading clean technology company and returning value to our shareholders. I would ask for your patience in this regard as we work toward the next phase in the companya™s development. In return I will strive to ensure that our short, medium and long-term deliverables are clearly communicated to the market and our shareholders.
Regards,
Ilyas Khan
Executive Chairman
Safe Harbor Statement
Statements in this release that relate to future plans or projected results of Evergreen Energy Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Our ability to execute our business plan and develop the GreenCerta" or K-Fuel® technologies may be adversely impacted by unfavorable decisions in the Buckeye litigation or other material litigation or by our inability to raise sufficient additional capital in a timely manner to pursue the development of our technology. Readers of this release are cautioned not to put undue reliance on forward-looking statements.
