Business & Finance
Business and Finance
Business and Finance
Tue, May 31, 2011 Lipari Energy Announces Election of Board of Directors
TORONTO, May 31, 2011 /CNW/ - Lipari Energy, Inc. (TSX: LIP), a thermal coal producer with current operations and additional development properties in the Central Appalachian region of the United States, announced today that John Liperote, Daniel Geiger, John Sabine, Peter Mordaunt, Richard Liperote and David Warner have been duly re-elected directors of the company by the company's common shareholders at its Annual General Meeting, which was held May 25, 2011 in Toronto, Ontario.
With these elections, Lipari's Board of Directors is comprised of six members, four of whom are independent.
"The election of this slate of accomplished individuals is an important strategic step for our company. That a large portion of them are independent exemplifies our commitment to maintaining the highest standards of corporate governance," said John Liperote, CEO. "I anticipate their advice and guidance will be invaluable as we pursue our strategy to grow organic reserves through an enhanced drilling program and follow a disciplined approach to strategic acquisitions."
Directors elected at the meeting will hold office until the next Annual General Meeting of the Company or until successors are elected or appointed.
John Liperote, CEO
Mr. Liperote has more than 30 years of experience in the coal industry. He joined Lipari's core subsidiary, B&W Resources Inc. as CEO in August 2008. Prior to that, Mr. Liperote served as President of Darmac Coal Inc. and was the former director of underground operations at Darmac Associates Inc.
Richard Liperote, President
Mr. Liperote has over 15 years of experience in the coal industry. He joined B&W Resources Inc. as President in August 2008. Prior to that, he held the positions of director (Coal Sales and Acquisitions) at B&W and Vice-President of Liperote Coal Sales.
Daniel Geiger
Mr. Geiger has over 35 years of industry experience. From 2004 to 2010, he served as CEO, President and Chairman of Lexington Coal Company. Prior to that, he served as Vice-President of Engineering at James River Coal Company for 22 years. Mr. Geiger will serve as an independent director.
John Sabine
Mr. Sabine has been a Partner and Counsel in the Toronto office of the law firm Fraser Milner Casgrain LLP since November 2001. Mr. Sabine is recognized as a leading mining practitioner in Canada with experience in mining and resource law and corporate finance. Mr. Sabine will serve as an independent director.
Peter Mordaunt
Mr. Mordaunt has over 25 years of experience in mining, mine development and advanced exploration. He founded Stingray Copper and served as its Chairman of the Board from October 28, 2003 until December 2009 and Chief Executive Officer from October 28, 2003 to January 2010. Mr. Mordaunt will serve as an independent director.
David Warner
Mr. Warner was a Partner of KPMG LLP from June 1980 to September 2010. Mr. Warner will serve as an independent director.
About Lipari Energy:
Lipari is a thermal coal producer with current operations and additional development properties in the Central Appalachian region of the United States. Lipari has been in production since 2008 and has diversified surface and highwall mining operations. Lipari coal sales are predominantly to utilities through a mix of forward contracts and short-term sales. Lipari's growth strategy includes continued growth of its organic reserves through its enhanced drilling program, as well as from its focused and disciplined approach to strategic acquisitions. Lipari's corporate office is located in London, Kentucky.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:. This news release contains "forward-looking information" that includes information relating to future events and future financial and operating performance, including management's assessment of Lipari's future outlook. Forward-looking information should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking information is based on information available at the time it is made and/or management's good faith belief as of that time with respect to future events, and such information is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking information. Important factors that could cause these differences include but are not limited to: changes in contracted sales, the business of the Company may suffer as a result of uncertainty surrounding the coal market; the Company may be adversely affected by other economic, business, and/or competitive factors; the worldwide demand for coal; the price of coal; the price of alternative fuel sources; the supply of coal and other competitive factors; the costs to mine and transport coal; the ability to obtain new mining permits; the costs of reclamation of previously mined properties; the risks of expanding coal production; the ability to bring new mines on line on schedule; industry competition; the Company's ability to continue to execute its growth strategies; and general economic conditions. These and other risks are more fully described in the Company's filings with the Canadian Securities Administrators, including its Annual Information Form for the year ended December 31, 2010, available on SEDAR at [ www.sedar.com ]. You should not put undue reliance on any forward-looking information. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking information, no inference should be drawn that we will make additional updates with respect to those or other forward-looking information.
