NEW YORK, Dec. 27, 2013 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) and IAT Reinsurance Company, Ltd. and Peter Kellogg (the "Kellogg Group") are pleased to mutually announce that the Company withdrew its nominees for election as directors and that, as a result, Peter Kellogg and William Horn were elected unopposed as directors of the Company at its shareholders meeting held on December 27, 2013.
Michael Smith, Chief Executive Officer of the Company, stated: "I look forward to working with the new directors in the best interests of the Company."
Mr. Kellogg stated: "We are pleased to have representation on the board of MFC and enhancing value for all stakeholders."
About MFC Industrial Ltd.
MFC is a global commodity supply chain company and is active in a broad spectrum of activities, including its integrated commodities operations, mineral and hydrocarbon interests, which focus on metals, energy, chemicals, plastics and wood products. MFC also provides logistics, financial and risk management services to producers and consumers of commodities. Our global business activities are supported by our captive commodities sources through strategic direct or indirect investments and other commodities sources secured by us from third parties.
To obtain further information on the Company, please visit its website at www.mfcindustrial.com.
IAT is a Class 3-A Bermuda-domiciled reinsurer. IAT's head office is located at 48 Wall Street, 30th Floor, New York, NY 10005. IAT is an active underwriter of commercial and personal lines property and casualty reinsurance and insurance, directly and through its eight wholly-owned insurance subsidiaries domiciled and licensed in the US.
SOURCE MFC Industrial Ltd.