OAK BROOK, IL, June 11, 2013 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and by-product fuels from industrial processes, today announced that it has entered into an agreement with MSDC Management, L.P., West Face Capital Inc., Kingstown Capital Management L.P. and Cumberland Private Wealth Management Inc. (the "Shareholders") to appoint two new independent directors to the board following the Company's upcoming annual meeting of shareholders on June 13, 2013. The Shareholders collectively own, or exercise control or direction over, 54.0% of the Company's common shares.
At the upcoming annual meeting, shareholders will still be asked to elect the Company's seven nominees, as set out in the Company's management information circular in respect of the meeting. The Shareholders have agreed to vote their shares in favour of the Company's nominees at the meeting.
The Company has agreed that promptly following the upcoming annual meeting, Mr. Christopher Pickwoad will resign from the board and the size of the board will be increased from seven directors to eight directors. The board will appoint Messrs. Robert A. Peiser and Brian Redmond to fill the two resulting vacancies, and Mr. Peiser will replace Mr. Michel Lavigne as Chairman of the Company's board of directors.
The Company has also agreed that, within 30 days of the Company entering into a renewal agreement in respect of its Cokenergy project, one of Messrs. Rodney Boulanger, Michel Lavigne, Donald Pether or Lorie Waisberg will resign from the board, and the board will thereafter comprise seven directors.
"With the recent long term renewals of two contracts and the termination of the management agreement, we have successfully moved the Company into a position to grow within the waste heat to power and combined heat and power industry," stated Michel Lavigne. "Moving forward, we will look to leverage the energy, manufacturing and capital markets experience that Mr. Peiser and Mr. Redmond bring to the table. Along with the recent appointment of Mr. Brian Greene, we have a Board with strong energy and industry experience that will support the Company's growth initiatives."
Mr. Lavigne has been the Chairman of the Company's board of directors for the past eight years.
Robert A. Peiser: Mr. Peiser has broad and deep experience with companies in a variety of domestic and international industries and has helped enhance shareholder value at many companies. Mr. Peiser currently serves as Chairman of USA Truck, Inc., a NASDAQ-listed company which has introduced many transformational activities to effect improved operations since he assumed that post. From 2008 to 2010, he served as Chairman and CEO of Omniflight Helicopters, an air medical services provider based in the Dallas/Fort Worth area, and formerly served as President and CEO of Imperial Sugar Company from 2002 to 2008, which, during his tenure, saw a very significant increase in shareholder value. He is also the immediate past Chairman of the Texas TriCities Chapter of the National Association of Corporate Directors and is also a former director of Solutia, Inc. (NYSE), a specialty chemicals company.
Brian Redmond: Mr. Redmond has more than 23 years of experience in the development, structuring, financing and management of power plants, pipelines, and gas storage fields, and in the marketing of wholesale power and gas. Mr. Redmond is a co-founder of both CP Energy Group LLC and Paragon Energy Holdings LLC. Paragon manages a portfolio of investments in energy assets totaling over $350 million in value. While at UBS, Mr. Redmond was responsible for power marketing and origination. While working at Enron he held positions as President of Houston Pipe Line Company, President of Louisiana Resource Company and as a Managing Director.
About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation, headquartered in Oak Brook, Illinois, owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 298 megawatts and a combined steam generating capacity of 1.8M lbs/hour. Primary Energy Recycling Corporation creates value for its customers by capturing and recycling waste energy from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergy.com.
SOURCE Primary Energy Recycling Corporation