Xinergy Ltd. Announces Results of 2012 Annual Shareholders Meeting and Appointment of New Board Member
Toronto Stock Exchange: XRG
KNOXVILLE, TN, May 24, 2012 /PRNewswire/ - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a Central Appalachian coal producer, today announced the re-election of 5 members to its Board of Directors at the Company's annual meeting of shareholders held Tuesday, May 22, 2012 in Toronto, Ontario. Re-elected Directors include Todd Q. Swanson, Chairman, Matthew Goldfarb, Interim CEO; Bernie Mason, President of the Company; Robert Metcalfe and David Smith. The Company also announced the election of Stephen Loukas as well as the appointment of Jay Thornton to its Board of Directors, pursuant to the representation agreement, increasing the total number of board members to 7.
Biographies for the re-elected Directors are available in the Proxy Statement or on SEDAR at www.sedar.com.
"Both Stephen and Jay have extensive experience in the energy markets and we welcome their insight to our Board", said Todd Q. Swanson, Chairman of the Board.
"Jay and I believe that an extraordinary opportunity exists over the next few years to create significant shareholder value at Xinergy. We look forward to working with the Board and management on executing the Company's growth initiatives", said Stephen Loukas.
Mr. Loukas has been a Managing Member and Portfolio Manager of FrontFour Capital Group LLC ("FrontFour"), an investment management firm investing in both Canadian and US securities since February 2009. Prior to joining FrontFour, from May 2006 to February 2009, Mr. Loukas was a Director at Credit Suisse Securities where he was a Portfolio Manager and Head of Investment Research of the Multi-Product Event Proprietary Trading Group across the group's three trading strategies: merger arbitrage, value, event-driven equities and distressed debt. Mr. Loukas was previously a senior investment analyst at Pirate Capital, LLC an event-driven hedge fund from January 2005 to March 2006. Prior to Pirate Capital, Mr. Loukas spent 5 years in the Corporate Finance & Distribution Group of Scotia Capital, where he focused on the structuring and syndication of leveraged loans and high yield debt. Mr. Loukas started his career at financial restructuring firm Zolfo Cooper where he assisted corporate clients in the development and implementation of operational and financial restructuring plans.
Mr. Thornton has over 28 years of oil and gas experience. Jay spent the first part of his career in various management positions with Shell. Over the past 12 years, he has held various operating and corporate executive positions with Suncor Energy, Canada's largest integrated energy company. He spent 4 years in Fort McMurray at Suncor's Oil Sands mining operations. His most recent position with Suncor was Executive Vice President of Supply, Trading and Development. Jay has held previous Board positions with both the Canadian Association of Petroleum Producers (CAAP) and the Canadian Petroleum Products Institute (CPPI).He was a past Board member of the YMCA Fort McMurray and is currently a Board member of a private Calgary based oil and gas company.
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 eastern Kentucky, West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers and industrial companies. For more information, please visit www.xinergycorp.com.
SOURCE Xinergy Ltd.