NEW YORK, July 20, 2015 /PRNewswire/ -- MFC Industrial Ltd. ("MFC" or the "Company") (NYSE: MIL) announces today that in connection with the Company's new direction to focus on trade and structure finance including with its proposed acquisition of a Western European bank, Peter Kellogg and William Horn have stepped down as Directors of the Company.
Peter Kellogg commented: "I am very supportive of the Company's focus on trade finance and banking and believe it represents an attractive opportunity. With this new direction, particularly the focus on Europe, I believe this is an opportune time for a change. I wish the Company the best success with this endeavor to enhance value for all of its stakeholders."
Michael Smith, the Managing Director of the Company, commented: "On behalf of MFC, I wish to thank Mr. Kellogg and Mr. Horn for their guidance and contributions. They leave the Company with their ideas on corporate governance firmly in place."
In connection with its new focus, the Company is conducting a search for candidates with experience and expertise with export credit agencies, trade finance and banking, particularly in Europe, in order to enhance its board.
About MFC Industrial Ltd.
MFC is a global supply chain company and is active in a broad spectrum of activities including: sourcing a wide range of products, trade finance and logistics and risk management services for producers and consumers around the world. To obtain further information on the Company, please visit our website at: http://www.mfcindustrial.com.
Disclaimer for Forward-Looking Information
The preceding includes forward looking statements, which involve known and unknown risks and uncertainties which may not prove to be accurate, including statements regarding future plans. Forward-looking statements are not based on historical fact and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause the Company's actual results, revenues, performance or achievements to differ materially from expectations include, among other things: decisions made by the third-party operator of the Company's royalty interest, general business and economic conditions globally, commodities price volatility, industry trends, competition and other factors beyond the Company's control. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in the Company's Management's Discussion and Analysis for the three months ended March 31, 2015, filed with the Canadian securities regulators and on the Form 6-K with the United States Securities and Exchange Commission, and its Annual Report on Form 20-F for the year ended December 31, 2014.
SOURCE MFC Industrial Ltd.