VANCOUVER, May 14, 2015 /PRNewswire/ - Polaris Materials Corporation (TSX: PLS) ("Polaris" or the "Company") today announced a management succession plan effective October 1, 2015.
Herb Wilson, who has been with the Company since July, 2001, and President and Chief Executive Officer and a director since January 2009, will become Executive Vice Chair of the Board of Directors on October 1, 2015. He will be succeeded as President and Chief Executive Officer on that date by Ken Palko, P.Eng., the Company's Vice President of Operations. Mr. Palko has been with the Company since February 2008, prior to which he worked for Dufferin Aggregates (part of the Holcim Cement Group) and Lafarge Aggregates. The chief executive officer of the Company's US distribution and marketing subsidiary, Bill Terry, is retiring on September 30, 2015, and his duties will be assumed by Scott Dryden, M.B.A., the Company's current Vice President of Business Development. Mr. Dryden has worked in the marine transportation industry, primarily on the west coast of North America, for the past seven years, including five years with CSL International Inc., the Company's exclusive shipping contractor where he managed the CSL logistics for Polaris' operations. Darren McDonald CPA, CMA, the Company's Vice President Finance and CFO will have an expanded role that will also include responsibility for the Company's secretarial function.
Terry Lyons, Chair of the Board of Polaris, commented: "The Board has been diligently planning for this natural succession over the last year. We have every confidence in the management team to drive the Company forward as construction markets continue to recover in the US." He continued: "We are delighted that Herb Wilson is continuing in an executive role with the Board which ensures that the management team will continue to have the benefit of his guidance and industry experience. We also want to wish Bill Terry well in his retirement and to thank him for his contribution to the growth of the Company."
Polaris Materials Corporation is exclusively focused on the development of quarries and the production of construction aggregates in British Columbia for marine transportation to urban markets on the west coast of North America to meet local supply deficits. In 2007, Polaris began shipping sand and gravel from the Orca Quarry to San Francisco Bay, Vancouver, BC and Hawaii.
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information appear in this document and include estimates, forecasts, information and statements as to management's expectations with respect to, among other things, the future financial or operating performance of the Company, increases in sales volumes and selling prices, costs of production, capital and operating expenditures, requirements for additional capital, government regulation of quarrying operations, environmental risks, reclamation expenses, and title disputes. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risks and Uncertainties" in the Company's Short Form Prospectus dated June 20, 2014, which is filed with Canadian regulators on SEDAR (www.sedar.com). The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
SOURCE Polaris Materials Corporation