Director Matthew Goldfarb Joins Management as Vice Chairman of the Board
Toronto Stock Exchange: XRG
(All Amounts in $US unless otherwise stated)
KNOXVILLE, TN, July 5, 2011 /PRNewswire/ - Xinergy Ltd., (TSX:XRG and XRG.WT) ("Xinergy" or the "Company"), a US Central Appalachian producer of high quality coal, is pleased to announce that it has elected Todd Q. Swanson to its Board of Directors, and has appointed director Matthew Goldfarb as Vice Chairman of the Board, an executive officer position. The changes maintain the number of independent directors at three, while increasing the overall size of the Board to 6 members.
Mr. Swanson is a private investor in public and private markets, with a focus on the natural resource sector. His experience includes both public and private equity investing, most recently as a partner with Barclays Natural Resource Investments, a natural resource focused private equity fund affiliated with Barclays Capital. Previous experience includes Third Point LLC, an event-driven, special situations hedge fund, where he was responsible for a global energy portfolio and completed several activist investments, Thoma Cressey Equity Partners (now Thoma Bravo), a private equity firm based in Chicago, and KPMG LLP, an international accounting firm where he held accounting and merger and acquisition roles. He is a former director of Massey Energy and several other public and private companies.
"We are pleased to have a financial services executive of Todd's caliber as a member of our Board of Directors," stated Jon E. Nix, Chairman and Chief Executive Officer of Xinergy. "Todd's financial services experience makes him well suited to represent the interests of both our individual and institutional investors. His deep understanding of the natural resource industry, coupled with his prior experience serving on the board of one of the country's largest coal producers, will be a valuable addition to our Board. We look forward to his contributions."
Mr. Swanson graduated from Iowa State University with B.S. degrees in Accounting and Finance, as well as from the Graduate School of Business at Stanford University with a Masters in Business Administration. Mr. Swanson became a Certified Public Accountant (CPA) in 1998 and earned the Chartered Financial Analyst (CFA) designation in 2001.
Matthew Goldfarb, who has served on the Board since December 2009, has joined the company as an executive officer, serving as Vice Chairman of the Board. "Matt has been a valuable contributor on our Board, and has taken on roles of increasing responsibility at Xinergy, primarily with respect to capital raising and strategic investments," stated Mr. Nix. "Matt was a tremendous resource in our high yield debt raise, and represented the company's interests in our recent divestiture of our Elk Horn investment. We are pleased that Matt has agreed to bring his talents to our management team."
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 and West Virginia. Currently, Xinergy sells high quality coal to electric utilities and industrial companies throughout the south-eastern United States. For more information, please visit www.xinergycorp.com.
This release contains "forward-looking information" that includes information relating to future events and future financial and operating performance, including management's assessment of Xinergy's future outlook. Forward-looking information should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking information is based on information available at the time it is made and/or management's good faith belief as of that time with respect to future events, and such information is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking information. Important factors that could cause these differences include but are not limited to: changes in contracted sales, the business of the Company may suffer as a result of uncertainty surrounding the coal market; the Company may be adversely affected by other economic, business, and/or competitive factors; the worldwide demand for coal; the price of coal; the price of alternative fuel sources; the supply of coal and other competitive factors; the costs to mine and transport coal; the ability to obtain new mining permits; the costs of reclamation of previously mined properties; the risks of expanding coal production; the ability to bring new mines on line on schedule; industry competition; the Company's ability to continue to execute its growth strategies; and general economic conditions. These and other risks are more fully described in the Company's filings with the Canadian Securities Administrators, including its Annual Information Form for the year ended December 31, 2010, available on SEDAR at www.sedar.com. You should not put undue reliance on any forward-looking information. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking information, no inference should be drawn that we will make additional updates with respect to those or other forward-looking information.
SOURCE Xinergy Ltd.