OAK BROOK, IL, June 11, 2013 /CNW/ - 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.
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