MicroCoal appoints Lawrence Siegel as new Chief Executive Officer
MicroCoal announces resignations of current Chief Executive
Officer and President
VANCOUVER, British Columbia -- (Business Wire)
MicroCoal® Technologies Inc. (CSE: MTI) (Frankfurt: OFS.F) (OTC:
CFQSF) (âMicroCoalâ or the âCompanyâ)today announced that
the board of directors has unanimously approved several changes to the
senior management of MicroCoal.
Appointment of New CEO
MicroCoal is pleased to announce the appointment of Mr. Lawrence Siegel
as MicroCoalâs Chief Executive Officer effective immediately. Mr.
Slawomir Smulewicz, the current Chief Executive Officer and
Vice-President, will be stepping down from both positions but will
remain as a director of the Company until the Companyâs next meeting of
shareholders.
Mr. Siegel is a seasoned business executive with significant management
experience, including four years as the President of Seeburg
(NASDAQ), four years as the President of Atari (AMEX), two years as
President of U.S. Digital Communications (NASDAQ), two years with THQ
(NASDAQ), and several other Canadian and American public companies. Mr.
Siegel's blue chip consulting clients have included Sony, Mattel, Bally,
WMS, Scientific Games and Sega.
Dr. James Young, Chairman of the Board stated: âWe are very pleased that
Larry has agreed to take on this critical role at the Company. This is
an important step for the Company as it moves forward on its first full
scale facility in Indonesia, begins the commercial phase of its
evolution, and seeks to enter into additional agreements worldwide.
Larryâs wealth of experience, combined with his proven track record of
success in increasing shareholder value in past companies he has been
involved with, makes him the ideal person to oversee the next phase of
development for MicroCoal.â
Mr. Siegel commented âI am looking forward to working with the board and
the management team of MicroCoal. The Companyâs proprietary coal drying
technology is remarkable, and the board and management have made great
progress in advancing the validation of the technology with its
commercial implementation. MicroCoal has made significant advances over
the last several quarters, and I am highly optimistic about the future
of this Company."
Dr. Young added: âSlawek has been a terrific asset to MicroCoal and we
value his input to date. The Board thanks Slawek for his services and
tireless dedication to our Company.â
Resignation of President
MicroCoal also announced today the resignation of Mr. Stanislaw Lis as
President of the Company effective immediately. Mr. Lis will remain as a
director of MicroCoal. Dr. Young stated: âWe appreciate the
contributions Stan has made to the Company and believe that it has a
solid foundation for future growth. On behalf of the Board, I would like
to thank Stan for his efforts and wish him the best in his future
endeavours.â
Effective January 31, 2014, MicroCoal also reduced its non-essential
consultants and other staff, who will be engaged solely on an hourly or
daily rate basis as needed from time to time, to focus its resources on
completing the construction and start-up phases of its Indonesian
commercial plant.
About MicroCoal⢠Technologies Inc.
The Company is focused on commercializing its unique, clean-coal
upgrading technology known as MicroCoal®; a low-cost, patented microwave
technology that reduces moisture in coal resulting in an upgraded energy
content of coal. This process provides significant financial benefits to
coal-fired electrical generating utilities such as: large cost savings
from switching to low-rank coal, substantial increases in boiler
efficiencies and heat output, improved ash efficiencies and reductions
in scrubber costs. Important environmental benefits such as reductions
in greenhouse gases and mercury can also be derived from implementation
of this technology. The Company is currently constructing the first
commercial facility in Indonesia and discussions for other projects are
underway.
On behalf of the Board of Directors,
âDr. James Youngâ
Chairman of the Board of Directors
For further information, please contact:
MicroCoal⢠Technologies Inc.
Telephone: (604) 676 9792
E-mail:
office@microcoal.com
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements that
reflect the current views and/or expectations of MicroCoal with respect
to its performance, business and future events, including statements
regarding cash flow, growth and future prospects of our business, the
completion of the first full scale MicroCoal facility, our perceptions
of the industry and markets in which we operate and anticipated trends
in such markets, and the entry into of additional agreements for
MicroCoal facilities. The reader is cautioned that forward-looking
statements are not guarantees of future performance and involve known
and unknown risks, uncertainties, assumptions and other factors which
are difficult to predict and that may cause actual results or events to
differ materially from those anticipated in such forward-looking
statements. Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about the
business and the industry and markets in which the Company operates.
Forward-looking statements are not guarantees of future performance and
involve risks, uncertainties and assumptions which are difficult to
predict. Assumptions underlying the Company's expectations regarding
forward looking statements contained in this news release include, among
others: that MicroCoal will complete the first full scale facility in
Indonesia as expected and that negotiations will proceed for other
projects. Investors are cautioned that all forward-looking statements
involve risks and uncertainties including, without limitation, that the
first full scale facility in Indonesia may not be completed or operate
as expected and that MicroCoal may not be able to negotiate agreements
for additional projects on terms acceptable to MicroCoal. These risks,
as well as others, could cause actual results and events to vary
significantly. Accordingly, readers should not place undue reliance on
forward-looking statements, which are qualified in their entirety by
this cautionary statement. Except as required by law, the Corporation
does not intend, and undertakes no obligation, to update any
forward-looking statements to reflect, in particular, new information or
future events. Neither CNSX nor its Regulation Services Provider (as
that term is defined in the policies of the CNSX) accepts responsibility
for the adequacy or accuracy of the release.
Contacts:
MicroCoal⢠Technologies Inc.
J. Malcolm Bell, 604-676-9792
V.P.
Corporate Communications
m.bell@microcoal.com
Source: MicroCoal® Technologies Inc.
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