Lustros Announces Additions to Executive Management Team and Board of
SAN DIEGO -- February 20, 2013
LUSTROS, INC. (OTCQB: LSTS) announced today that William Farley has accepted
the position of Chairman and Chief Executive Officer.
Our current CEO, Gonzalo Troncoso, will remain as President. Making the
announcement Mr. Troncoso said, “I am pleased to say that we are nearing
completion of a copper sulfate processing facility, which will clearly give us
a first class manufacturing capability. In addition, we have created an
entirely new subsidiary, Mineraltus SA, to process tailings, which will allow
us to expand our copper sulfate business significantly.
“We continue to strengthen our management team and are very pleased that Bill,
as a major shareholder and investor, is joining the Lustros management team.
Bill has extensive experience in manufacturing, mining, and finance and brings
a wealth of knowledge and experience to our company. I, as President, will
continue to be intimately involved in all our operations in Chile.”
Regarding his appointment, Bill Farley commented, “Having been a significant,
early investor in Lustros, I am now pleased to be an active member of
management. I am committed and motivated to complete the copper sulfate plant,
begin production, and generate significant positive cash flow for the
Mr. Farley is the sole shareholder of Liam Ventures, Inc., a private equity
firm with investments in various industries including technology,
communications, railroad, and basic industries. Mr. Farley is also CEO and
owner of Zrii International in Salt Lake City, Utah, a liquid nutritional
marketer. He served as chairman and chief executive officer of Farley, Inc.
and Fruit of the Loom, Inc. from the time he acquired the company in 1986
through December 1999. During that time, he built FTL from a primarily
domestic $500 million underwear company into a leading international
manufacturer and marketer of basic family apparel with sales approximating
$2.3 billion for the 1999 fiscal year. Fruit of the Loom was sold to Berkshire
Hathaway Co. in 2002 for approximately $1 Billion.
Mr. Farley was born and raised in Pawtucket, Rhode Island. He received a
Bachelor of Arts degree from Bowdoin College in Maine, and a Juris Doctor
degree from Boston College Law School. More recently, Mr. Farley received an
honorary degree of Doctor of Laws from his alma mater Bowdoin College.
In addition to his business activities, Mr. Farley has served on various
educational, corporate, civic and cultural boards, including: The Horatio
Alger Association, The Big Shoulders Fund, The Rush Hospital Heart Institute,
The Goodman Theatre of Chicago, and The Lyric Opera of Chicago. He also
participates in Chicago Public School’s Principal For A Day Program.
Mr. Farley has received the Ireland-U.S. Council for Commerce and Industry's
Annual Outstanding Achievement Award for his efforts to improve economic,
business and commercial links between Ireland and the United States. Other
honors include: the Apparel Industry Board, Inc.'s Special Award, the Horatio
Alger Award for Distinguished Americans, the Freedom Award from America’s
Freedom Festival, the American Academy of Achievement's Golden Plate Award,
the National Women's Political Caucus' Good Guys Award and the White House's
Presidential Award for Entrepreneurial Excellence. Mr. Farley has also
previously served as Chairman of the Illinois Ambassadors and the Executive
Club of Chicago.
Mr. Farley resides in Chicago with his wife, Shelley and their son Liam. His
interests include education, reading, politics, travel, sports, health, and
Mr. Farley has joined the Company’s Board of Directors as has Todd Sluzas and
Martin Pajor. We accepted the resignations of Juan Carlos Camus and Myoung Won
Sohn from the Board of Directors. Mr. Farley will serve as the Chairman of the
Board. Our current Chairman, Zirk Engelbrecht, will continue as the
Vice-Chairman. “I am very happy that Bill has assumed the role of Chairman of
the Board. He is a highly seasoned CEO who has owned and operated several
successful companies. I am proud to serve as Vice-Chairman and look forward to
working with Bill, Todd, and Marty in the future,” said Mr. Engelbrecht.
Mr. Sluzas is the CFO of Liam Ventures, Inc., a private equity firm solely
owned by William Farley. Mr. Sluzas has 20 years of accounting, finance, tax,
and private equity experience. Mr. Sluzas currently serves as Director of
Finance for two portfolio companies, and served as Senior Tax Analyst for
Fruit of the Loom during his fifteen-year tenure with Farley. Todd also
manages the Family Office of William Farley, where he is responsible for
investment analysis & due diligence, risk management, cash management, and tax
compliance & planning. Prior to Farley, Mr. Sluzas spent four years with the
accounting firm of Price Waterhouse Coopers LLP representing the firm’s audit
and tax practice.
Mr. Sluzas earned his Bachelor of Business Administration degree from the
University of Notre Dame and is a Certified Public Accountant.
Martin Pajor is a Vice President of Liam Ventures, Inc., a private equity firm
solely owned by William Farley. Mr. Pajor has 30 years of accounting, finance,
tax, and private equity experience. Martin currently serves as Vice President
with operational responsibilities for two operating companies owned by Mr.
Farley. These responsibilities include logistics, purchasing, systems and
entering new foreign markets primarily in Latin America. Prior to these
responsibilities he served as Director of Tax for Fruit of the Loom during his
twenty five-year tenure with Farley. Prior to his association with Farley,
Martin spent five years with United Stationers Supply Co. where he was
instrumental in creating the company’s tax department and assisting in the
company’s initial public stock offering.
Mr. Pajor earned his Bachelor of Science in Accountancy degree from the
University of Illinois and has a Master of Science in Taxation degree from
About Lustros, Inc.
Lustros, Inc., through its Chilean subsidiaries, is in the business of copper
mining and the manufacturing of food-grade copper sulfate. Lustros has a
majority equity position in Sulfatos Chile S.A., which owns the Anica Copper
Mines as well as a copper sulfate production project and employs a highly
experienced staff of mining professionals. Lustros, Inc.’s subsidiary
Mineraltus SA is a Chilean corporation that will process tailings (waste
products) of expired copper mines to secure the raw materials to manufacture
high quality, feed-grade copper sulfate.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are based on the Company's current
expectations as to future events. However, the forward-looking events and
circumstances discussed in this press release might not occur, and actual
results could differ materially from those anticipated or implied in the
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