Ultrapetrol Appoints New CFO
NASSAU, Bahamas, April 29, 2013 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas)
Limited (Nasdaq:ULTR), an industrial transportation company serving marine
transportation needs in three markets (River Business, Offshore Supply
Business and Ocean Business), announced today the appointment of Ms. Cecilia
Yad as the Company's Chief Financial Officer, succeeding Leonard J. Hoskinson.
Mr. Hoskinson will remain with the Company as Vice President, International
Ms. Yad is a Certified Public Accountant with over 25 years of finance
experience working with diverse multinational companies. Most recently, she
was the CFO for Iberia-Latin America of ISS, a Danish-based services company.
Prior to ISS, she held planning, accounting and finance executive positions
with Clorox, a U.S. consumer goods company where she worked for 10 years. She
also worked for Energizer, Deloitte, and the Royal Bank of Canada, where she
gained substantial experience in cost accounting, auditing and credit
Ultrapetrol is an industrial transportation company serving the marine
transportation needs of its clients in the markets on which it focuses. It
serves the shipping markets for containers, grain and soya bean products,
forest products, minerals, crude oil, petroleum, and refined petroleum
products, as well as the offshore oil platform supply market with its
extensive and diverse fleet of vessels. These include river barges and
pushboats, platform supply vessels, tankers and two container feeder vessels.
More information on Ultrapetrol can be found at www.ultrapetrol.net.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include future operating or financial results;
pending or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance costs;
general market conditions and trends, including charter rates, vessel values,
and factors affecting vessel supply and demand; our ability to obtain
additional financing; our financial condition and liquidity, including our
ability to obtain financing in the future to fund capital expenditures,
acquisitions and other general corporate activities; our expectations about
the availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence upon the
abilities and efforts of our management team; changes in governmental rules
and regulations or actions taken by regulatory authorities; adverse weather
conditions that can affect production of the goods we transport and
navigability of the river system; the highly competitive nature of the
oceangoing transportation industry; the loss of one or more key customers;
fluctuations in foreign exchange rates and devaluations; potential liability
from future litigation; and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
ULTR – G
CONTACT: The IGB Group
Leon Berman / David Burke
212-477-8438 / 646-673-9701
email@example.com / firstname.lastname@example.org
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