Primary Energy Recycling Agrees to Appoint Two New Directors
OAK BROOK, IL, June 11, 2013
OAK BROOK, IL, June 11, 2013 /PRNewswire/ - 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
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.
SOURCE Primary Energy Recycling Corporation
Chief Commercial Officer
Media and Investor Relations
416.815.0700 ext. 225
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