LAS VEGAS, March 14, 2013 /PRNewswire/ -- American Pacific
Corporation (NASDAQ: APFC) announced that in conjunction with the
Company's 2013 Annual Meeting of Stockholders, John R. Gibson has stepped down from the
position of Chairman of the Board of Directors. He was re-elected
for another three year term as a director.
Dr. Joseph Carleone, AMPAC's
President and Chief Executive Officer, was elected to succeed Mr.
Gibson as Chairman, and to continue as President and Chief
Executive Officer of the Company.
These actions were taken consistent with the Company's
established succession plan.
Mr. Gibson stated, "Thoughtful and orderly succession is crucial
to the long-term health of any company. Therefore, over the
past several years, AMPAC has implemented transitions in senior
management, beginning in 2009 when I retired as CEO, and the Board
named Joe Carleone as CEO.
That was a wise choice, as Joe's success in that role has
demonstrated."
As part of the transition process, the Board asked Mr. Gibson to
continue for a time as non-executive Chairman, to support
management and to provide continuity for the Board. "These
past three years during which I have served as non-executive
Chairman have, I hope, helped make that transition as productive as
possible," Mr. Gibson said. "Now," he continued, "with the
election of Joe Carleone as
Chairman, the transition is complete."
Dr. Carleone praised Mr. Gibson for his sixteen years of
exemplary executive leadership, and his twenty-five years of
dedicated service as a Director. He observed: "During
John's tenure as President, Chief Executive Officer and Chairman,
he managed AMPAC through daunting challenges in its specialty
chemicals business, led the strategic diversification of the
Corporation into two major new areas, fine chemicals and in-space
propulsion, and supported the crucial divestiture of the in-space
propulsion business with considerable benefit to stockholders."
Dr. Carleone added that "the Board is delighted that Mr.
Gibson will remain a colleague as a director, and AMPAC will
continue to benefit from his experience and wisdom."
Mr. Gibson said, "Joe has demonstrated outstanding executive
skills, experience and special awareness of AMPAC and its
businesses. He has earned the leadership of AMPAC. I am
positive that he will lead AMPAC to continued success."
RISK FACTORS/FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include statements regarding AMPAC's expectations,
beliefs or intentions regarding the future and other statements of
director's or management's opinions. Forward-looking statements in
this press release include without limitation statements concerning
expectations with respect to AMPAC's continued success under Mr.
Carleone's leadership, the benefits from the completion of the
succession plan and the benefits that AMPAC will enjoy from Mr.
Gibson's continued service as a director. Words such as
"anticipate", "expect", "can", "will" and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause AMPAC's actual results, market performance
or achievements to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. The inclusion of forward-looking
statements should not be regarded as a representation by AMPAC that
any of its expectations will be achieved. Factors that could cause
actual results to differ materially from such forward-looking
statements include risks and uncertainties detailed in AMPAC's
periodic and other filings with the Securities and Exchange
Commission, including in Management's Discussion and Analysis of
Financial Condition and Results of Operations and in Risk Factors
in AMPAC's annual report on Form 10-K for the fiscal year ended
September 30, 2012 and quarterly
report on Form 10-Q for the quarter ended December 31, 2012. All forward-looking statements
contained in this release are made as of the date hereof, based on
information available to AMPAC as of the date hereof, and AMPAC
assumes no obligation to update any forward-looking statement,
whether for actual results or otherwise, except as required by
law.
ABOUT AMERICAN PACIFIC CORPORATION
American Pacific Corporation (AMPAC) is a leading custom
manufacturer of fine chemicals and specialty chemicals within its
focused markets. We supply active pharmaceutical ingredients and
advanced intermediates to the pharmaceutical industry. For the
aerospace and defense industry we provide specialty chemicals used
in solid rocket motors for space launch and military missiles. We
produce clean agent chemicals for the fire protection industry, as
well as electro-chemical equipment for the water treatment
industry. Our products are designed to meet customer specifications
and often must meet certain governmental and regulatory approvals.
Additional information about us can be obtained by visiting our web
site at www.apfc.com.
Contact: Deanna Riccardi - (702)
735-2200
E-mail: InvestorRelations@apfc.com
Website: www.apfc.com
SOURCE American Pacific Corporation
