CANONSBURG, PA, July 9, 2019 /CNW/ - Corsa Coal Corp. (TSXV: CSO)
("Corsa" or the "Company") announced today that George G. Dethlefsen will step down from his
role as Chief Executive Officer ("CEO") of the Company and a member
of the Board of Directors to pursue other opportunities effective
July 12, 2019. Mr.
Dethlefsen's departure is not the result of any dispute or
disagreement with the Company or any matter related to the
Company's operations, policies, management or board of
directors.
The Board of Directors will appoint Mr. Peter V. Merritts, the Company's current
President of the Northern Appalachia Division as CEO and a director
of the Company effective July 12,
2019. Mr. Merritts has been responsible for Corsa's
metallurgical coal operations in Pennsylvania and Maryland since February
2015 and has over 40 years of experience in the coal
industry, including as the President of the Pennsylvania-based AMFIRE Mining Company, a
former subsidiary of Alpha Natural Resources, and leadership
positions at Mapco Coal, Inc. (now Alliance Resource Partners, LP)
and Bethlehem Steel Corporation.
"On behalf of the Board of Directors, I would like to thank
George for his contributions to Corsa, in particular for the role
he played in guiding the Company as Chief Executive Officer over
the last five years. We wish him all the best in the future,"
stated Mr. Robert C. Sturdivant,
Chairman of the Board of Directors. "The Board of Directors will be
working closely with Mr. Merritts and the senior management team
during the transition period, while the Company continues to focus
on increasing shareholder value through improved operational,
financial and other strategic opportunities."
In connection with the annual and special meeting of
shareholders of the Company scheduled to be held on August 13, 2019, Mr. Dethlefsen will no longer
stand for election and the Board of Directors has therefore set its
size at six for the purposes of such election. It is expected
that only the remaining six nominees set forth in the Company's
management information circular dated June
18, 2019 will stand for election at the meeting and that Mr.
Merritts will be re-appointed as a director of the Company
immediately following the meeting.
Information about Corsa
Corsa is a coal mining company
focused on the production and sales of metallurgical coal, an
essential ingredient in the production of steel. Our core business
is producing and selling metallurgical coal to domestic and
international steel and coke producers in the Atlantic and Pacific
basin markets.
Forward-Looking Statements
Certain statements and other information included in this press
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws (such statements are
usually accompanied by words such as "anticipate", "expect",
"believe", "may", "will", "should", "estimate", "intend" or other
similar words). All statements in this press release, other than
those relating to historical information or current conditions, are
forward-looking statements, including, but not limited to Mr.
Dethlefsen's departure, the appointment of Mr. Merritts as CEO and
a director, Corsa's strategic plans and the creation of value for
shareholders.
Forward‐looking statements in this press release are based on
certain key expectations and assumptions made by Corsa. Although
Corsa believes that the expectations and assumptions on which such
forward‐looking statements are based are reasonable, undue reliance
should not be placed on the forward‐looking statements because
Corsa can give no assurance that they will prove to be correct.
Corsa disclaims any intention or obligation to update or revise
any forward-looking statements in this press release as a result of
new information or future events, except as may be required under
applicable securities laws.
The TSX Venture Exchange has in no way passed on the
merits of this news release. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Corsa Coal Corp.
