CALGARY, Aug. 10, 2012 /CNW/ - Frontier Acquisition Corp.
(FFF.P: TSX-V) (the "Corporation" or "Frontier") is
pleased to announce, subject to regulatory approval, that
Chris Yellowega and Monty Balderston have agreed to join Frontier.
Mr. Yellowega will be appointed President and Chief Executive
Officer of Frontier and Mr. Balderston will be appointed Executive
Vice President and Chief Financial Officer of Frontier on closing
of the Corporation's qualifying transaction whereby Frontier will
acquire all of the issued and outstanding shares of the Tuccaro
Group entities (the "Transaction") concurrent with a
brokered prospectus offering of subscription receipts on a
"commercially reasonable efforts" basis for aggregate gross
proceeds of approximately $90 million
(the "Offering") as previously announced on
August 1, 2012.
The Transaction is subject to the approval of
the TSX Venture Exchange (the "Exchange") and the policies
of the Exchange relating to qualifying transactions, as well as
shareholder approval of the Tuccaro Group. The Transaction, when
completed, will constitute the qualifying transaction of the
Corporation pursuant to Policy 2.4 of the Exchange. The Corporation
was listed on the Exchange as a capital pool company on
February 13, 2012 and its principal
business is to identify and evaluate opportunities for the
acquisition of an interest in assets or businesses with a view to
completing a qualifying transaction. Trading in the common shares
of the Corporation will remain halted until such time as the
Exchange has received the documentation required by Policy 2.4 of
the Exchange.
John Jacobs,
Chief Executive Officer of the Corporation commented, "We are very
excited to have Chris and Monty join Frontier as it will
successfully complete another key milestone in our vision to build
a leading maintenance, repair and operations services organization
for plants, mines and energy infrastructure in western and northern
Canada". "Chris brings a wealth of
experience in senior leadership roles within parallel businesses to
our strategic vision and Monty comes to Frontier with a solid track
record in numerous senior financial leadership roles within
publicly traded companies" added Brad
Creswell, President of the Corporation.
On completion of the Transaction, Mr. Jacobs,
Mr. Creswell and Ms. Lisa Mortell
will resign as officers of the Corporation simultaneously with Mr.
Yellowega's and Mr. Balderston's appointments. Mr. Jacobs and Mr.
Creswell will continue to be Board members of Frontier providing
strategic direction and oversight to Frontier. The following are
backgrounds of the proposed officers of Frontier.
Chris
Yellowega - Proposed President and Chief Executive Officer,
Age 41
Mr. Yellowega is an experienced senior executive
and Professional Engineer. He has 20 years of varied experience in
engineering, operations, maintenance and senior management roles in
the mining and energy industries. Mr. Yellowega brings a depth of
experience in operating and service markets in the target business
areas for Frontier and has a strong business focus on strategy,
execution and cost. From 2008 to 2012, Mr. Yellowega was Vice
President, Construction and prior thereto Vice President,
Operations with North American Energy Partners Inc. ("North
American"), a provider of mining, heavy construction,
industrial, piling and pipeline services in western Canada. North American is listed on the NYSE
and TSX (NOA). From 2005 to 2008, he was Vice President, Upstream
with Synenco Energy Inc. ("Synenco"), a former TSX listed
oil sand resource development company involved in the Northern
Lights upstream mining and bitumen extraction project. Synenco was
acquired by Total SA in 2008. From 2000 to 2005, Mr. Yellowega was
a senior manager with Shell Canada's oil sands group, involved with
the Muskeg River Mine development for Albian Sands Energy Inc.
Mr. Yellowega graduated from the University of Alberta in 1993 with a Bachelor of
Science degree in Mining Engineering.
Monty R.
Balderston - Proposed Executive Vice President and Chief
Financial Officer, Age 42
Mr. Balderston is a Chartered Accountant with
over 16 years of experience, including over 10 years in senior
leadership roles with publicly traded companies. From June 2011 to July
2012, he acted as Chief Financial Officer of Silica North
Resources Ltd., a privately held start-up company focused on
developing deposits and supplying proppant (frac sand) to the oil
and natural gas industry. From May
2003 to June 2011, Mr.
Balderston held various senior financial roles including Chief
Financial Officer from March 2008 to
June 2011 of Peak Energy Services
Ltd. ("Peak"), a diversified energy services company
providing drilling and production services to its customers in both
the conventional and unconventional oil and natural gas industry in
western Canada and the United States as well as the oil sands
regions of western Canada. Peak
was listed on the TSX until it was purchased by Clean Harbors Inc.
in June 2011. From May 2000 to July
2002, he held senior financial roles with International
Properties Group Ltd., a real estate company, which was listed on
the TSX until late 2002. From September
1995 to April 2000, Mr.
Balderston was with the accounting firm PricewaterhouseCoopers LLP
and held various progressing finance related roles in both the
audit and management consulting practices.
Mr. Balderston graduated from the Northern
Alberta Institute of Technology with a Finance Diploma (with
Honors) in 1991 and graduated from the University of Alberta with a Bachelor of Commerce
degree (with Distinction) in 1995. He earned his Chartered
Accounting designation in the Province of Alberta in 1998.
Craig Jenkins
- Proposed Vice President, Operations, Age 39
Mr. Jenkins is currently the Corporate Manager
for Tuccaro Inc., the corporate services entity within the Tuccaro
Group of companies. Mr Jenkins is an 18 year employee of the
Tuccaro Group in a variety of leadership roles that has seen
dramatic growth in the company. Mr. Jenkins has been involved in
the general stewardship of the Tuccaro Group supporting all facets
of the business including but not limited to collective agreement
negotiation, strategic planning, organizational effectiveness, and
bid & proposal support.
Mr. Jenkins graduated with a Bachelor of Laws
degree (with Honors) from the University of Glamorgan in
1994. Prior to completing his law degree, Mr. Jenkins was
employed within the civil construction industry.
About the Corporation
The Corporation is a capital pool company within
the meaning of the policies of the Exchange that has not commenced
commercial operations and has no assets other than cash. The board
of directors of the Corporation consists of John R. Jacobs, Bradford
N. Creswell, Trevor Haynes,
Darin R. Coutu, Edward J. Redmond, Don
Basnett, Rob Hunt and
Darrell R. Peterson. The officers of
the Corporation are John R. Jacobs,
Bradford N. Creswell and
Lisa M. Mortell. Except as
specifically contemplated in the Exchange CPC policy, until the
completion of its qualifying transaction, the Corporation will not
carry on business, other than the identification and evaluation of
companies, business or assets with a view to completing a proposed
qualifying transaction.
Investors are cautioned that trading in the
securities of a capital pool company should be considered highly
speculative.
Neither the Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward Looking Information
This news release includes certain statements
that constitute forward-looking statements under applicable
securities legislation. All statements other than statements of
historical fact are forward-looking statements. In some
cases, forward-looking statements can be identified by terminology
such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue", or the
negative of these terms or other comparable terminology. These
statements are made as of the date of this news release and the
Corporation does not undertake to publicly update these
forward-looking statements except in accordance with applicable
securities laws. These forward-looking statements include, among
other things:
- completion of the Transaction and the Offering;
- terms and conditions of the Transaction; and
- composition of management of the Corporation following
completion of the Transaction.
These statements are only predictions and are
based on current expectations, estimates, projections and
assumptions, which the Corporation believes are reasonable but
which may prove to be incorrect and therefore such forward-looking
statements should not be unduly relied upon. In making such
forward-looking statements, assumptions have been made regarding,
among other things, industry activity, marketability of the
products of the Tuccaro Group, the state of financial markets,
business conditions, continued availability of capital and
financing, future oil and natural gas prices and the ability of the
Corporation to obtain necessary regulatory approvals. Although the
Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements.
By its nature, forward-looking information
involves numerous assumptions, known and unknown risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur. These risks and
uncertainties include: the possibility that the parties will not
proceed with the Transaction and the Offering, that the ultimate
terms of the Transaction and the Offering will differ from those
that are currently contemplated, that the Transaction and Offering
will not be successfully completed for any reason (including the
failure to obtain the required approvals from regulatory
authorities) and regulatory changes. Investors are cautioned that
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on the Corporation, investors should review the Corporation's
continuous disclosure filings that are available at www.sedar.com
and the Corporation's website at
www.frontieracquisition.com.
On behalf of the Board of Directors of Frontier
Acquisition Corp.
(signed) "Bradford Creswell"
SOURCE Frontier Acquisition Corp.