Lakeside Steel announces two new independent director nominees
April 28 2011 - 3:11PM
PR Newswire (Canada)
WELLAND, ON, April 28 /CNW/ -- WELLAND, ON, April 28 /CNW/ -
Lakeside Steel Inc. (TSX-V: LS) ("Lakeside Steel" or the "Company")
a leading North American producer of OCTG casing and tubing, is
pleased to announce that management intends to nominate two new
independent directors, Mr. Robert J. Milbourne and Mr. Tony Meti,
to its Board at its next Annual General Meeting of shareholders
(the "Meeting"). At the Meeting, Lakeside's shareholders will be
asked to approve the increase in the size of the Board of Directors
from six members to eight, with Messrs. Meti and Milbourne being
nominated to fill the two new positions. Mr. Milbourne has over
thirty years of executive and operational experience in the iron
and steel manufacturing and processing sector. Prior to his
retirement in 2007, he held the positions of President, Chief
Operating Officer and was a member of the Board of Directors of
Stelco Inc. (now U.S. Steel Canada). He was also formerly the
Chairman and Chief Executive Officer of Alta Steel Ltd., a
mini-mill steel maker based in Alberta. Since leaving Stelco, Mr.
Milbourne has established an independent business advisory practice
that provides strategic and operational advice to major private and
public sector clients. In addition to Stelco, Mr. Milbourne
previously sat on the Board of Directors of numerous companies
including Hatch Associates Ltd., and Bruce Power Inc. and is
currently a Board member of Osceola Steel Company. Mr. Meti has
over thirty years of experience within Canadian chartered banks
where he held various management and executive positions. His
positions included Senior Vice-President, Commercial Banking
International, from 2002 to 2007, and Senior Vice-President,
Commercial Banking for North America, from 2000 to 2002, with the
National Bank of Canada. Since 2007, Mr. Meti has been the
President of G.D.N.P Consulting Services Inc., a firm that
specializes in merger and acquisition advisory, debt and equity
financing and corporate restructurings. Mr. Meti currently serves
as a Board Member and Member of the Audit Committee for Saputo
Inc., and ADF Group Inc. Vic Alboini, Chairman and Chief Executive
Officer of the Company, stated, "We are extremely pleased
that Bob and Tony have accepted our invitation to be nominated to
join the Board of Directors of Lakeside Steel at the next Annual
General Meeting and look forward to their contributions as the
Company grows and moves forward with its expansion
plans. Their business experience, contacts and track record of
success will be a great asset to the Company and its shareholders.
As well, adding two high quality independent directors further
emphasizes the Company's focus on continuing to improve its
corporate governance practices." The addition of Messrs. Meti and
Milbourne to the Company's Board of Directors at the Meeting is
subject to receipt of all required regulatory and shareholder
approval. The date for the Meeting and the record date for voting
thereat are expected to be determined and announced concurrently
with the release of the Company's audited annual financial
statements for the year ended March 31, 2011. About Lakeside Steel
Inc. Lakeside Steel is a 2011 TSX Venture Exchange 50 company and
the parent company of Lakeside Steel Corporation
("Lakeside"). Lakeside, located in Welland, Ontario, is a
diversified steel pipe and tubing manufacturer with a focus on
manufacturing and upgrading Oil Country Tubular Goods. Lakeside's
list of customers includes large oil and gas end users as well as
distributors across North America. Lakeside Steel also indirectly
wholly-owns Lakeside Steel Alabama which will be a diversified
steel pipe manufacturer strategically situated in the southern
United States on successful completion of the construction of the
new facility in Thomasville, Alabama. Construction of the Alabama
facility is currently underway. This press release may contain
forward-looking statements with respect to the Company, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking
words such as "may", "will", "expect", "estimate", "anticipate",
intends", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of the
Company discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include,
among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in the Management's Discussion and
Analysis and Filing Statement of the Company which are available at
www.sedar.com. The cautionary statements qualify all
forward-looking statements attributable to the Company and persons
acting on their behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the Company has no obligation to update such
statements. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Lakeside Steel was recognized as a TSX
Venture 50® company in 2010 and 2011. TSX Venture 50 is a
trade-mark of TSX Inc. and is used under license. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/April2011/28/c7839.html
table tr valign="top" td align="left" bRon Bedard /bbr/
President and Chief Operating Officerbr/ Lakeside Steel Inc.br/
FAX: (905)735-9069br/ e-mail: a
href="mailto:ron.bedard@lakesidesteelcorp.ca"ron.bedard@lakesidesteelcorp.ca/a
/td td align="left" bKen Hunter /bbr/ Chief Financial
Officerbr/ Lakeside Steel Incbr/ FAX: (905)735-9069br/
e-mail: a
href="mailto:ken.hunter@lakesidesteelcorp.ca"ken.hunter@lakesidesteelcorp.ca/a
/td /tr /table p /p
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