Stratos Renewables Corp. Announces the Appointment of Tom Snyder as Chief Executive Officer
October 08 2008 - 4:57PM
Business Wire
Stratos Renewables Corporation (OTCBB:SRNW), an emerging company
developing a South American sugarcane ethanol operation, today
announced that company President, Tom Snyder, has been appointed
Chief Executive Officer. Making the announcement, Stratos Chairman
of the Board, Steve Magami, stated, �We�re very fortunate to have
such depth in our management team at Stratos and to be able to pull
from within our ranks to appoint such an experienced executive as
our new Chief Executive. Tom�s vast experience executing large
industrial projects across the globe lends well to continue
Stratos� growth and we look forward to his stewardship.� Mr.
Snyder, who has served the company as President since Q2 of this
year, has a career overseeing the execution of more than 40 complex
industrial projects in more than 20 countries. He has served as CEO
of multiple companies and has overseen the construction of
fertilizer/ammonia/oil and gas/petro-chemical facilities throughout
the world. He has raised more than $2 billion of equity and project
finance debt and has successfully formed and managed joint ventures
with governments, banks, insurance companies, OPIC and global
investment groups. Acknowledging his appointment, Snyder commented,
�It is with great excitement that I accept this appointment as
Chief Executive Officer of Stratos. This is a company founded on
the belief that sugarcane ethanol is today�s most viable solution
to the growing international oil shortage and the need for cleaner
burning replacements for gasoline. We will continue the substantial
efforts of Stratos� founders and look forward to continuing to
execute our large scale Greenfield project in Peru.� Carlos Antonio
Salas, the company�s co-founder and outgoing Chief Executive
Officer, will become the Company�s Business Development Officer,
focused on pursing expansion opportunities on the ground. Stratos�
Vice Chairman, Steve Norris, co-founder of The Carlyle Group,
stated, �We are at an exciting inflection point in our evolution.
My long history of working with Tom Snyder allows me to say that he
is the perfect executive to lead our company through the next phase
of growth.� About Stratos Renewables Stratos Renewables is
committed to becoming a leader in Latin America's rapidly emerging
sugarcane ethanol industry, a growing segment of the larger
renewable fuel industry. The company believes Peru's economic
growth and expansion, illustrated by recent exponential growth in
foreign direct investment, and GDP growth over the last five years,
adds to Peru's promise as an attractive geographical location for
the cultivation, processing, distribution and use of alternative
fuels. In addition, rating agency DBRS has recently assigned
investment-grade credit ratings to Peru's long-term foreign and
local currency debt. For more information about Stratos Renewables,
please visit: www.stratosrenewablesenergy.com. About Ethanol
Ethanol is a clean burning, high octane biofuel produced from
grain, which is a renewable source, and can be grown year after
year. In its most basic sense, ethanol is a grain alcohol produced
from sources such as corn and sugar. Pure 100% ethanol is normally
not used as a replacement for gasoline, but the integration of up
to 20% ethanol into a gasoline supply can cut down on not only the
amount of oil consumed, but also on the emissions generated by the
burning of that fuel. Ethanol significantly reduces harmful exhaust
emissions, which contribute to global warming. The United Nations
expects all biofuels to account for a full 25% of world energy
needs by 2025. Notice Regarding Forward-Looking Statements This
news release contains �forward-looking statements,� as that term is
defined in Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities
Exchange Act of 1934, as amended. Statements in this press release
which are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Since the forward-looking
statements relate to future developments, results or events, these
statements are highly speculative and involve risks, uncertainties
and assumptions that are difficult to assess. You should not
construe any of these statements as a definitive or invariable
expression of what will actually occur or result. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. These forward-looking statements are made
as of the date of this news release and the Company and Stratos
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although the Company
believes that the beliefs, plans, expectations and intentions
contained in this press release are reasonable, there can be no
assurance those beliefs, plans, expectations, or intentions will
prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company's periodic reports filed from time
to time with the Securities and Exchange Commission and available
at www.sec.gov.
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