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.
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.