2014-02-13 15:36:33 -
MicroCoal appoints Lawrence Siegel as new Chief Executive Officer
MicroCoal announces resignations of current Chief Executive Officer and President
Vancouver, British Columbia CANADA, February 13, 2014 /FSC/ - MicroCoal Technologies Inc. (CSE: MTI) (Frankfurt: OFS.F) (OTC: CFQSF) ("MicroCoal" or the "Company") today announced that the board of directors has unanimously approved several changes to the senior management of MicroCoal.
Appointment of New CEO
MicroCoal is pleased to announce the appointment of Mr. Lawrence Siegel as MicroCoal's Chief Executive Officer effective immediately. Mr. Slawomir Smulewicz, the current Chief Executive Officer and Vice-President, will be stepping down from both positions but will remain as a director of the Company until the Company's next meeting of shareholders.
Mr. Siegel is a seasoned business
executive with significant management experience, including four years as the President of Seeburg (NASDAQ), four years as the President of Atari (AMEX), two years as President of U.S. Digital Communications (NASDAQ), two years with THQ (NASDAQ), and several other Canadian and American public companies. Mr. Siegel's blue chip consulting clients have included Sony, Mattel, Bally, WMS, Scientific Games and Sega.
Dr. James Young, Chairman of the Board stated: "We are very pleased that Larry has agreed to take on this critical role at the Company. This is an important step for the Company as it moves forward on its first full scale facility in Indonesia, begins the commercial phase of its evolution, and seeks to enter into additional agreements worldwide. Larry's wealth of experience, combined with his proven track record of success in increasing shareholder value in past companies he has been involved with, makes him the ideal person to oversee the next phase of development for MicroCoal."
Mr. Siegel commented "I am looking forward to working with the board and the management team of MicroCoal. The Company's proprietary coal drying technology is remarkable, and the board and management have made great progress in advancing the validation of the technology with its commercial implementation. MicroCoal has made significant advances over the last several quarters, and I am highly optimistic about the future of this Company."
Dr. Young added: "Slawek has been a terrific asset to MicroCoal and we value his input to date. The Board thanks Slawek for his services and tireless dedication to our Company."
Resignation of President
MicroCoal also announced today the resignation of Mr. Stanislaw Lis as President of the Company effective immediately. Mr. Lis will remain as a director of MicroCoal. Dr. Young stated: "We appreciate the contributions Stan has made to the Company and believe that it has a solid foundation for future growth. On behalf of the Board, I would like to thank Stan for his efforts and wish him the best in his future endeavours."
Effective January 31, 2014, MicroCoal also reduced its non-essential consultants and other staff, who will be engaged solely on an hourly or daily rate basis as needed from time to time, to focus its resources on completing the construction and start-up phases of its Indonesian commercial plant.
About MicroCoal(tm) Technologies Inc.
The Company is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal(r); a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal. This process provides significant financial benefits to coal-fired electrical generating utilities such as: large cost savings from switching to low-rank coal, substantial increases in boiler efficiencies and heat output, improved ash efficiencies and reductions in scrubber costs. Important environmental benefits such as reductions in greenhouse gases and mercury can also be derived from implementation of this technology. The Company is currently constructing the first commercial facility in Indonesia and discussions for other projects are underway.
On behalf of the Board of Directors,
"Dr. James Young"
Chairman of the Board of Directors
For further information, please contact:
MicroCoal(tm) Technologies Inc.
Telephone: (604) 676 9792
This press release contains certain forward-looking statements that reflect the current views and/or expectations of MicroCoal with respect to its performance, business and future events, including statements regarding cash flow, growth and future prospects of our business, the completion of the first full scale MicroCoal facility, our perceptions of the industry and markets in which we operate and anticipated trends in such markets, and the entry into of additional agreements for MicroCoal facilities. The reader is cautioned that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Assumptions underlying the Company's expectations regarding forward looking statements contained in this news release include, among others: that MicroCoal will complete the first full scale facility in Indonesia as expected and that negotiations will proceed for other projects. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, that the first full scale facility in Indonesia may not be completed or operate as expected and that MicroCoal may not be able to negotiate agreements for additional projects on terms acceptable to MicroCoal. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements, which are qualified in their entirety by this cautionary statement. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.
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Source: MicroCoal Technologies Inc. (CNSX: MTI) www.microcoal.com
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