Lakeside Steel Inc. Announces Management Changes
28 1월 2012 - 12:37AM
PR Newswire (Canada)
WELLAND, ON, Jan. 30, 2012 /CNW/ - Lakeside Steel Inc. ("Lakeside"
or the "Company") announced today that Vic Alboini is no longer the
Chairman and Chief Executive Officer of the Company. He will
continue as a director of the Company. Norman Findlay has been
appointed as Interim Chairman of the Board. Mr. Findlay has been an
independent director since September 29, 2008 and is also a member
of the Audit Committee and the Compensation Committee of the Board.
Ron Bedard will continue to serve in his role as President and
Chief Operating Officer of the Company and President and Chief
Executive Officer of Lakeside Steel Corporation and will report
directly to the Board. On January 25, 2012, the Company and JMC
Steel Group, Inc. ("JMC Steel") announced that they had entered
into a definitive arrangement agreement pursuant to which JMC
Steel, through a wholly-owned subsidiary, has agreed to acquire all
of the issued and outstanding common shares of Lakeside at a price
of $0.2983 per share in cash pursuant to a statutory plan of
arrangement under the Business Corporations Act (Ontario). Further
information about the proposed transaction will be provided in a
management information circular to be sent to shareholders in
connection with a special meeting of shareholders for the purpose
of considering the transaction. Information about the meeting will
follow at such time as it becomes available. About Lakeside Steel
Inc. Lakeside is a 2011 TSX Venture Exchange 50 company and the
parent company of Lakeside Steel Corporation, Lakeside Steel
Alabama Inc. and Lakeside Steel Texas Inc. Lakeside has operating
facilities located in Welland, Ontario, Thomasville, Alabama, and
Corpus Christi, Texas, and two processing facilities currently
being constructed in Thomasville, Alabama. Lakeside 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 Alabama will be a
diversified steel pipe manufacturer with end-finishing and heat
treat capabilities strategically situated in the southern United
States on successful completion of construction of the new
facilities in Thomasville, Alabama. Construction of the Alabama
facilities 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, Annual Information Form 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, except as required by law. 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 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.
Lakeside Steel Inc. CONTACT: Ron BedardPresident and Chief
Operating OfficerLakeside Steel Inc.713-212-3699Norman
FindlayChairmanLakeside Steel Inc.416-777-6077
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