MicroCoal Technologies announces management changes
Friday, February 14 2014 - 12:58 AM WIB
Canadian coal upgrading technology provider MicroCoal Technologies Inc. announced Thursday that the board of directors has unanimously approved several changes to the senior management of MicroCoal.
MicroCoal said that Lawrence Siegel has been named as the company?s Chief Executive Officer effective immediately. 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 next meeting of shareholders.
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. Siegel's blue chip consulting clients have included Sony, Mattel, Bally, WMS, Scientific Games and Sega.
James Young, Chairman of the Board stated: ?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.?
MicroCoal also announced today the resignation of Stanislaw Lis as President of the company effective immediately. Lis will remain as a director of MicroCoal.
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.
MicroCoal is currently engaged in a coal upgrading project in Banjarmasin, South Kalimantan, using the MicroCoal technology.
Editing by Reiner Simanjuntak