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EcoSynthetix Announces Division of Chairman and Chief Executive Officer Roles
May 17, 2012
– John van Leeuwen retains CEO position and Dr. David Colcleugh appointed Chairman –
BURLINGTON, ON, May 17, 2012 /CNW/ – EcoSynthetix Inc. (TSX: ECO), a renewable chemicals company that produces a family of commercially proven bio-based products, today announced the results from its Annual Meeting of Shareholders held May 14, 2012. Shareholders voted in favour of the Directors nominated to the Board as outlined in the Management Information Circular dated April 11, 2012. The following five Directors have been reappointed to the Board; John E. Barker, Dr. Arthur Carty, Dr. David Colcleugh, John van Leeuwen and John Varghese.
Subsequent to the Annual General Meeting, the Board resolved to divide the roles of Chairman and Chief Executive Officer to align with corporate governance practices with an independent Director in the position of Chairman. John van Leeuwen will remain Chief Executive Officer and David Colcleugh was appointed Chairman of the Company.
"This positive change in our corporate governance was a responsible decision as we continue our evolution from an entrepreneurial private company to a publicly-listed company selling our bio-based products into global markets," said John van Leeuwen, CEO of EcoSynthetix. "David brings a wealth of experience from his career in the global chemicals industry. His valuable contributions to the Board as an independent Director during the past three years make him the ideal choice to fulfill this role as we aggressively grow EcoSynthetix."
Dr. David Colcleugh held the position of Chairman, President and Chief Executive Officer of Du Pont Canada Inc. from 1997 through his retirement in 2003. Prior to assuming this role at Du Pont Canada, he held various positions in Research, Marketing, Strategic Planning and Business Management with Du Pont from 1963 to 1997, including President of Du Pont Asia Pacific. He serves as a Director of number of other institutions, including the Advisory Board of the Department of Chemical Engineering, University of Toronto. Dr. Colcleugh was recently appointed Leadership Development Professor at the University of Toronto and was appointed as a Fellow of the Canadian Academy of Engineering. Dr. Colcleugh earned a B.A.Sc, M.A.Sc. and Ph.D. in Chemical Engineering and Applied Chemistry from the University of Toronto in 1963.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix Inc. is a renewable chemicals company specializing in bio-based products that can be used as inputs in industrial manufacturing for a wide range of consumer products. The Company's products offer a reduced carbon footprint and are marketed primarily on the basis of lower cost, stable pricing and equal or superior performance. EcoSynthetix's lead product, ECOSPHERE® BIOLATEX® binders, is used commercially by a number of the global top 20 manufacturers in the coated paper and paperboard industry.
Forward Looking Statements
Certain statements in this Press Release constitute "forward looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. These statements reflect our current views regarding future events and operating performance and are based on information currently available to us, and speak only as of the date of this Press Release. These forward looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that our results of operations and business outlook are subject to significant risk, volatility and uncertainty. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including the factors identified in the "Risk Factors" section of the Company's December 31, 2011 Annual Information Form that can be found at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, we do not intend and do not assume any obligation to update these forward looking statements.
John van Leeuwen
Chief Executive Officer
Phone: (289) 288-5010
Phone: (416) 815-0700 (Ext.238)
Source: Canada Newswire (May 17, 2012 – 7:00 AM EDT)
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