FRIEDENS, Pa., June 9,
2021 /CNW/ - Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF)
("Corsa" or the "Company"), announced today that Peter V. Merritts, as part of his future
retirement planning process, has elected to step down as Chief
Executive Officer ("CEO") of the Company and a member of the Board
of Directors and be appointed Chief Operating Officer ("COO")
effective June 9, 2021. Mr.
Merritts' decision 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, but strictly a
decision to provide the best opportunity for succession planning of
the CEO position and Mr. Merritts' future retirement plans.
The Board of Directors has appointed Mr. Robert (Bob) J. Schneid as President and CEO and
a director effective June 9,
2021. Mr. Schneid has over 34 years of experience working in
the coal and electric utility industries in various roles for
companies such as: Prospect Mining and Development Company, Walter
Energy, Patriot Coal, Oxbow Carbon, CONSOL Energy and Costain
Coal. He has a Master of Science Degree in Mineral and Energy
Resource Economics from West Virginia
University and a Bachelor of Science Degree in Energy
Management from West Liberty
University.
"On behalf of the Board of Directors, I would like to thank Pete
for his contributions to Corsa as CEO, in particular for the role
he played in guiding the Company over the last two years amidst the
COVID-19 pandemic. The Board greatly appreciates Pete working with
members of the Board on succession planning for a smooth CEO
transition as part of his future retirement plans and his
willingness to serve as Chief Operating Officer during the CEO
transition", stated Mr. Ronald G.
Stovash, Chairman of the Corporate Governance, Nominating,
and Compensation Committee of the Board of Directors. "The
Board of Directors will be working closely with Mr. Schneid 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 June 30, 2021, Mr. Merritts 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 May
31, 2021, will stand for election at the meeting and that
Mr. Schneid 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.
Forward-Looking Statements
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.
Merritts' transition and the appointment of Robert J. Schneid as President and Chief
Executive Officer and member of the Board of Directors, 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 the 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.
SOURCE Corsa Coal Corp.