TORONTO, June 12,
2023 /PRNewswire/ - As part of its strategic
transformation to become a leading North American vertically
integrated lithium producer, Avalon Advanced Materials Inc.
(TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to
announce the appointment of three veteran executives to its
leadership team, a key milestone as the Company executes on an
ambitious growth plan.
- Scott Monteith will assume control as interim Chief
Executive Officer
- Jim Jaques will serve as the Company's inaugural Chief
Administrative Officer
- Jan Holland will join the Board
of Directors
"These appointments, and others to come, underscore the arrival
of Avalon 2.0," Zeeshan Syed,
Avalon President, said. "The
commitment of our new leadership team is clear: reorient the
Company towards full vertical integration of the lithium production
cycle, and help establish Ontario,
and Canada more broadly, as a
strategic fulcrum in North
America's clean energy transition."
All appointments are effective immediately, as the Company
initiates a new growth phase consisting of transformational
developments to be announced in the weeks and months ahead.
Avalon also announces that, following a long and successful
tenure with the Company, former President and CEO Donald Bubar has decided to step down from the
board of directors. Avalon would like to thank him for his years of
service.
"We're assembling a new execution-focused team of deeply
experienced professionals aligned around transforming Avalon into a
world-class lithium producer, and in turn, helping ensure the path
to a clean energy future runs through Canada," Mr. Monteith said.
New Strategic Vision
Avalon Advanced Materials' new strategic goals are focused on
both organic growth of its lithium portfolio, consisting of a suite
of critical-mineral mining projects across Canada, as well as developing new related
opportunities. The Company's mission is to vertically integrate
lithium processing within Ontario,
positioning the province as an integral part of the North American
supply chain for electric vehicle (EV) batteries.
In the weeks ahead, Mr. Monteith and the leadership team expect to
implement key steps in their Phase 1 strategy, including:
- Advance production and capitalization for the Separation Rapids
project in northwestern Ontario
- Establish a best-in-class lithium-hydroxide facility in
Thunder Bay, Ont.
- Identify non-core assets that fall outside the scope of the
Company's focus on the first two business objectives
"I'm tremendously excited about the opportunity set I see before
us. Avalon has a new mission we're starting to share with investors
and Canada's broader capital
markets community," Mr. Monteith said.
Mr. Syed added: "Under our new leadership team, Avalon sees and
understands what's required to make Ontario and Canada leaders in this critically important
space, and to establish Avalon's position within it. We are putting
the pieces in place to achieve our vision."
About the New Leadership Team
Members
Mr. Monteith is an experienced clean-tech executive and
entrepreneur with a successful track record of moving inventions
from ideation to commercial success. Mr. Monteith has extensive experience in the areas
of marketing, manufacturing, technology transfer, technology
licensing, new product development, patent management, corporate
development, international business, M&A, investing, government
affairs, board governance and strategic planning. Mr. Monteith is currently the Chair of Monteco
Ltd., Cable House Capital Corp. and Imtex Membranes Corp.
In the newly created role of Chief Administrative Officer, Mr.
Jaques will report to the CEO and be responsible for the Company's
overall administration, marketing, corporate communications, human
resources and information technology. A former marketing and
sales executive with Bell Canada Inc., Mr. Jaques spent part of his
career in senior leadership positions at both Merrill Lynch and
Citibank (Australia). For the past
several years, he has been a management consultant based in
Toronto, working with both public
and private sector organizations to help them drive revenue growth,
new product innovation, strategic partnerships and secure growth
capital financing.
Mr. Holland brings 35 years of experience in building and
reorganizing businesses across an array of Canadian industries,
from aerospace to financial services. For the past decade, he has
been Chair and CEO of a leading Canadian aerospace parts
manufacturer, transforming its business operations through a
multi-phase revitalization and enabling expansion into new markets.
Mr. Holland has been a Founding Partner or Director with multiple
financial services firms, including Tricycle Asset Management and
BMO Nesbitt Burns, respectively, raising a combined $2 billion in assets under management by
pioneering innovative offerings, such as managed futures products
and structured notes. His knowledge of capital markets and wealth
of experience will be valued contributions to Avalon's new
strategic direction.
About Avalon Advanced Materials
Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development
company aimed at vertically integrating North America's lithium supply chain. The
company is currently focusing on developing its Separation Rapids
Lithium Project near Kenora,
Ontario while continuing to advance other projects,
including its 100%-owned Lilypad Spodumene-Cesium-Tantalum Project
located near Fort Hope, Ontario.
Social responsibility and environmental stewardship are corporate
cornerstones.
For investor relations and media inquiries, please e-mail the
Company at ir@AvalonAM.com, or phone Zeeshan Syed, President, at (647) 300-4706.
Forward-Looking
Statements
This news release contains "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, project work plans, new strategic goals and related
opportunities, that the Company's mission is to vertically
integrate lithium processing within Ontario, and that in the weeks ahead Mr.
Monteith and the leadership team
expect to implement key steps in their Phase 1 strategy.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "potential",
"scheduled", "anticipates", "continues", "expects" or "does not
expect", "is expected", "scheduled", "targeted", "planned", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be" or "will not be" taken, reached or result, "will
occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Avalon to be materially different from those
expressed or implied by such forward-looking statements.
Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made.
Although Avalon has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
Factors that may cause actual results to differ materially from
expected results described in forward-looking statements include,
but are not limited to market conditions, and the possibility of
cost overruns or unanticipated costs and expenses as well as those
risk factors set out in the Company's current Annual Information
Form, Management's Discussion and Analysis and other disclosure
documents available under the Company's profile at www.SEDAR.com.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Such
forward-looking statements have been provided for the purpose of
assisting investors in understanding the Company's plans and
objectives and may not be appropriate for other purposes.
Accordingly, readers should not place undue reliance on
forward-looking statements. Avalon does not undertake to update any
forward-looking statements that are contained herein, except in
accordance with applicable securities laws.
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SOURCE Avalon Advanced Materials Inc.