LONDON, Oct. 7 /PRNewswire-FirstCall/ - Four Rivers BioEnergy Inc. ("4Rivers" or "Four Rivers" or "the Company") is pleased to announce that it has appointed Stephen Padgett, formerly Group Chief Executive, to the position of Chief Executive Officer, effective October 1. Gary Hudson, formerly President and Chief Executive Officer, will continue as a Director and also serve as Managing Director of the STT(R) business and as Senior Vice President of Operations.
Mr. Hudson commented, "This change reflects our focus on executing a business plan that primarily involves building and creating value from the acquisition, restructuring, enhancing and expansion of acquired, distressed biofuels assets - an area where Four Rivers sees considerable ongoing opportunity to apply its know-how, expertise and technology to create substantial value. I am delighted to hand over the Chief Executive Officer role to Steve, with whom I have worked in different positions for several years. I believe that as our strategy has altered to meet the changing market conditions and opportunity, Steve's skill sets and experience well qualify him for this leadership position. I look forward to continue working with him on the board of 4Rivers."
Mr. Padgett commented: "I am very pleased to accept this new role and am delighted to serve on a board and with a wider team of such talented people. Between us we bring a unique combination of skills to the opportunity that presents itself today in the bio fuels space."
Mr. Padgett has been a Chartered Accountant since 1996 and worked as a consultant at Vantis Walkers for eight years specializing in corporate finance, mergers, acquisitions and disposals. He joined GTL Resources plc, listed on the AIM, in 2000 as Finance Manager, became Finance Director in 2001, and then subsequently Chief Operating Officer. During his tenure, Steve was responsible for managing the development team for a number of petrochemical projects ranging from $100 million to $450 million in Australia and the Middle East. Mr. Padgett later joined Supporta plc, another AIM listed company which operates as a support services company to the private and public sector, in April 2005 as Chief Executive Officer. In that role he led the organic and acquisition growth strategy, completing seven acquisitions, three disposals and three corporate refinancing exercises in less than two years. Under his leadership, the company was transformed into a profitable, cash generating business, with a considerable long term order book. Earnings per share were also increased by 100% in his first year, and a further 45% compounded in his second year.
Mr. Hudson, the principle founder of Four Rivers BioEnergy, will continue to serve as a main board director. In addition, he will fill two new roles: Managing Director of the Company's STT(R) business, where he will have specific responsibility for the commercial and technical development of Four Rivers' STT(R) technology; and Senior Vice President of Operations at group level, where he will be responsible for delivery in the area of technology and process, as it relates to the Company's existing plant in the UK and to the assessment, integration and development of target acquisitions in the bio energy space.
Martin Thorp, Chief Financial Officer continues to apply his many years of experience in corporate finance, acquisition evaluation, negotiation and integration and corporate recovery and restructuring to the Company's ongoing bio fuels expansion strategy.
Between them, the three executive directors will integrate into a seamless team with many years of experience, across a broad range of disciplines, which in combination, are directly relevant to 4Rivers' ongoing strategy.
About Four Rivers
4Rivers is a BioEnergy company that is focused on building value through selective acquisitions of BioEnergy sector assets and technologies and in the introduction of technologies and other profit improvement initiatives to those acquired assets and to potential new developments utilizing those technologies, its know-how and expertise. Its management believes that now is an attractive time to acquire core assets and consolidate and improve them through the application of technology, knowhow, expertise and effective logistics, as demonstrated by two asset purchases completed earlier in this year.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's good faith views and expectations when made. Forward-looking statements are inherently subject to known and unknown risks and uncertainties which, in the case of the company, include raising adequate capital to continue operations, technology and product development uncertainties, competition, cost and availability of feedstock, and plant development and manufacturing scale up. Actual results may differ, perhaps materially, from those discussed in the forward-looking statements. The company discussed in this release is not obligated to update its forward-looking statements or comment on those differences. Readers are encouraged to refer to the recent public filings of the company to further ascertain the risks associated with the forward-looking statements. Readers are urged not to place undue reliance upon such statements.
SOURCE Four Rivers BioEnergy Company Inc.
Four Rivers BioEnergy Company Inc.
