Hudson Oil Corporation Ltd.: Hudson Provides Corporate Update
DGAP-News: Hudson Oil Corporation Ltd. / Key word(s): Change of
Personnel
Hudson Oil Corporation Ltd.: Hudson Provides Corporate Update
17.11.2011 / 07:00
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Hudson Provides Corporate Update
Nov 17 (Toronto) - Hudson Oil Corporation Ltd. (H8D: FSE) today announced
changes to its leadership team and outlined its growth strategy.
Management and Board changes
Mr. Paul McIvor resumes his role as President and Chief Executive Officer,
replacing Mr. Stefan Garus. Mr. Robert Nogacki has been appointed to the
Board of Directors, while director, Ms. Urszula Majorkiewicz, has stepped
down. Mr. Nogacki also serves as legal counsel to Fortionell Limited,
Hudson's subsidiary, and is a noted lawyer in Warsaw, Poland.
Restart plan
The Company has developed a three-phase restart plan for the refinery
complex in Gorlice:
1. Initiate zeoforming refitting and operations to enable refining of raw
gasoline into higher octane gasoline
2. Modernize the Chevron-licensed all hydro-processing units to permit
production of class II and III lubricants from a range of feedstocks,
including Mazut
3. Evaluate options for capitalizing on the value of the vacuum
distillation unit
The Company has initiated discussions with several engineering firms to
develop the specific technical needs of the restart program. In addition,
the Company has had discussions with Rentech Inc. (www.rentechinc.com), a
US company involved in clean energy technology using gasification to
convert biomass, waste and fossil resources into synthetic fuels.
The Company also notes that it has been asked to provide a quotation for
the delivery of approximately 70,000 litres of diesel fuel a week to a
customer in Slovakia (180 km from the refinery); management is currently
assessing the pricing, timing, customer creditworthiness and feasibility of
this order. Company management also continues its efforts to secure
financing to pursue the complete restart program but notes that
macro-economic instability in Europe has created delays and uncertainties.
New operating subsidiary
The Company has established a wholly owned Polish subsidiary - Hudson Oil
Corporation sp. z.o.o. This subsidiary leases the 64 hectares on which the
refinery complex in Gorlice, Poland is located from the Company's other
subsidiary - Hydronaft sp. z.o.o., which owns the refinery complex. The
Company has appointed Mr. Marek Osadnik as president of Hudson Oil sp.
z.o.o.
About Hudson
Hudson is a Canadian company focused on the acquisition of under-valued
energy assets and the execution of business strategies to maximize their
value. Efforts are presently directed at downstream energy opportunities in
Eastern Europe. Currently, the Company's principal asset is the Glimar
refinery complex in southern Poland, which is equipped with unique and
industryleading technology.
Forward-looking statements:
Some of the statements contained in this release are forward-looking
statements, such as statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their
very nature, they involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they
are based, are made in good faith and reflect the Company's current
judgment regarding the direction of the Company's business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggestions herein. Except as required by applicable law, Hudson Oil
Corporation Ltd. does not intend to update any forward-looking statements
to conform these statements to actual results.
For more information, please visit: www.hudsonoil.ca
For investor and media enquiries, please contact:
Paul McIvor
416-906-1276
paul.mcivor@hudsonoil.ca
End of Corporate News
---------------------------------------------------------------------
17.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
146659 17.11.2011
DGAP-News: Hudson Oil Corporation Ltd. / Key word(s): Change of
Personnel
Hudson Oil Corporation Ltd.: Hudson Provides Corporate Update
17.11.2011 / 07:00
---------------------------------------------------------------------
Hudson Provides Corporate Update
Nov 17 (Toronto) - Hudson Oil Corporation Ltd. (H8D: FSE) today announced
changes to its leadership team and outlined its growth strategy.
Management and Board changes
Mr. Paul McIvor resumes his role as President and Chief Executive Officer,
replacing Mr. Stefan Garus. Mr. Robert Nogacki has been appointed to the
Board of Directors, while director, Ms. Urszula Majorkiewicz, has stepped
down. Mr. Nogacki also serves as legal counsel to Fortionell Limited,
Hudson's subsidiary, and is a noted lawyer in Warsaw, Poland.
Restart plan
The Company has developed a three-phase restart plan for the refinery
complex in Gorlice:
1. Initiate zeoforming refitting and operations to enable refining of raw
gasoline into higher octane gasoline
2. Modernize the Chevron-licensed all hydro-processing units to permit
production of class II and III lubricants from a range of feedstocks,
including Mazut
3. Evaluate options for capitalizing on the value of the vacuum
distillation unit
The Company has initiated discussions with several engineering firms to
develop the specific technical needs of the restart program. In addition,
the Company has had discussions with Rentech Inc. (www.rentechinc.com), a
US company involved in clean energy technology using gasification to
convert biomass, waste and fossil resources into synthetic fuels.
The Company also notes that it has been asked to provide a quotation for
the delivery of approximately 70,000 litres of diesel fuel a week to a
customer in Slovakia (180 km from the refinery); management is currently
assessing the pricing, timing, customer creditworthiness and feasibility of
this order. Company management also continues its efforts to secure
financing to pursue the complete restart program but notes that
macro-economic instability in Europe has created delays and uncertainties.
New operating subsidiary
The Company has established a wholly owned Polish subsidiary - Hudson Oil
Corporation sp. z.o.o. This subsidiary leases the 64 hectares on which the
refinery complex in Gorlice, Poland is located from the Company's other
subsidiary - Hydronaft sp. z.o.o., which owns the refinery complex. The
Company has appointed Mr. Marek Osadnik as president of Hudson Oil sp.
z.o.o.
About Hudson
Hudson is a Canadian company focused on the acquisition of under-valued
energy assets and the execution of business strategies to maximize their
value. Efforts are presently directed at downstream energy opportunities in
Eastern Europe. Currently, the Company's principal asset is the Glimar
refinery complex in southern Poland, which is equipped with unique and
industryleading technology.
Forward-looking statements:
Some of the statements contained in this release are forward-looking
statements, such as statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their
very nature, they involve inherent risks and uncertainties.
While these forward-looking statements, and any assumptions upon which they
are based, are made in good faith and reflect the Company's current
judgment regarding the direction of the Company's business, actual results
will almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggestions herein. Except as required by applicable law, Hudson Oil
Corporation Ltd. does not intend to update any forward-looking statements
to conform these statements to actual results.
For more information, please visit: www.hudsonoil.ca
For investor and media enquiries, please contact:
Paul McIvor
416-906-1276
paul.mcivor@hudsonoil.ca
End of Corporate News
---------------------------------------------------------------------
17.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
146659 17.11.2011