Novamerican Steel Announces Changes to Its Board of Directors
30 Oktober 2008 - 9:15PM
Business Wire
Novamerican Steel Inc. (�Novamerican�) (NASDAQ: TONS, NASDAQ:
TONSW) announced changes to its Board of Directors, consistent with
its transition from a special purpose acquisition company to a
fully transformed Decalogue� company, operating as one system with
a business model based on the predictability, reliability and speed
of its material flow. In connection with that transition, M.
Ridgway Barker and Robert W. Ramage, who joined the Board in
connection with the founding of Novamerican, have resigned and
Martin D. Powell and Oded Cohen, have joined as directors of
Novamerican. Corrado De Gasperis, Chief Executive Officer of
Novamerican, said: �Gil and I thank Messrs. Barker and Ramage for
their contributions in launching and supporting our company through
the first phase of our existence. They join us in welcoming Messrs.
Powell and Cohen to the Board as Novamerican continues its
transformation from an acquisition company into a Decalogue� based
operating company.� Mr. Oded Cohen has over 30 years of experience
working directly with Dr. Eliyahu M. Goldratt. Since 2002, Mr.
Cohen has served as International Director of Goldratt Schools Inc.
and since 2001 as the Director of TOC Europe Ltd., a professional
services firm providing TOC-based solutions for its clients. From
1987 to 2001, he was a Partner at AGI � Avraham Y. Goldratt
Institute, responsible for Southern Europe. From 1982 to 1986, he
served in various capacities, including Managing Director, of
Creative Output UK Ltd. Together with Novamerican�s President, Dr.
Domenico Lepore, Mr. Cohen co-authored the book Deming &
Goldratt, The Theory of Constraints and The System of Profound
Knowledge - The Decalogue. Mr. Cohen holds a B.S. in Industrial
Engineering and Management from the Israeli Institute of Technology
and M.S. in Operations Research from the Israeli Institute of
Technology. Mr. Martin Powell brings more than 40 years of business
experience to Novamerican. Mr. Powell began his career in the
accounting profession, qualifying as a member of the Institute of
Chartered Accountants in England & Wales in 1968 and attaining
Fellowship status within the Institute in 1979. Since 1996, Mr.
Powell has worked internationally with Dr. Goldratt in implementing
the Theory of Constraints (TOC). He also serves as a Principal of
Goldratt Schools assisting in the global development of TOC expert
resources. From 2003 to 2006, he also served as Vice President of
Finance for the Goldratt Group. From 1991 to 1996 he was a leading
Management Development Trainer for Dale Carnegie International and
later his own firm � MDP Associates. From 1964 to 1991, he served
in a number of capacities with Clement Keys, Chartered Accountants
and Auditors, including as Lead Partner in the Audit Practice
commencing in 1975. Mr. Powell will chair Novamerican�s Audit
Committee. Commenting on the appointments, Mr. Gilbert E. Playford,
Chairman of Novamerican, said: �Our commitment to operate as a
Decalogue� company requires a profound knowledge of the theories
and the methodology that we espouse and that our people deploy
every day. We feel fortunate to add the knowledge and mentorship of
Messrs. Cohen and Powell, further enabling and strengthening the
board in its support of the vision and goal of our Company.� About
Novamerican Steel Inc. Novamerican has twenty-one operating
locations in Canada and the United States. It processes and
distributes carbon steel, stainless steel and aluminum products and
operates as an intermediary between primary metal producers and
manufacturers that require processed metal. Novamerican also
produces roll formed steel sections and manufactures heavy
equipment parts and accessories. Novamerican�s flat rolled
processing capabilities include pickling, slitting, blanking,
leveling, temper-rolling and cutting-to-length to precise customer
specifications. Additionally, Novamerican performs many of these
processing services for customers who provide their own steel,
referred to in the industry as toll processing. For additional
information on Novamerican, visit its website at
http://www.novamerican.com. NOTE ON FORWARD-LOOKING STATEMENTS:
This news release and related discussions may contain
forward-looking statements about such matters as: expected future
or targeted operational and financial performance in the future;
growth rates for, future prices and sales of, and demand for our
products and our customers� products; changes in production
capacity in our operations and our customers� operations; changes
in costs of materials and production; productivity, business
process and operational initiatives, and their impact on us; our
position in markets we serve; employment and contributions of key
personnel; employee relations and collective bargaining agreements
covering our operations; tax rates; capital expenditures and their
impact on us; industry market conditions and the impact thereof;
interest rate management activities; currency rate management
activities; deleveraging activities; realignment, strategic
alliance, raw material and supply chain, technology development and
collaboration, investment, acquisition, venture, consulting,
operational, tax, financial and capital projects; legal
proceedings, contingencies, and environmental compliance; potential
offerings, sales and other actions regarding debt or equity
securities of us or our subsidiaries; and future asset sales,
costs, working capital, revenues, business opportunities, debt
levels, cash flows, cost savings and reductions, margins, earnings
and growth. When used in this document, the words �believe,�
�expect,� �anticipate,� �estimate,� �project,� �plan,� �should,�
�intend,� �may,� �will,� �would,� �potential� and similar
expressions are intended to identify forward-looking statements.
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