September 18, 2008
MagIndustries Announces Changes to Its Executive Team
MagIndustries Corp. (TSX VENTURE: MAA) ("MagIndustries" or the "Company") is pleased to announce the following appointments:
Jeff Swinoga has joined the Company as Senior Vice President, Finance and Chief Financial Officer. Jeff has 17 years experience in the mining and finance sectors. He brings a wealth of experience in leading debt and equity transactions, including project financings for mine development, as well as the management of treasury, tax, investor relations, budgeting and planning functions. Prior to joining MagIndustries, he was the Vice President Finance and Chief Financial Officer for HudBay Minerals Inc and Director, Treasury Finance and Assistant Treasurer with Barrick Gold Corporation. Mr. Swinoga is a Chartered Accountant and a member of the Institute of Chartered Accountants of Ontario. He holds an MBA from the University of Toronto and a BA (Honours Economics) from the University of Western Ontario. As Senior Vice President and Chief Financial Officer, Mr. Swinoga will have overall responsibility for the financial activities of MagIndustries and its subsidiaries, reporting to the President and CEO. He will also work with senior management in developing and implementing the Company's strategic growth plan. Mr. Swinoga will assume his position on September 29, 2008.Kate Harcourt has joined the Company as Director - Health, Safety, Environment and Community. Kate has been involved in the environmental aspects of mining projects around the world for 18 years. She led the environmental engineering and science processes and social policy functions for the Kolwezi tailings project in DRC for four and a half years and has also been involved in projects such as Tenke-Fungurume, and Kolwezi KOV (Nikanor/DCP), projects in Kenya and Mozambique as well as other international projects. Kate is a Chartered Environmentalist and a Member of the Institution of Environmental Scientists in UK. She holds an Honours BSc (Environmental Science) from Sheffield University and an MSc (Environmental Technology) from Imperial College, London. Kate has published numerous articles and case studies on policy and science related to the environmental and social aspects of the development of mines as well as contributing to UNEP and OECD reports. Prior to joining MagIndustries, she worked as an independent consultant to the Company and other clients on the development of their mining projects. As a consultant to the Company, Kate has led the Kouilou Potash Project environmental and social impact assessment team for the past 19 months.
Patrick Kielty has joined the Company as Director - Human Resources. Patrick has 15 years experience in corporate Human Resources and talent management in startup divisions of Fortune 500 companies, and high-growth companies in manufacturing and retail, packaged goods, telecommunications and professional services in Canada, Europe and the U.S. Working in a variety of cultural environments and business cycles in emerging sectors and tight talent markets, Patrick has led the Human Resources function to build and retain high performance teams at the executive, management and operations levels. Patrick's holds a BA from Queen's University and a diploma in coaching from ICC Canada. Prior to joining MagIndustries, Patrick was an independent HR and search consultant.
Richard Pratt has joined the Company as General Counsel. Richard has over 20 years of experience in private practice, where he represented corporate and financial institution clients in a wide array of sectors, including mining, manufacturing, broadcasting and technology, focusing on business critical public and private debt financings and re-organizations. He is a member of the Law Society of Upper Canada and holds an Honours BComm from the University of Manitoba and a Bachelor of Laws from Dalhousie University. He is focused on supporting the activities of the Company's subsidiaries, in particular the completion of the construction, financing and related contracts for Phase 1 of the MagMinerals Potash Corp. ("MagMinerals") Kouilou Potash mine and processing plant to be located near the Atlantic port of Pointe Noire, in the Republic of Congo.
"We are extremely pleased that Jeff, Richard, Kate and Patrick are joining our executive team," said Bill Burton, President and CEO of MagIndustries. "Their range of knowledge and experience in the mining industry will complement our growth program".
Errol Farr, the Company's former chief financial officer, has left the Company to pursue other opportunities. The Company extends its thanks to Mr. Farr for all of his contributions to the MagIndustries group.
About MagIndustries Corp.
MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX-V Exchange and trades in Canadian currency under the symbol "MAA". The Company has 197,514,016 shares outstanding on an undiluted basis. MagIndustries' wholly owned resource subsidiaries are operating and developing major industrial projects in the Republic of Congo (ROC) and the Democratic Republic of Congo (DRC).
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Cusip: 55917T 102
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts: MagIndustries Corp. Rich Morrow Vice-President, MagIndustries Corp. 416-368-7911 / Cell: 416-258-0829 416-368-5048 (FAX)
SOURCE: MagIndustries Corp.