OAK BROOK, IL, June 11, 2013 /PRNewswire/ - Primary Energy Recycling Corporation (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and by-product fuels from industrial processes, today announced that it has entered into an agreement with MSDC Management, L.P., West Face Capital Inc., Kingstown Capital Management L.P. and Cumberland Private Wealth Management Inc. (the "Shareholders") to appoint two new independent directors to the board following the Company's upcoming annual meeting of shareholders on June 13, 2013. The Shareholders collectively own, or exercise control or direction over, 54.0% of the Company's common shares.
At the upcoming annual meeting, shareholders will still be asked to elect the Company's seven nominees, as set out in the Company's management information circular in respect of the meeting. The Shareholders have agreed to vote their shares in favour of the Company's nominees at the meeting.
The Company has agreed that promptly following the upcoming annual meeting, Mr. Christopher Pickwoad will resign from the board and the size of the board will be increased from seven directors to eight directors. The board will appoint Messrs. Robert A. Peiser and Brian Redmond to fill the two resulting vacancies, and Mr. Peiser will replace Mr. Michel Lavigne as Chairman of the Company's board of directors.
The Company has also agreed that, within 30 days of the Company entering into a renewal agreement in respect of its Cokenergy project, one of Messrs. Rodney Boulanger, Michel Lavigne, Donald Pether or Lorie Waisberg will resign from the board, and the board will thereafter comprise seven directors."With the recent long term renewals of two contracts and the termination of the management agreement, we have successfully moved the Company into a position to grow within the waste heat to power and combined heat and power industry," stated Michel Lavigne. "Moving forward, we will look to leverage the energy, manufacturing and capital markets experience that Mr. Peiser and Mr. Redmond bring to the table. Along with the recent appointment of Mr. Brian Greene, we have a Board with strong energy and industry experience that will support the Company's growth initiatives." Mr. Lavigne has been the Chairman of the Company's board of directors for the past eight years.