Bennett Environmental Inc.

Bennett Environmental Inc.

June 29, 2011 18:02 ET

Bennett Environmental Announces Election of New Board and Appointment of New President and CEO

OAKVILLE, ONTARIO--(Marketwire - June 29, 2011) - Bennett Environmental Inc. (TSX:BEV) (the "Company" or "Bennett") announced today that a new Board of Directors was elected, consisting of: Livia Mahler (Lead Director); Mitchell Gropper; Ian Kidson; John Reynolds; and Jamie Farrar, at its annual general and special meeting (AGM) held today.

The election of the new Board of Directors was part of the agreement reached on June 22, 2011 between Bennett and Second City Capital Partners I, L.P., to end an ongoing proxy contest regarding Bennett.

The Bennett shareholders also reappointed KPMG LLP as auditors of Bennett, and certain amendments to the Company's stock option plan were approved.

At a meeting of the new Bennett Board following the AGM and as part of the aforementioned settlement agreement, Jack Shaw stepped down as CEO of Bennett. Also at the meeting, Lawrence (Lorie) Haber joined the Board, and was also appointed as Chair and as President and CEO on an interim basis. Under these arrangements, Mr. Haber will serve as CEO until a new permanent CEO is appointed, at which time he is expected to continue as Chair of the Bennett Board. During this interim period, Livia Mahler will act as Lead Director of the Board.

Mr. Haber is a former financial industry executive and former corporate and securities lawyer.

At the same Board meeting, the following Committees of the Board were appointed:

Audit: Jamie Farrar (Chair), Mitchell Gropper and Ian Kidson

Human Resources and Compensation: Mitchell Gropper (Chair), Livia Mahler and John Reynolds

Corporate Governance and Nominating: John Reynolds (Chair), Mitchell Gropper and Livia Mahler

Environmental and Safety: Ian Kidson (Chair), Jamie Farrar and John Reynolds

In his remarks following the formal portion of the AGM, Mr. Haber addressed the transitioning at the Company and plans for renewed strategic focus and stated:

"Bennett has significant value potential. It has cash on hand of approximately $60 million, valuable tax losses, a soil remediation business that can be very profitable when operating, loyal and dedicated staff, and a strong new Board of Directors that is fully engaged and united in its mission to enhance the value of your company."

Mr. Haber also noted that the Company does not have any plans to pay a dividend in the near term.

Forward Looking Statements

Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. BEI believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. BEI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Bennett Environmental Inc.

Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the Bennett Environmental website at:

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