Canexus Corporation

TSX : CUS


Canexus Corporation

March 06, 2014 16:15 ET

Canexus Corporation Announces Departure of President and Chief Executive Officer

Canexus Director Richard Ott Named Interim President and CEO

CALGARY, ALBERTA--(Marketwired - March 6, 2014) - Canexus Corporation (TSX:CUS) (the "Corporation" or "Canexus") announced today that Gary Kubera has stepped down from his position as President and Chief Executive Officer and Director of the Corporation, effective immediately.

"We would like to thank Mr. Kubera for his many contributions to Canexus in his role as President and CEO since the company's initial public offering in 2005," said Canexus Board Chairman Hugh Fergusson.

The Board of Directors has commenced an international search for a new president and chief executive officer. Until such time as a new president and CEO is appointed, at the request of the Board, Mr. Richard Ott, a current director, has agreed to assume the function of President and Chief Executive Officer on an interim basis. Mr. Ott is a seasoned executive who has served in a variety of senior executive positions largely in manufacturing and human resources in the United States and internationally.

"I look forward to working closely with our management team and employees on the execution of our strategic business plans to drive growth for the Corporation and create shareholder value," said Mr. Ott.

During the transition period Mr. Ott will remain a director of the company, but will temporarily step down from Board Committees.

About Canexus

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers. Canexus common shares (CUS) and debentures (Series III - CUS.DB.A; Series IV - CUS.DB.B; Series V - CUS.DB.C) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.

Forward Looking Statements

This press release contains forwarding looking statements. By their nature, forward looking statements involve a variety of assumptions, known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements including market and general economic conditions, future costs, treatment under governmental regulatory, tax and environmental regimes and the other risks and uncertainties detailed under "Risk Factors" in the Corporation's Annual Information Form filed on the Corporation's SEDAR profile at www.sedar.com. Although Canexus believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Canexus can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward looking statements contained in this press release are made as of the date hereof and Canexus undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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