Magellan Fuel

Magellan Fuel

August 15, 2011 10:30 ET

Magellan Fuel Powers Board With Appointment of New Director Lionel Conacher

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - Magellan Fuel is pleased to announce that Lionel Conacher has been appointed to the Board of Directors effective immediately.

Founded in 2007, Magellan has developed and executed fuel price protection programs for businesses of all sizes, from small, owner-operated fleets to Fortune 500 companies. In a few quick and easy steps, companies can pre-purchase unleaded and diesel fuel at the prevailing price online, and take delivery at the pump using their existing fleet cards.

Currently, Mr. Conacher is a Senior Advisor for Altamont Capital Partners (ACP), with primary responsibility for Canadian investment opportunities. ACP is a US-based, private equity firm focused on investing in change-intensive, middle-market businesses. In 2002, Mr. Conacher co-founded and served as President and CEO of Westwind Partners Inc., a boutique institutional investment bank with a focus on energy, mining and TMT. He grew the firm to $100 million in revenues, and led its sale in 2007 to Thomas Weisel Partners (TWP). Following the Westwind sale, Mr. Conacher became President and Chief Operating Officer of TWP where he remained until it was sold to Stifel Nicolaus in 2010.

Between 1985 and 2002, Mr. Conacher worked for numerous financial institutions including Citigroup; Hees International Bancorp Inc. (now Brookfield Asset Management); and First Marathon Securities (now National Bank Financial). Mr. Conacher sat on the board of Great Lakes Power Corp. (now Brookfield Power) and Cadillac Fairview Corp. Mr. Conacher holds an A.B. in Economics and Art History from Dartmouth College.

We are delighted and honoured to have Lionel join our Board of Directors," said Young Hwang, President and CEO, Magellan Fuel. "As the Company embarks on its next phase of capitalization and growth, we believe that Lionel's cross-border capital markets experience and contacts will be of tremendous assistance to the Magellan team and we look forward to working with him and his valuable contributions to the Board."

The other independent members of the Magellan Board are: James Padilla, former President and COO, The Ford Motor Company; David Kerr, founder and principal, Algonquin Power; and Brennan Mulcahy, founder and former CEO of Energy Savings Income Fund (now Just Energy), currently CEO of American Solar Direct.

For more information visit www.magellanfuel.com.

ABOUT MAGELLAN FUEL

Founded in 2007, Magellan Fuel Solutions Inc. delivers innovative, easy-to-implement and integrated online fuel price protection solutions to help protect businesses from fuel price uncertainty. In a few easy steps, Magellan's products allow customers to purchase a virtually unlimited quantity of fuel based on current pump prices and redeem as required. With offices in Wilmington, Delaware and Toronto, Canada, the Magellan Fuel risk management team has over 70 years combined experience managing energy price volatility and providing leadership to North American Fortune 500 companies. Visit www.magellanfuel.com.

Contact Information