MagIndustries Corp.
TSX : MAA

MagIndustries Corp.

January 19, 2012 09:58 ET

MagIndustries Announces Resignation of CEO, Reappointment as Director of Investor Relations and Corporate Development

TORONTO, ONTARIO--(Marketwire - Jan. 19, 2012) - MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) announced today that Rich Morrow, Chief Executive Officer, has resigned as Chief Executive Officer and accepted a new role as Director of Investor Relations and Corporate Development. The transition is effective on February 15, 2012. Following the effective date Mr. Longbo Chen, MagIndustries' Co-Chief Executive Officer will take over the role as sole Chief Executive Officer. Mr. Chen has 27 years experience in project investment in African, Asian and Middle Asian developing countries. Prior to joining MagIndustries in 2011, Mr. Chen had been Vice Chairman and CEO of an A-share listed company in China for 12 years. Mr. Chen has extensive business and personal experience in capital markets, project finance and project management. Mr. Chen holds PHD in Management from Xi'an Jiaotong University, one of the top universities in China and Master of Public Management from Carnegie Mellon University, one of the top universities in United States.

Mr. Chen commented "The Company has very much appreciated Rich's continued contribution to MagIndustries in his role as CEO. His depth of experience with public markets and his management and leadership has been invaluable to the Company, especially in the period of the take-over bid by Evergreen Industries Group. We look forward to working with Rich In his new role."

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 456,772,463 shares outstanding on an undiluted basis. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.

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

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