Nordex Explosives Ltd.
TSX VENTURE : NXX

Nordex Explosives Ltd.

February 03, 2015 07:00 ET

Nordex Explosives Ltd. Appoints Vice President of Finance

KIRKLAND LAKE, ONTARIO--(Marketwired - Feb. 3, 2015) - NORDEX EXPLOSIVES LTD. ("Nordex" or the "Corporation") (TSX VENTURE:NXX) is pleased to announce the appointment of Sean Conroy, CPA, CGA to the position of Vice President of Finance, effective immediately. Mr. Conroy has held the position of Controller since July 2014.

Mr. Conroy earned an Honours Bachelor of Business Administration degree from York University (Schulich School of Business) in 1992, which included studies in finance, accounting, marketing and business management. Mr. Conroy received a Certified General Accountant (CGA) designation in 2001. Mr. Conroy has had extensive employment experience in finance, holding a number of senior management positions which included chief financial Officer, director of finance, regional operations manager, controller, director of corporate services, senior accountant and supervisor of client accounting services.

In his new role Mr. Conroy will serve as an integral member of the senior management team responsible for the ongoing development of the financial management strategies of Nordex. He will assist the Chief Financial Officer to ensure the current and long-term effectiveness of all financial and associated administrative support functions including accounting, asset and debt management, internal cost controls, financial reporting, operating and capital budgets, information systems, supply chain management and external audit coordination.

Jim Taylor, President and CEO of Nordex stated, "We are very pleased to add Mr. Conroy to the executive management team. He will play a key role in improving profitability and shareholder value as we continue to grow and expand. Careful management of our assets and resources is necessary to achieve our objectives. We have been very successful in developing our own unique and innovative products, equipment and customer service initiatives. In order to position Nordex to be able to compete with other explosive manufacturers the Corporation has been investing significant resources in equipment and product development initiatives. We are positioned and now focused on increasing revenues and profits and believe Mr. Conroy will be an asset instrumental to help us achieve success. In less than 10 years we have grown from 3 employees, 1 truck, 1 outdated production line and annual revenues of less than $1,000,000 to over 70 employees, over 40 trucks, over 20 specialized pumping units, 3 state-of-the-art production lines and about $17,500,000 in fiscal 2013. The Corporation's growth has certainly been very exciting and we believe there is tremendous potential for Nordex as we execute our business plans."

About Nordex Explosives

Nordex Explosives Ltd. is a Canadian based manufacturer and distributor of explosives for the mining, quarry and construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex is the exclusive supplier of the "Buttbuster" perimeter control explosive products in Canada. Additional information can be found at: www.nordexexplosives.com

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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