PhosCan Chemical Announces Appointment of New Directors

TORONTO, ONTARIO--(Marketwired - Oct. 7, 2013) - PhosCan Chemical Corp. (TSX:FOS) announces the appointment of A. Murray Sinclair and Stephen H. White to its Board of Directors.

With 29 years of business experience, Mr. Sinclair has extensive knowledge in the areas of asset backed lending, corporate restructuring, natural resources and real estate. Since December 1996 he has served as a director and co-owner of Quest Capital Management Ltd., a private lending company based in Vancouver, BC. Mr. Sinclair was a founder and, prior to it being taken private, the Chairman of Sprott Resource Lending Corp. (formerly Quest Capital Corp.), a TSX Exchange and NYSE Amex listed resource lending corporation. He is a director and officer of several other public companies. Mr. Sinclair holds a Bachelor of Commerce degree from Queen's University.

Mr. White was President and Chief Financial Officer of Fort Chicago Energy Management Ltd., the general partner of Fort Chicago Energy Partners L.P., from its inception in 1997 until January 1, 2003 when he assumed the role of President and Chief Executive Officer, the position he held until his retirement as President and Chief Executive Officer of Veresen Inc. effective November 20, 2012. Mr. White has over 25 years experience in Canada and New Zealand in the finance, accounting and business development areas working in public accounting and with natural resource companies. Mr. White was previously a member of the New Zealand Society of Accountants. He serves on the boards of directors and audit committees of several public and private corporations.

PhosCan also announces that Henry M. Giegerich and Glen C. Magnuson have resigned as directors of the Corporation.

Stephen Case, President and CEO of PhosCan, said "On behalf of the Board of Directors and shareholders of PhosCan, I would like to thank Hank and Glen for their contributions over the years. Their knowledge and experience have been invaluable to the company and we will miss their wise counsel. At the same time, we are pleased to welcome Murray and Stephen to the Board and look forward to their contribution as PhosCan continues to seek attractively priced acquisitions and investment opportunities that would be accretive to shareholder value."