Thirdcoast Limited

March 09, 2012 09:01 ET

Thirdcoast Limited Announces Resignation of Director

GODERICH, ONTARIO--(Marketwire - March 9, 2012) - Thirdcoast Limited ("Thirdcoast" or the "Company") announces that William F. Howson has resigned as a member of the board of directors of the Company effective immediately. Mr. Howson is an officer and director of Howson & Howson Limited, which has business relationships with Parrish & Heimbecker, Limited ("P&H"). Mr. Howson has determined that it would be in the best interest of shareholders of the Company if he resigned as a member of the board of directors of the Company given P&H's unsolicited bid to acquire of all of the issued and outstanding shares of the Company as announced by both the Company and P&H on March 6, 2012.

"Bill has demonstrated a keen knowledge of the business and provided exceptional guidance and insights since he joined the Board in 1995," said Robert Paterson, Chairman. "On behalf of the Board and all shareholders, I want to recognize his contribution and share my deep appreciation for his leadership during the past 17 years."

About Thirdcoast Limited

Thirdcoast (formerly Goderich Elevators Limited) is a holding company for operations involved in the handling and processing of food grains and food ingredients shipped around the globe. The goal of the Company is to maximize customer and shareholder value through world class practices and continually strive for the highest levels of quality and customer care in the services and products it provides. Thirdcoast's operations are primarily carried out through its two main wholly-owned operating subsidiaries: Southpier Terminals and G.S. Dunn.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements include, but are not limited to, Thirdcoast's future outlook, business strategy, plans, expectations, results or actions, or the assumptions underlying any of the foregoing. Forward-looking statements can generally be identified by words such as "may", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook" and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results of Thirdcoast to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: future actions by P&H in connection with its Insider Bid and other factors referenced in Thirdcoast's MD&A for the year ended March 31, 2011 and Thirdcoast's other continuous disclosure filings which are available on SEDAR at Readers should not place undue reliance on these forward- looking statements. These forward-looking statements are made as of the date of this press release, and, except as required by applicable securities laws, Thirdcoast assumes no obligation to update or revise them to reflect new events or circumstances.

Contact Information

  • Thirdcoast Limited
    Don Henry