Timminco Limited

Timminco Limited

August 09, 2011 17:02 ET

Timminco Announces New CEO and Management Changes

TORONTO, ONTARIO--(Marketwire - Aug. 9, 2011) - Timminco Limited ("Timminco") (TSX:TIM) announced today that its Board of Directors has appointed Mr. Douglas A. Fastuca as the new Chief Executive Officer of Timminco. Dr. Heinz C. Schimmelbusch has concurrently relinquished his position as Chief Executive Officer of Timminco, which position he has held since August 2007. Dr. Schimmelbusch will remain in his position as Chairman of the Board of Timminco, which he has held since April 2003.

Mr. Fastuca was previously Senior Vice President, Corporate Development, of AMG Advanced Metallurgical Group N.V. ("AMG"), which is a significant shareholder of Timminco. Through his prior position at AMG, and since initially joining AMG in February 2008, Mr. Fastuca has worked closely with Dr. Schimmelbusch and has gained extensive experience with Timminco's business and affairs, including its solar grade silicon activities. As a result, the transition of the duties and responsibilities of Timminco's Chief Executive Officer is expected to be seamless. Mr. Fastuca has relinquished all of his duties and responsibilities at AMG, so that he can focus all of his time and efforts on his new executive leadership role at Timminco.

Timminco also recently appointed Mr. Julien Y. Crisnaire as General Manager of Timminco Solar, a division of Timminco's wholly-owned subsidiary Bécancour Silicon Inc. In this role, Mr. Crisnaire has assumed all operational responsibilities for Timminco's solar grade silicon operations. Since April 2008, Mr. Crisnaire has worked in various roles within Corporate Development at AMG, and also as Operations Director of AMG Conversion Ltd. In such roles, Mr. Crisnaire was instrumental in developing and implementing AMG's business strategy in respect of the solar industry, and has also worked closely with Timminco to co-ordinate efforts between the two companies regarding sales of solar grade silicon and production of ingots, bricks and wafers. As such, Mr. Crisnaire is well positioned to oversee continuous improvements to Timminco Solar's proprietary purification process, expansion of its customer base, and preparation for an intended restart of commercial production of Timminco Solar's solar grade silicon product at Bécancour.


Timminco produces silicon metal for the chemical (silicones), aluminum and electronics/solar industries, through its majority owned joint venture with Dow Corning, known as Québec Silicon. Timminco is also a producer of solar grade silicon, using its proprietary technology for purifying silicon metal, for the solar photovoltaic energy industry, through its wholly owned subsidiary Bécancour Silicon.


This news release contains "forward-looking information," as such term is defined in applicable Canadian securities legislation, concerning Timminco's future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "anticipates", "budget", "scheduled", "estimates", "forecasts", "intends", "plans" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would" or "might" "be taken", "occur" or "be achieved". In this news release, such information includes statements regarding the transition of the duties and responsibilities of the Chief Executive Officer, and Timminco Solar.

Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets, in which Timminco operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Timminco cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Timminco's actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to: liquidity risks; foreign currency exchange rates; equipment failures, downtime or inefficiencies; dependence upon power supply for silicon metal production; pricing and availability of raw materials; global economic conditions; credit risk exposure; selling price of silicon metal; customer concentration; transportation delays and disruptions; class action lawsuits; contract termination claims; interest rates; future growth plans and strategic objectives; environmental, health and safety laws and liabilities; conflicts of interest; limited history with the solar grade silicon business; selling price of solar grade silicon; customer commitments; production cost targets; achieving and maintaining quality of solar grade silicon; customer capabilities in producing ingots; protection of intellectual property rights; production capacity expansion at the Bécancour facilities; closure of the magnesium facilities; investment in Applied Magnesium; insurance costs; government and economic incentives; dependence upon key executives and employees; completion and integration of potential acquisitions, partnerships or joint ventures; intellectual property infringement claims; and climate change. These factors are discussed in greater detail in Timminco's Annual Information Form for the year ended December 31, 2010, and in Timminco's most recent Management's Discussion and Analysis, each of which is available via the SEDAR website at www.sedar.com. Although Timminco has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this news release is made as of the date of this news release and Timminco disclaims any intention or obligation to update or revise such information, except as required by applicable law.

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