KNOXVILLE, TENNESSEE--(Marketwired - Nov. 4, 2013) - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a U.S. Central Appalachian coal producer, announced today the resignation of Matthew Goldfarb as Chief Executive Officer and Director, and the appointment of Bernie Mason as Chief Executive Officer. Mr. Goldfarb has informed the Company's Board of Directors that his resignation was due to a difference in view as to the Company's strategic direction.
"We thank Matt for his substantial contributions over a period of significant stress and change in the coal industry," stated Todd Q. Swanson, Chairman of the Board of Xinergy.
Bernie Mason, an industry veteran of 35 years, has served as President and Director since 2009 and will now serve as Chief Executive Officer, President and Director. "Bernie has led Company operations, as well as the acquisition and development of our metallurgical assets including the mid-vol South Fork Complex in Greenbrier Co., West Virginia," continued Mr. Swanson. "We are excited to have Bernie lead Xinergy as it completes its transition to a metallurgical-focused coal producer."
About Xinergy Ltd.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in West Virginia and Virginia. Xinergy sells high quality thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies. For more information, please visit www.xinergycorp.com.
Forward-looking information should not be read as a guarantee of future performance and will not necessarily be accurate indications of the times at, or by which, that performance will be achieved. There are several risks that could cause actual performance to differ materially from those expressed in or suggested by the forward-looking information which are more fully described in Xinergy Ltd.'s filings with the Canadian Securities Administrators, including its Annual Information Form for the year ended December 31, 2012, available on SEDAR at www.sedar.com. You should not put undue reliance on any forward-looking information. We assume no obligation to update forward-looking information, except to the extent required by applicable securities laws.