PDG Environmental Inc. (fka PDGE)

[DOLLARLAND]

Monday, March 1, 2010, 4:53pm EST
PDG Environmental board members resign

Pittsburgh Business Times - by Anya Litvak

Several members of PDG Environmental Inc.'s leadership team have resigned from the company.

According to a filing with the Securities and Exchange Commission, all five members of PDG's board announced their resignations. The include chairman, president and CEO John Regan, and board members James Chiafullo, Richard Bendis, Edgar Berkey and Edwin Kilpela. CFO John Kelly also resigned.

The resignations occurred Feb. 22 and Feb. 23.

PDG has been in receivership since Feb. 24, when its largest lender, Huntington Bank, got a court to appoint turnaround consulting firm The Compass Advisory Partners to try to recover more than $7 million owed to the bank, according to the SEC filing.

The company announced it was having financial difficulties in a third-quarter earnings release in December, when PDG posted a $2.6 million loss. Management wrote at the time that it had reduced staff and was actively seeking a way out of its financial crisis, including the possible sale of the company.


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