AYSI News - New CEO and Directors
Impressive set of new Directors and CEO.
The new CEO, Mr. John Cleland is leaving a $2.0 billion plus sales company, WestNet Infrastructure Group Ltd. to join Alloy. This should definitely be viewed as good news for AYSI shareholders.
Here's some information on his prior company, WestNet:
WestNet Infrastructure Group Ltd., along with its subsidiaries, provides asset and project management services to infrastructure clients in gas and electricity fields in Western Australia. It offers engineering, procurement, project management, operational, and maintenance services, as well as legal, human resources, information technology, and finance services. The company also provides overhead and underground electricity cabling services and manages natural gas pipeline expansion projects. In addition, it operates and maintains rail infrastructure in the southern half of Western Australia, as well as acquires, manages, and operates various energy transmission and distribution, and transport infrastructure assets in Australia and internationally.
They were formerly a public company and were purchased by Babcock & Brown among others in a consortium back in 2007. I believe they moved Mr. Cleland up to CEO from the WestNet Rail subsidiary.
Share Listing Experience - It's also important to note how the directors have previous experience with listing shares. Dr. Mofflin was a Director of WorleyParsons for more than 10 years, playing a key role within the company during its public listing. Mr. McMaster's experience includes numerous reorganizations and turnarounds including being instrumental in the recapitalization and listing of 12 Australian exchange-listed companies.
I continue to believe that it is in the best interest of the company to list it's shares on the Australian stock exchange where it would get the most attention/respect from the investment community and command the highest valuation.
I remain a long-term holder in AYSI and am excited to see what the next few years bring!
Alloy Steel International Announces Appointment of New Board Members and Chief Executive Officer
PERTH, Australia, Feb. 25, 2011
PERTH, Australia, Feb. 25, 2011 /PRNewswire/ -- Alloy Steel International, Inc. (Pink Sheets: AYSI) announced today the appointment of three new Board Members and a new Chief Executive Officer (CEO). The new Board Members are Michael Minosora, David Mofflin and Brian McMaster. Mr. Minosora has been appointed as Chairman and replaces Mr. Gene Kostecki. Mr. Kostecki has resigned as Chairman of the Board and CEO, but remains as a member of the Board and Technical Director. Mr. John Cleland has been appointed as CEO. Descriptions of the new Board Members and new CEO are outlined below.
Mr. Kostecki stated, "The Company is cautiously optimistic of its growth prospects in the wear plate market with its range of Arcoplate products. We have identified these new Board Members and CEO to help grow the Company and become a significant supplier in the world market for wear plate and anti hang-up material. These talented individuals provide a mix of technical and commercial resources, as well as experienced governance skills. I look forward to my new role in the Company and working with the new Board and CEO.
"The Alloy Steel International Team has done an excellent job to date and the new Board and CEO will provide independent guidance for the Company's future development."
Mr. Minosora, age 52, has more than 20 years experience in providing corporate advice to some of Australia's largest companies. He was previously the Chief Financial Officer of Fortescue Metals Group, Managing Director of Azure Capital, and Chairman of the Ernst & Young Global Business Advisory Services' service line and member of the Ernst & Young Global Audit Executive Committee. Mr. Minosora has extensive experience in advising on significant corporate transactions both in Australia and overseas and in particular in the resources sector. Prior to that, he had senior roles with Ernst & Young in Australia and the Oceania region.
Dr. Mofflin, age 53, has extensive experience in the successful growth and management of businesses, both within Australia and internationally. He has spent over 30 years in the engineering sector, covering areas including overall business management, strategic planning, technology commercialization, project management, construction, research, and design. Before joining Evans and Peck (a business and project advisory firm) in September 2010, Dr. Mofflin was a Director of WorleyParsons for more than 10 years, playing a key role within the company during its public listing, as well as being a supporter of major new growth initiatives for over 20 years.
Dr. Mofflin's strengths include clear strategic thinking, a strong understanding of the major drivers and new emerging technologies within the engineering sector, and the ability to work with and motivate others. These skills have especially been applied over the last three years working with a major international engineering company as he focused on identifying and capturing business opportunities created by the global trend to enhanced sustainability.
Career achievements of Dr. Mofflin include overseeing the establishment of an infrastructure business in WorleyParsons and growing the business at an average rate of 40 percent per year over a 10-year period. Dr. Mofflin also played a key role in developing the initial strategy for WorleyParsons in the mining sector, leading in the acquisition of a minerals and metals business that acted as a springboard for WorleyParsons in that sector.
Dr. Mofflin is currently the non-executive Director of several firms in the engineering sector that are involved in technology commercialization. Dr. Mofflin has a Ph.D. from the University of Cambridge and a First Class Honours Degree in Civil Engineering from the University of Western Australia. He is actively involved in the broader engineering profession and is currently Chair of the WA Centre for Engineering Leadership and Management, and a WA Division Committee member of Engineers Australia.
Mr. McMaster, age 39, is a Chartered Accountant and has almost 20 years experience in the area of corporate reconstruction, and turnaround performance improvement. Mr. McMaster is currently a partner in the national firm of KordaMentha. Prior to joining KordaMentha, Mr. McMaster was a Partner with Ernst & Young's Corporate Finance practice.
Mr. McMaster's experience includes numerous reorganizations and turnarounds including being instrumental in the recapitalization and listing of 12 Australian exchange-listed companies. Mr. McMaster's experiences include significant periods in the United States, South America, Asia and India.
Mr. McMaster presently holds several executive and non-executive Director roles in a variety of industries including mining and resources, hospitality and funds investment.
Mr. Cleland, age 43, has extensive experience in CEO and other senior management and finance roles in a range of industries in Australia, Indonesia and the United Kingdom. Mr. Cleland was previously CEO of WestNet Infrastructure Group, CEO of WestNet Rail and General Manager Finance of Australian Railroad Group, on secondment from Wesfarmers Limited. During his 11 years with Wesfarmers Limited, Mr. Cleland also spent time in the corporate Business Development division, with Wesfarmers Transport in Perth and Indonesia and with Wesfarmers Landmark.
Before joining Wesfarmers, Mr. Cleland spent three years with KPMG in Sydney and two years with various financial institutions in the United Kingdom. Mr. Cleland has a Bachelor of Economics and a Diploma in Financial Management from the University of New England and is a member of the Institute of Chartered Accountants in Australia, a fellow of the Financial Services Institute of Australasia and a member of the Australian Institute of Company Directors.
Indemnification Agreements entered between the Company and the Board Members will be available at www.alloysteel.net.
Letter from the Chairman and 2010 Annual Financial Statements
As indicated in our year-end earnings release on January 28, 2011, a letter from the former Chairman, audited year-end financial statements and supplemental information are now available for review by shareholders and other interested persons at www.alloysteel.net.
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