CanAm Announces Corporate Restructuring


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PK:COECF / TSX.V:COE
08/06/2014 [ACCESSWIRE]

Calgary, AB / ACCESSWIRE / August 6, 2014 / CanAm Coal Corp. (COE TSX-V) ("CanAm" or the "Company") announces organizational changes to further streamline its operations and drive cost savings.

Effective September 1, 2014, the Company will relocate its head office from Calgary, Alberta to Birmingham, Alabama. The relocation reflects the reality that the Company's principal operating assets are located in North Western Alabama. The move and resultant closure of the Calgary office is expected to save the Company approximately $500,000 per annum.

In conjunction with the relocation, Robert (Bob) Lewis will assume the title of President & Chief Operating Officer of the Company. Bob is co-founder and President of CanAm's subsidiary, Birmingham Coal & Coke, and has more than 30 years of operating experience in the Southern Appalachian coal belt. As President & COO, Bob will be directly responsible for all operational aspects of the business.

In addition to his role of Chief Executive Officer, Jos De Smedt will assume the Chief Financial Officer role, replacing Scott Bolton. Jos will be directly responsible for all governance, strategy, finance, regulatory and investor relations aspects of the business. Jos will maintain his primary residence in Calgary. Scott Bolton is leaving the Company in order to pursue other business interests but will continue as an advisor to the Company and also as a director of CanAm. Scott was elected to the board at the July 25th AGM.

Jon Legg, Chairman of the Board commented: "The moves announced today reflect the Company's focus on operational execution and cost efficiency. Bob Lewis is a seasoned coal executive who knows the business from the ground up. We are absolutely delighted that Bob has agreed to take on the role of President and Chief Operating Officer. Additionally, having Jos in a combined CEO and CFO role will be an ideal fit and complement to Bob as we move the Company forward from our new location in Birmingham."

For Further Information:

CanAm Corporate Office:

Jos De Smedt, President & CEO

Tel: 403.262.3797

Toll Free: 1.877.262.5888

Email: jdesmedt@canamcoal.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws. 

SOURCE: CanAm Coal Corp.  

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