Frontier Acquisition Corp. Announces Proposed Management Changes
2012年8月9日 - 1:24PM
PR Newswire (Canada)
CALGARY, Aug. 10, 2012 /CNW/ - Frontier Acquisition Corp. (the
"Corporation" or "Frontier") is pleased to announce, subject to
regulatory approval, that Chris Yellowega and Monty Balderston have
agreed to join Frontier. Mr. Yellowega will be appointed President
and Chief Executive Officer of Frontier and Mr. Balderston will be
appointed Executive Vice President and Chief Financial Officer of
Frontier on closing of the Corporation's qualifying transaction
whereby Frontier will acquire all of the issued and outstanding
shares of the Tuccaro Group entities (the "Transaction") concurrent
with a brokered prospectus offering of subscription receipts on a
"commercially reasonable efforts" basis for aggregate gross
proceeds of approximately $90 million (the "Offering") as
previously announced on August 1, 2012. The Transaction is subject
to the approval of the TSX Venture Exchange (the "Exchange") and
the policies of the Exchange relating to qualifying transactions,
as well as shareholder approval of the Tuccaro Group. The
Transaction, when completed, will constitute the qualifying
transaction of the Corporation pursuant to Policy 2.4 of the
Exchange. The Corporation was listed on the Exchange as a capital
pool company on February 13, 2012 and its principal business is to
identify and evaluate opportunities for the acquisition of an
interest in assets or businesses with a view to completing a
qualifying transaction. Trading in the common shares of the
Corporation will remain halted until such time as the Exchange has
received the documentation required by Policy 2.4 of the Exchange.
John Jacobs, Chief Executive Officer of the Corporation commented,
"We are very excited to have Chris and Monty join Frontier as it
will successfully complete another key milestone in our vision to
build a leading maintenance, repair and operations services
organization for plants, mines and energy infrastructure in western
and northern Canada". "Chris brings a wealth of experience in
senior leadership roles within parallel businesses to our strategic
vision and Monty comes to Frontier with a solid track record in
numerous senior financial leadership roles within publicly traded
companies" added Brad Creswell, President of the Corporation. On
completion of the Transaction, Mr. Jacobs, Mr. Creswell and Ms.
Lisa Mortell will resign as officers of the Corporation
simultaneously with Mr. Yellowega's and Mr. Balderston's
appointments. Mr. Jacobs and Mr. Creswell will continue to be Board
members of Frontier providing strategic direction and oversight to
Frontier. The following are backgrounds of the proposed officers of
Frontier. Chris Yellowega - Proposed President and Chief Executive
Officer, Age 41 Mr. Yellowega is an experienced senior executive
and Professional Engineer. He has 20 years of varied experience in
engineering, operations, maintenance and senior management roles in
the mining and energy industries. Mr. Yellowega brings a depth of
experience in operating and service markets in the target business
areas for Frontier and has a strong business focus on strategy,
execution and cost. From 2008 to 2012, Mr. Yellowega was Vice
President, Construction and prior thereto Vice President,
Operations with North American Energy Partners Inc. ("North
American"), a provider of mining, heavy construction, industrial,
piling and pipeline services in western Canada. North American is
listed on the NYSE and TSX (NOA). From 2005 to 2008, he was Vice
President, Upstream with Synenco Energy Inc. ("Synenco"), a former
TSX listed oil sand resource development company involved in the
Northern Lights upstream mining and bitumen extraction project.
Synenco was acquired by Total SA in 2008. From 2000 to 2005, Mr.
Yellowega was a senior manager with Shell Canada's oil sands group,
involved with the Muskeg River Mine development for Albian Sands
Energy Inc. Mr. Yellowega graduated from the University of Alberta
in 1993 with a Bachelor of Science degree in Mining Engineering.
Monty R. Balderston - Proposed Executive Vice President and Chief
Financial Officer, Age 42 Mr. Balderston is a Chartered Accountant
with over 16 years of experience, including over 10 years in senior
leadership roles with publicly traded companies. From June 2011 to
July 2012, he acted as Chief Financial Officer of Silica North
Resources Ltd., a privately held start-up company focused on
developing deposits and supplying proppant (frac sand) to the oil
and natural gas industry. From May 2003 to June 2011, Mr.
Balderston held various senior financial roles including Chief
Financial Officer from March 2008 to June 2011 of Peak Energy
Services Ltd. ("Peak"), a diversified energy services company
providing drilling and production services to its customers in both
the conventional and unconventional oil and natural gas industry in
western Canada and the United States as well as the oil sands
regions of western Canada. Peak was listed on the TSX until it was
purchased by Clean Harbors Inc. in June 2011. From May 2000 to July
2002, he held senior financial roles with International Properties
Group Ltd., a real estate company, which was listed on the TSX
until late 2002. From September 1995 to April 2000, Mr. Balderston
was with the accounting firm PricewaterhouseCoopers LLP and held
various progressing finance related roles in both the audit and
management consulting practices. Mr. Balderston graduated from the
Northern Alberta Institute of Technology with a Finance Diploma
(with Honors) in 1991 and graduated from the University of Alberta
with a Bachelor of Commerce degree (with Distinction) in 1995. He
earned his Chartered Accounting designation in the Province of
Alberta in 1998. Craig Jenkins - Proposed Vice President,
Operations, Age 39 Mr. Jenkins is currently the Corporate Manager
for Tuccaro Inc., the corporate services entity within the Tuccaro
Group of companies. Mr Jenkins is an 18 year employee of the
Tuccaro Group in a variety of leadership roles that has seen
dramatic growth in the company. Mr. Jenkins has been involved in
the general stewardship of the Tuccaro Group supporting all facets
of the business including but not limited to collective agreement
negotiation, strategic planning, organizational effectiveness, and
bid & proposal support. Mr. Jenkins graduated with a Bachelor
of Laws degree (with Honors) from the University of Glamorgan in
1994. Prior to completing his law degree, Mr. Jenkins was
employed within the civil construction industry. About the
Corporation The Corporation is a capital pool company within the
meaning of the policies of the Exchange that has not commenced
commercial operations and has no assets other than cash. The board
of directors of the Corporation consists of John R. Jacobs,
Bradford N. Creswell, Trevor Haynes, Darin R. Coutu, Edward J.
Redmond, Don Basnett, Rob Hunt and Darrell R. Peterson. The
officers of the Corporation are John R. Jacobs, Bradford N.
Creswell and Lisa M. Mortell. Except as specifically contemplated
in the Exchange CPC policy, until the completion of its qualifying
transaction, the Corporation will not carry on business, other than
the identification and evaluation of companies, business or assets
with a view to completing a proposed qualifying transaction.
Investors are cautioned that trading in the securities of a capital
pool company should be considered highly speculative. Neither the
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this news release. Forward Looking
Information This news release includes certain statements that
constitute forward-looking statements under applicable securities
legislation. All statements other than statements of historical
fact are forward-looking statements. In some cases,
forward-looking statements can be identified by terminology such as
"may", "will", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential", "continue", or the negative of
these terms or other comparable terminology. These statements are
made as of the date of this news release and the Corporation does
not undertake to publicly update these forward-looking statements
except in accordance with applicable securities laws. These
forward-looking statements include, among other things: --
completion of the Transaction and the Offering; -- terms and
conditions of the Transaction; and -- composition of management of
the Corporation following completion of the Transaction. These
statements are only predictions and are based on current
expectations, estimates, projections and assumptions, which the
Corporation believes are reasonable but which may prove to be
incorrect and therefore such forward-looking statements should not
be unduly relied upon. In making such forward-looking statements,
assumptions have been made regarding, among other things, industry
activity, marketability of the products of the Tuccaro Group, the
state of financial markets, business conditions, continued
availability of capital and financing, future oil and natural gas
prices and the ability of the Corporation to obtain necessary
regulatory approvals. Although the Corporation believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. By
its nature, forward-looking information involves numerous
assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur. These risks and uncertainties include:
the possibility that the parties will not proceed with the
Transaction and the Offering, that the ultimate terms of the
Transaction and the Offering will differ from those that are
currently contemplated, that the Transaction and Offering will not
be successfully completed for any reason (including the failure to
obtain the required approvals from regulatory authorities) and
regulatory changes. Investors are cautioned that forward-looking
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. For more information on the
Corporation, investors should review the Corporation's continuous
disclosure filings that are available at www.sedar.com and the
Corporation's website at www.frontieracquisition.com. On behalf of
the Board of Directors of Frontier Acquisition Corp. (signed)
"Bradford Creswell" Frontier Acquisition Corp. CONTACT: For further
information on Frontier Acquisition Corp., pleasecontact:Frontier
Acquisition Corp.Bradford N. Creswell - President and
DirectorPhone: (206) 689-5685Fax: (206)
204-1710www.frontieracquisition.com
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