(17/12/07) Board Changes
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RNS Number:0696K
GTL Resources PLC 17
December 2007
FOR IMMEDIATE RELEASE
17 December 2007
GTL Resources PLC
("GTL" or the "Company)
Board Changes
GTL Resources PLC (AIM:GTL), the project development company focused on ethanol production in the USA, announces that Peter Middleton, the Company's Executive Chairman and Chief Executive Officer, has announced his decision to retire from the Board on 31 December 2007.
The Board wishes to express their appreciation, on behalf of shareholders, for Peter's contribution to the Company. He has been a director of GTL since 2000 and was appointed Chairman in 2002. Under his chairmanship GTL has progressed from a project finance company in the methanol industry to an ethanol producer by way of the acquisition of the controlling interest in Illinois River Energy, LLC (IRE) and the funding and subsequent construction of a 50 million gallon per year ethanol plant in Rochelle, Illinois.
Peter also successfully led the recent fundraising to double the capacity of the Rochelle facility, to 100 million gallons per year. The construction of the expansion project began in August 2007 and is on time and on budget. The existing plant continues to operate in line with expectations. The company recently announced its first reported profits and now has a strong management team in place in the USA running the Company's operations.
Following Peter's retirement, Richard Ruebe will become Chief Executive Officer of the Group. Richard, 50, joined the Board of GTL in September 2006. He has nearly 30 years of business and manufacturing experience in the USA. Since joining the Group as CEO of GTL Resources USA he has played a key role in both the management and development of GTL's business activities in the USA, as well as on the Group Board of Directors.
Michael Brennan remains as Finance Director and Julia Henderson, a Non-Executive Director, will become Non-Executive Chairman of the Company.
Julia Henderson commented:
"We wish to thank Peter for all his hard work in developing the GTL business. The milestones achieved at GTL under his guidance have been significant and we wish him well for the future. We are fortunate to have such a strong management team in place to continue the momentum achieved since the commencement of our ethanol operations nearly a year ago."
Richard Ruebe, Chief Executive Officer, commented:
"Through Peter's leadership we have built a thriving ethanol business in the U.S. We are now well positioned to grow the business through the IRE expansion project and our continuous improvement activities. We all thank Peter for his contribution and again wish him well for the future."
For further information please contact:
GTL Resources PLC
Michael Brennan, Finance Director Tel; +44 1642 794000
Richard Ruebe, CEO Tel; U.S. +1 312 474 7845
Buchanan Communication
Charles Ryland Tel; +44 20 7466 5000
Nick Melson Tel; +44 20 7466 5000
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