/NOT FOR DISTRIBUTION IN THE UNITED STATES/
VANCOUVER, Feb. 6, 2020 /CNW/ - Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) today announced that Rob McCurdy has notified the Company's Board of Directors of his intention to retire as the Chief Executive Officer of Pinnacle. McCurdy has served as Chief Executive Officer and as a member of Pinnacle's Board of Directors since 2012. He will remain in his current role until his successor is appointed and will retire from Pinnacle on May 5, 2020. The Board has commenced a formal search process to identify and appoint his successor.
"The past eight years have been an exciting journey, with the addition of four pellet plants and one port, as well as expansion into Alberta and the US southeast," said McCurdy. "I am proud of the team that we have built and am confident in their ability to continue to successfully lead Pinnacle in the future."
Gregory Baylin, the Chairman of the Board of Directors of Pinnacle, said "On behalf of the Board, I would like to thank Rob for his contribution over his tenure at Pinnacle. Rob has demonstrated incredible dedication and integrity in his leadership and has played an integral role in transforming Pinnacle into one of the world's leading manufacturers of wood pellets. We wish Rob all of the best in his upcoming retirement and look forward to continuing to work with him until a successor is in place."
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world. The Company produces sustainable fuel for renewable electricity generation in the form of industrial wood pellets. This fuel is used by large-scale thermal power generators as a greener alternative to produce reliable baseload renewable power. Pinnacle is a trusted supplier to its customers, who require reliable, high-quality fuel supply to maximize utilization of their facilities. Pinnacle takes pride in its industry leading safety practices. The Company operates eight industrial wood pellet production facilities in western Canada and one in Alabama, with two additional facilities under construction in Alberta and Alabama. The Company also owns a port terminal in Prince Rupert, B.C. Pinnacle has entered into long-term take-or-pay contracts with utilities in the U.K., Europe and Asia that represent an average of 99% of its production capacity through 2026.
This news release may contain "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to Pinnacle's future financial outlook and anticipated events or results and may include information regarding its financial position, business strategy, growth strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which it operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. If any of the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those expressed in the forward-looking information. The Company has no obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors, including those described in "Risk Factors" which are described in the Company's most recent Annual Information Form ("AIF") filed on SEDAR (www.sedar.com).
We caution that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect our results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" in the Company's most recent AIF and its Management's Discussion & Analysis for Q3 2019 available on SEDAR for a discussion of the uncertainties, risks and assumptions associated with these statements.
SOURCE Pinnacle Renewable Energy Inc.