Novamerican Steel (MM) (NASDAQ:TONSW)
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From Jul 2019 to Jul 2024
Novamerican Steel Inc. (“Novamerican”)
(NASDAQ: TONS, NASDAQ: TONSW) announced changes to its Board of
Directors, consistent with its transition from a special purpose
acquisition company to a fully transformed Decalogue™
company, operating as one system with a business model based on the
predictability, reliability and speed of its material flow. In
connection with that transition, M. Ridgway Barker and Robert W. Ramage,
who joined the Board in connection with the founding of Novamerican,
have resigned and Martin D. Powell and Oded Cohen, have joined as
directors of Novamerican.
Corrado De Gasperis, Chief Executive Officer of Novamerican, said: “Gil
and I thank Messrs. Barker and Ramage for their contributions in
launching and supporting our company through the first phase of our
existence. They join us in welcoming Messrs. Powell and Cohen to the
Board as Novamerican continues its transformation from an acquisition
company into a Decalogue™ based operating
company.”
Mr. Oded Cohen has over 30 years of experience working directly with Dr.
Eliyahu M. Goldratt. Since 2002, Mr. Cohen has served as International
Director of Goldratt Schools Inc. and since 2001 as the Director of TOC
Europe Ltd., a professional services firm providing TOC-based solutions
for its clients. From 1987 to 2001, he was a Partner at AGI –
Avraham Y. Goldratt Institute, responsible for Southern Europe. From
1982 to 1986, he served in various capacities, including Managing
Director, of Creative Output UK Ltd. Together with Novamerican’s
President, Dr. Domenico Lepore, Mr. Cohen co-authored the book Deming
& Goldratt, The Theory of Constraints and The System of Profound
Knowledge - The Decalogue. Mr. Cohen holds a B.S. in Industrial
Engineering and Management from the Israeli Institute of Technology and
M.S. in Operations Research from the Israeli Institute of Technology.
Mr. Martin Powell brings more than 40 years of business experience to
Novamerican. Mr. Powell began his career in the accounting profession,
qualifying as a member of the Institute of Chartered Accountants in
England & Wales in 1968 and attaining Fellowship status within the
Institute in 1979. Since 1996, Mr. Powell has worked internationally
with Dr. Goldratt in implementing the Theory of Constraints (TOC). He
also serves as a Principal of Goldratt Schools assisting in the global
development of TOC expert resources. From 2003 to 2006, he also served
as Vice President of Finance for the Goldratt Group. From 1991 to 1996
he was a leading Management Development Trainer for Dale Carnegie
International and later his own firm – MDP
Associates. From 1964 to 1991, he served in a number of capacities with
Clement Keys, Chartered Accountants and Auditors, including as Lead
Partner in the Audit Practice commencing in 1975. Mr. Powell will chair
Novamerican’s Audit Committee.
Commenting on the appointments, Mr. Gilbert E. Playford, Chairman of
Novamerican, said: “Our commitment to operate
as a Decalogue™ company requires a profound
knowledge of the theories and the methodology that we espouse and that
our people deploy every day. We feel fortunate to add the knowledge and
mentorship of Messrs. Cohen and Powell, further enabling and
strengthening the board in its support of the vision and goal of our
Company.”
About Novamerican Steel Inc.
Novamerican has twenty-one operating locations in Canada and the United
States. It processes and distributes carbon steel, stainless steel and
aluminum products and operates as an intermediary between primary metal
producers and manufacturers that require processed metal. Novamerican
also produces roll formed steel sections and manufactures heavy
equipment parts and accessories. Novamerican’s
flat rolled processing capabilities include pickling, slitting,
blanking, leveling, temper-rolling and cutting-to-length to precise
customer specifications. Additionally, Novamerican performs many of
these processing services for customers who provide their own steel,
referred to in the industry as toll processing. For additional
information on Novamerican, visit its website at http://www.novamerican.com.
NOTE ON FORWARD-LOOKING STATEMENTS: This news release and related
discussions may contain forward-looking statements about such matters
as: expected future or targeted operational and financial performance in
the future; growth rates for, future prices and sales of, and demand for
our products and our customers’ products;
changes in production capacity in our operations and our customers’
operations; changes in costs of materials and production; productivity,
business process and operational initiatives, and their impact on us;
our position in markets we serve; employment and contributions of key
personnel; employee relations and collective bargaining agreements
covering our operations; tax rates; capital expenditures and their
impact on us; industry market conditions and the impact thereof;
interest rate management activities; currency rate management
activities; deleveraging activities; realignment, strategic alliance,
raw material and supply chain, technology development and collaboration,
investment, acquisition, venture, consulting, operational, tax,
financial and capital projects; legal proceedings, contingencies, and
environmental compliance; potential offerings, sales and other actions
regarding debt or equity securities of us or our subsidiaries; and
future asset sales, costs, working capital, revenues, business
opportunities, debt levels, cash flows, cost savings and reductions,
margins, earnings and growth. When used in this document, the words “believe,”
“expect,” “anticipate,”
“estimate,” “project,”
“plan,” “should,”
“intend,” “may,”
“will,” “would,”
“potential” and
similar expressions are intended to identify forward-looking statements.