Welcome!

News Feed Item

Canexus Corporation Appoints Douglas Wonnacott as President and CEO and Provides NATO Unit Train Construction Update

CALGARY, ALBERTA -- (Marketwired) -- 07/02/14 -- Canexus Corporation (TSX:CUS) (the "Corporation" or "Canexus") announced today that its Board of Directors (the "Board") has appointed R. Douglas Wonnacott as its President and Chief Executive Officer and a director of the Corporation effective immediately. Mr. Wonnacott is a seasoned executive who has served in a variety of senior executive positions and has over 30 years of experience in the chemical industry.

Mr. Wonnacott is a results-oriented leader with extensive experience in strategic planning, marketing, production, logistics and supply chain management, and terminal operations. Prior to his appointment at Canexus, Mr. Wonnacott was the Chief Operating Officer of Agri-Products at Viterra Inc., a global agribusiness company. Mr. Wonnacott holds a Bachelor of Arts Degree in Economics from the University of Western Ontario and an MBA in Marketing and International Business from the Richard Ivey School of Business Administration at the University of Western Ontario.

"After a thorough search, the Board is pleased that Doug has accepted the role of President and CEO given his proven ability to create strategic clarity, ensure disciplined execution and unlock shareholder value," said Hugh Fergusson, Canexus Board Chairman. "At this time we would also like to thank Richard Ott for his contributions and leadership while acting as Interim President and CEO for the last four months and welcome him back as an independent director of the Board."

In the weeks leading up to Mr. Wonnacott's appointment he has had extensive discussions with the Board regarding the Corporation's opportunities, challenges and possible strategies. Over the next few months, Mr. Wonnacott's priorities will include completing the construction at the North American Terminal Operation ("NATO"), enhancing returns for the Corporation's shareholders and improving financial flexibility.

"Canexus is a company with solid assets that have great potential," commented Mr. Wonnacott. "Our sodium chlorate plant at Brandon has an unrivaled low-cost production advantage, our recently modernized and expanded North Vancouver chlor-alkali plant has significant hydrochloric acid capacity and our operations in Brazil are anchored by a 27-year fixed margin contract. NATO is a state-of-the-art crude-by-rail facility that is well positioned near Alberta's growing oil sands production and on a site that has additional attractive future development opportunities such as large scale condensate handling and storage. The site currently has two salt caverns with approximately 1.6 million barrels of capacity and the potential to construct several additional storage caverns. Our impressive portfolio of assets has not gone unnoticed either and we will continue to advance discussions with those parties that have expressed a potential interest in certain assets."

There is no assurance that a transaction, if pursued, will be concluded.

NATO Unit Train Construction Update

At NATO, the planned shutdown of the unit train operation began on June 17, 2014. Construction to further increase unit train loading capacity and connect it to the Cold Lake pipeline system continues to progress and the Corporation expects to start-up and begin commissioning the expanded capacity in late August. To date, approximately $290 million has been spent on the unit train project and the total estimated cost has been revised to $350 million to $360 million. The project cost estimate announced in January of $315 million has been refined with actual spend to date and robust estimates to complete including about $10 million of firm bids for remaining work, plus a contingency. This scope is expected to achieve the current contracted 6 to 7 unit trains per week. Some minor debottlenecking (4th loop track, two additional pumps, and a second incinerator) may be required to reach the 10.5 unit trains per week planned activity level expected for some time in 2015. This will be examined after start-up of the current scope.

About Canexus

Canexus produces sodium chlorate and chlor-alkali products largely for the pulp and paper and water treatment industries. Our four plants in Canada and two at one site in Brazil are reliable, low-cost, strategically located facilities that capitalize on competitive electricity costs and transportation infrastructure to minimize production and delivery costs. Canexus also provides fee-for-service hydrocarbon transloading services to the oil and gas industry from its terminal at Bruderheim, Alberta. Canexus targets opportunities to maximize shareholder returns and delivers high-quality products to its customers and is committed to Responsible Care® through safe operating practices. Canexus common shares (CUS) and debentures (Series III - CUS.DB.A; Series IV - CUS.DB.B; Series V - CUS.DB.C; Series VI - CUS.DB.D) trade on the Toronto Stock Exchange. More information about Canexus is available at www.canexus.ca.

Forward-Looking Statements

This press release contains forwarding-looking statements, including in particular statements with respect to completing the construction at NATO, improving the Corporation's financial flexibility and enhancing shareholder returns, the potential of Canexus' assets, the attractiveness of Canexus' future development opportunities at NATO, the estimated total cost of the unit train project at NATO, including estimates to complete and contingencies and the ability of Canexus to achieve the 6 to 7 contracted unit trains per week, and expectations for minor debottlenecking on the ability of Canexus to reach 10.5 unit trains per week in 2015. By their nature, forward looking statements involve a variety of assumptions, known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements including market and general economic conditions, future costs, treatment under governmental regulatory, tax and environmental regimes and the other risks and uncertainties detailed under "Risk Factors" in the Corporation's Annual Information Form filed on the Corporation's SEDAR profile at www.sedar.com. Although Canexus believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Canexus can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward-looking statements contained in this press release are made as of the date hereof and Canexus undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contacts:
Richard McLellan, CA
Senior Vice President, Finance and CFO
Canexus Corporation
(403) 571-7300

Lavonne Zdunich, CA
Investor Relations
Canexus Corporation
(403) 571-7356

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...