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
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...