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
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 devic...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that Elastifile 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. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
“Why didn’t testing catch this” must become “How did this make it to testing?” Traditional quality teams are the crutch and excuse keeping organizations from making the necessary investment in people, process, and technology to accelerate test automation. Just like societies that did not build waterways because the labor to keep carrying the water was so cheap, we have created disincentives to automate. In her session at @DevOpsSummit at 20th Cloud Expo, Anne Hungate, President of Daring System...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
"Cloud computing is certainly changing how people consume storage, how they use it, and what they use it for. It's also making people rethink how they architect their environment," stated Brad Winett, Senior Technologist for DDN Storage, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Golden Gate University 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. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...