Airstreams Renewables Inc. (ARI) has announced details of the planned corporate restructuring to facilitate ongoing expansion into the renewable energy, oil and gas, and industrial service sectors.
Key developments of ARI's restructuring and expansion activities include the following:
– Karl W. Miller has been appointed executive chairman of ARI to expedite the expansion of the company's business activities in the U.S. and international energy sectors. Miller will continue to chair the board of directors and oversee the investment banking and financial advisor selection committee, in addition to coordinating the timing and structure of the required capital market activities.
– Jeff Duff, formerly chief operating officer, has been appointed chief financial officer (CFO). He will assume the duties of CFO immediately in preparation for upcoming capital market initiatives and business expansion activities. Duff will remain on the board of directors as a management director.
– Lisa Gilbert, former vice president of academic affairs, has been appointed to the ARI board of directors as an independent director. She will no longer be an employee of ARI in order to meet the standards of an independent director of the company.
ARI intends to appoint two additional independent directors to the company's board and is in process of evaluating qualified candidates, which it expects to announce in the first quarter of 2011.
The company is also in the process of merging its U.S. and Canadian operating subsidiaries into a State of Delaware corporation to facilitate capital market initiatives, corporate governance requirements and to facilitate future growth. Upon completion of the merger, ARI will operate as a Delaware corporation.
SOURCE: Airstreams Renewables Inc.