ST. JOHN’S, Newfoundland and Labrador, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Atlas Salt (the “Company” or “Atlas” - TSXV: SALT; OTCQB: REMRF), 100% owner of North America’s premier undeveloped high-grade salt project, is pleased to provide the following corporate update.
- CEO Patrick Laracy has initiated a process to recruit a new CEO for the company, consistent with Atlas’ corporate strategy to maximize shareholder value for the Great Atlantic Project now that an independent Preliminary Economic Assessment has confirmed the potential of this asset to disrupt a sector that has experienced $5.2 billion (U.S.) in acquisitions since 2020;
- The goal is to select a new CEO through a rigorous process over the next few weeks, a dynamic individual with proven mining development credentials and deal making abilities to lead Atlas through this critical new stage of its corporate history;
- In addition to recruiting a new CEO, Atlas will be taking other immediate and near-term steps to further strengthen its overall team and value proposition in anticipation of several potential catalysts in 2023.
CEO Patrick Laracy commented, “With a PEA now in hand, it’s the right time for Atlas to move forward with an individual at the helm who has all the necessary specialized skill sets to take this project across the finish line. Once we have found that individual in the near future, I will step aside as CEO and remain as Executive Chair. I will provide the necessary transition to the new CEO.”
Mr. Laracy added, “With $18 million in cash, no debt, a leading asset in the North American salt sector, a favorable share structure and a large stake in Triple Point Resources, Atlas has to be viewed as being ideally positioned from the perspective of any individual vying to become the next CEO.”
Atlas President Rowland Howe commented, “Patrick’s discovery of Great Atlantic, and the potential of this asset to become the biggest and best underground salt mine in the world, is a testament to his unique skills and leadership over the years, for which we are all grateful. By bringing in a new CEO at this critical stage, he’s making an astute strategic move to push things over the top for both this project and our loyal shareholders. This is a very exciting time for Atlas Salt.”
Click on the following link to view the company’s latest corporate video:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05de3dec-1afe-40fc-ad75-24920c2f7b0a
About Atlas Salt
Bringing the Power of SALT to Investors: Atlas Salt owns 100% of the Great Atlantic salt deposit strategically located in western Newfoundland in the middle of the robust eastern North America road salt market. The project features a large homogeneous high-grade resource located immediately next to a deep water port. Atlas is also the largest shareholder in Triple Point Resources as it pursues development of the Fischell’s Brook Salt Dome in the heart of an emerging Clean Energy Hub on the west coast of Newfoundland.
We seek Safe Harbor.
For information, please contact:
|Patrick J. Laracy, CEO|
|MarketSmart Communications Inc.|
Certain information contained herein constitutes forward-looking information or statements (“forward looking statements”) under applicable securities legislation and rules. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will be”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.