TSX - GAR
NISKU, AB, April 25 /CNW/ - Garneau Inc. (GAR:TSX) ("Garneau") today announced that Richard N. Hughes has been appointed Chief Financial Officer of Garneau Inc. effective May 5, 2008. He will replace Frank Deys, who, as previously announced is leaving Garneau Inc. to pursue a new career opportunity in the housing industry.
"We are pleased to welcome Richard to the Garneau Inc. team," said Glen Garneau, President and CEO, Garneau Inc. "Richard has more than 25 years of experience as a senior financial officer with a broad range of financial and corporate achievements behind him. We would also like to take this opportunity to thank Frank Deys for his contributions as CFO. Frank has been a valued member of our team, and we wish him the best of luck in his future endeavours."
Mr. Hughes has worked in senior financial positions in both the public and private sector. Prior to joining Garneau Inc., Mr. Hughes was Vice President Finance of Big Eagle Services Trust, a private income trust in the Oil and Gas Service Sector, Chief Financial Officer (CFO) of the Liquor Barn Income Fund (TSX - listed) prior to its takeover by Liquor Stores Income Fund, and Controller of Nucryst Pharmaceuticals Inc., a TSX and NASDAQ listed manufacturer of wound care bandages using silver in a proprietary technology. Mr. Hughes spent seven years with Alberta Pacific Forest Industries Inc., a subsidiary of Mitsubishi Corporation as Controller and later as Vice President Administration. Mr. Hughes has also served as Vice President Finance of the Edmonton Oilers Hockey Club and in various senior financial roles for EMCO Distribution Group, Exxon Chemical Fertilizers, Metro Fuels Ltd, and Imperial Oil Limited.
Mr. Hughes is a Chartered Accountant (CA) and holds a Bachelor of Arts Degree from the University of Waterloo.
About Garneau Inc.
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Garneau Inc's primary business has been application of high performance protective coating and linings for oil and gas pipeline protection. Additionally the corporation also designs and fabricates oilfield equipment for both domestic and international markets. With over 30 years of operating experience, Garneau Inc. has developed a significant level of expertise and is well know for innovative technology. The company's website can be accessed at www.garneau-inc.com.
Forward-Looking Information
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Certain information in this press release contains forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Garneau's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas service operations; product demand and market acceptance; the impact of competitive products and pricing; technological advancements; competition for, among other things, capital, work orders and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; technical and processing problems and other difficulties in producing products for the petroleum exploration and production industry; and obtaining required approvals of regulatory authorities. Garneau's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Garneau will derive from them. Except as required by law, Garneau undertakes no obligation to publicly update or revise any forward-looking statements. For Risk Factors in respect of Garneau, please refer to our Annual Information Form at www.sedar.com.