Arabian American Development Elects New Members to Company's Board of Directors
Company has created an independent Board of Directors; adds additional experienced management to Board
DALLAS, Oct. 25 /PRNewswire-FirstCall/ -- Arabian American Development Co. (OTC Bulletin Board: ARSD) today announced that effective October 23, 2007, Mohammed Al-Omair and Charles W. Goehringer, Jr. have been named to the Company's Board of Directors. Messrs. Al-Omair and Goehringer will both serve on the Audit and Compensation Committees. These appointments bring the total number of Board members to seven, the majority of whom are considered independent directors. This reflects the Company's continued efforts to prepare to qualify for listing its stock on the NASDAQ stock market. Arabian American utilizes staggered, multi-year terms for its Directors and the current appointees will serve until the next shareholders meeting, at which time they will be presented for election to a multi- year term.
Mr. Al-Omair resides in Riyadh, Saudi Arabia, and is currently serving as Senior Vice President & Deputy Chief Executive Officer for FAL Holdings Arabia Co. Ltd. He holds a BA Degree in Political Science and a Master of Public Administration from the University of Washington. Mr. Al-Omair served on the Board of ARSD from 1993 until 2005 when he resigned for personal reasons.
Mr. Goehringer is an attorney with the law firm of Germer Gertz, LLP in Beaumont, Texas with more than 12 years experience and currently serves as corporate counsel for Arabian American. He was also an engineer for over 15 years. Mr. Goehringer holds a BS Degree in Mechanical Engineering from Lamar University, a Master of Business Administration from Colorado University, and a Doctor of Jurisprudence from South Texas College of Law.
"We are very pleased to add Directors with the caliber of experience and background that Mohammed and Charlie bring to the Company," commented Nick Carter, President of the Petrochemical segment. "We welcome their expertise to an already solid Board of Directors and their addition has helped us achieve our goal of an independent Board."
About Arabian American Development Co.
Arabian American owns and operates a petrochemical facility located in southeast Texas just north of Beaumont, specializing in high purity petrochemical solvents and other solvent type manufacturing. Arabian American also has a mining project in Saudi Arabia which is under development and is expected to produce economic quantities of zinc, copper, gold, and silver when it is put into production. There are currently about 20 employees at the mine site.
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief, as well as, assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's annual Report on Form 10-K for the year ended December 31, 2006 and the Company's subsequent Quarterly Reports Form 10-Q.
Company Contact: Nick Carter, Secretary and Treasurer (409) 385-1400 email@example.com Investor Contact: Cameron Donahue or Brett Maas Hayden Communications (651) 653-1854 Cameron@haydenir.com
SOURCE Arabian American Development Co.