Next step in creating independent Board of Directors; adds seasoned management, accounting and finance executive with experience both in the U.S. and Saudi Arabia
DALLAS, May 1 /PRNewswire-FirstCall/ -- Arabian American Development Co. (OTC Bulletin Board: ARSD) today announced that Dr. Ibrahim A. Al-Moneef has been named to the Company's Board of Directors. Dr. Al-Moneef will sit on the Board's audit, compensation, and nominating committees. With Dr. Al-Moneef's appointment, the Board is now one-half comprised of independent directors. The Company plans to transition to an independent board by the end of 2007 in its effort to qualify for listing on a major national exchange.
Dr. Al-Moneef has more than 45 years experience as a financial professional. Currently, he serves as owner and chief editor of The Manager Monthly Magazine, a Saudi Business journal. Previously, he served in a variety of positions culminating as President and CEO of Mawarid Group, a company he served for 11 years. Previous roles included President and CEO of ACE Group in Middle East, and President and CEO of Saudi Consolidated Electric Company. Dr. Al-Moneef has earned a Doctor of Business Administration degree from Indiana University, and an MBA from Texas Tech University, completed with honors.
"Adding a true veteran with decades of experience in operations, management, finance and accounting to our Board of Directors significantly strengthens our advisory team and brings us one step closer to achieving our goal of an independent Board," commented Hatem El-Khalidi, President of Arabian American Development Company. "Ibrahim brings experience in industrial settings and unrivaled expertise in accounting and finance to our team, and as we scale our operations in Texas and begin to exploit our mining assets in Saudi Arabia, his experience and advice will prove invaluable. We welcome Dr. Al-Moneef to our team."
About Arabian American Development Co.
Arabian American owns and operates a petrochemical facility with about 110 employees located in southeast Texas just north of Beaumont, Texas, 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, 2005 and the Company's subsequent Quarterly Report Form 10-Q.
Company Contact: Nick Carter, Secretary and Treasurer (409) 385-1400 firstname.lastname@example.org Investor Contact: Cameron Donahue or Brett Maas Hayden Communications (651) 653-1854 Cameron@haydenir.com
SOURCE Arabian American Development Co.