Uranium Resources, Inc. (NASDAQ: URRE) announced that its
long-serving Chairman Paul K. Willmott has turned over his role to
fellow Director Terence J. Cryan, following the Company’s Annual Meeting
of Stockholders. Mr. Willmott served the Company for the past 19 years
either on the Board as Chairman or as Chief Executive Officer, and will
remain on the Board.
Mr. Cryan said, “I look forward to transitioning the role of Chairman
smoothly with Paul. I am keenly focused on leading the Board to create
growth and value for our shareholders. The Board and I will continue to
tap Paul’s wealth of knowledge and experience in uranium mining
stretching back to the early 1970s with Union Carbide.”
Mr. Cryan added, “Having served as the Interim CEO for a period until
April 2014 when President and CEO Chris Jones was appointed, I believe I
have gained a deep understanding of the Company’s strengths and
challenges. As Chairman, I will work closely with Chris and the rest of
the Board to enhance the efficiency of our Company, lower our costs, and
add value to our assets. While these are challenging times in a period
of weak uranium prices, we believe the mid-to-long term demand and
supply fundamentals are strong with new nuclear power generation under
development. As importantly, we believe there are potential
value-accretive opportunities for additions of quality reserves and
potential asset acquisitions.”
The Company’s six directors were elected by shareholders to serve on the
Board of Directors for another one year term. Shareholders also ratified
the appointment of Hein & Associates LLP as the Company’s independent
registered public accounting firm for the fiscal year ended December 31,
2014, and approved on an advisory basis the compensation for the
Company’s named executive officers.
Mr. Cryan has served as an independent director of URRE since October
2006. He has over 25 years of experience in investment banking in the
United States and Europe. He is co-founder and Managing Director of
Concert Energy Partners, an investment and private equity firm based in
New York City. Prior to that, Mr. Cryan was a Senior Managing Director
in investment banking for Bear Stearns and a Managing Director, Energy
and Natural Resources Group Head and member of the Investment Banking
Operating Committee at Paine Webber. He earned his Master of Science
degree in economics from the London School of Economics and a bachelor’s
degree in economics from Tufts University.
About Uranium Resources
Uranium Resources, Inc. was incorporated in 1977 to explore for, develop
and recover uranium. Uranium Resources controls minerals rights
encompassing approximately 206,900 acres in the prolific Grants Mineral
Belt in New Mexico, which holds one of the largest known accumulations
of sandstone-hosted uranium deposits in the world. The Company has two
licensed processing facilities and properties in Texas, and an NRC
license to recover up to three million pounds of uranium per year using
the in situ recovery (ISR) process at certain properties in New Mexico.
The Company acquired these properties over the past 25 years, along with
an extensive uranium information database of historic drill hole logs,
assay certificates, maps and technical reports for the Western United
States.
Cautionary Statement
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to risks, uncertainties and assumptions and are
identified by words such as “expects,” “estimates,” “projects,”
“anticipates,” “believes,” “could,” and other similar words. All
statements addressing operating performance, events or developments that
the Company expects or anticipates will occur in the future, including
but not limited to future improvements in the demand for and price of
uranium, additions of reserves or acquisitions, and enhancements in
efficiency and asset values are forward-looking statements. Because they
are forward-looking, they should be evaluated in light of important risk
factors and uncertainties. These risk factors and uncertainties include,
but are not limited to, the Company’s ability to raise additional
capital in the future, spot price and long-term contract price of
uranium, the outcome of negotiations with the Navajo Nation, the
Company’s ability to reach agreements with current royalty holders,
operating conditions at the Company’s projects, government and tribal
regulation of the uranium industry and the nuclear power industry,
world-wide uranium supply and demand, maintaining sufficient financial
assurance in the form of sufficiently collateralized surety instruments,
unanticipated geological, processing, regulatory and legal or other
problems the Company may encounter, and other factors which are more
fully described in the Company’s Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should any of the Company’s underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on the
Company’s forward-looking statements. Except as required by law, the
Company disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in this
news release.
Copyright Business Wire 2014