COLUMBIA, S.C., Aug. 12 NuState Energy Holdings, Inc. (Pink
Sheets: NSEH) announced today that Richard
Hersh has resigned as Chairman of the Board and Chief
Executive Officer. Long-standing shareholder Kevin Yates was appointed as the new Chairman of
the Board, and George Stevens was
recruited as the new Chief Executive Officer.
Kevin Yates has been a
shareholder with NuState for seven years. For the past 10 years, he
has built new technology companies and repaired troubled ones. He
has been actively involved in the Medical IT field for 23 years. He
has worked with Global Leaders Cerner Corporation and McKesson,
setting up national distribution networks for each of them.
Currently, Yates is serving as CEO of three companies and working
on the development of a new company specializing in sports
analytics. Yates has the drive and passion, along with the
commitment to turn companies around.
For over 35 years, George Stevens
has been involved in mergers and acquisitions, start-up companies
and the restoration of troubled businesses. From 1971 to 1986,
Stevens worked for American-Standard, where he rose to President of
a division and was a pivotal player in purchase of Trane. He then
founded Stevens Information Systems, specializing in information
technology, focusing on asset control and fulfillment of retirement
plans for individuals of Fortune 500 companies. Stevens currently
serves as Chairman or CEO for six publicly- and privately-held
companies. Stevens Resource Group, founded by Stevens in
2005, maintains an extensive 'finder' network throughout
the United States, Asia, Europe
and the Middle East. This allows
him to identify emerging markets and investment opportunities
through its vetting sources within these regions.
The first plan of action for the new executive team is to
re-structure the onerous debt burden and the overly complicated
equity positions that prevented the company from attracting new
investments. The new executive team has started to arrange
additional funding, included in the re-structuring objectives. The
team has made progress with initial negotiations with creditors and
shareholders and continues to receive positive feedback.
The second priority is to bring the company up-to-date on its
regulatory filings to re-establish NuState's listing on the
Bulletin Board. Thirdly, Yates and Stevens will develop a strategic
plan to focus the company in a new direction involving exciting
commercial opportunities.
"As a long-standing shareholder of the company, I fully
appreciate the major challenges that our new management team must
confront," stated Yates. "We are confident that our re-structuring
objectives will be achieved, including the arrangement of
additional funding. Through organic growth and acquisitions, we
intend to build an aggressive but financially sound business. Our
overall goal is to create value for those shareholders that have
supported the company through its difficult years."
As the company achieves these set milestones, the performance
will be communicated through an active investor relations program
designed to inform current shareholders and attract new investors.
Current shareholders and potential investors are invited to sign in
to the investor section of the newly launched NuState website
www.nsehco.com.
For more information about NuState, logon to www.nsehco.com or
call the new headquarters at 803-748-1309. The new headquarters are
located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201.
Safe-Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i)
the company's financing plans; (ii) trends affecting the company's
financial condition or results of operations; (iii) the company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend" and similar
expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the risk disclosed in the
company's Forms 10-K and 10-Q filed with the SEC.
SOURCE NuState Energy Holdings, Inc.
Copyright . 12 PR Newswire