Neil Subin
stepping down effective December 31,
2023
BETHESDA, Md., Dec. 21,
2023 /PRNewswire/ -- Centrus Energy Corp (NYSE
American: LEU) announced today that Neil S.
Subin has decided to leave the company's Board of Directors
effective December 31, 2023.
Mr. Subin has served on the Board since 2017 and remains a major
investor in the company.
"On behalf of the entire Board, I want to express our deepest
thanks to Neil for his outstanding service to the company and the
shareholders," said Mikel Williams,
Chairman of the Centrus Board of Directors. "I am grateful to have
had the benefit of Neil's expertise and insights for almost seven
years, as we have worked with our management team to return the
company to profitability and launch the first new U.S.-owned
enrichment plant to start production since 1954, while providing
strong returns to shareholders."
"It has been an honor to serve alongside such a talented and
committed group of leaders at Centrus," said Subin. "After nearly
seven years, I'm ready to focus on other challenges, but I leave
the Board knowing that the company is in a much stronger position
financially and is poised for continued growth with the resurgence
in nuclear power in the years ahead."
The Board's Nominating Committee will commence a search for a
replacement for Mr. Subin on the Board.
About Centrus Energy
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at www.centrusenergy.com.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements mean statements
related to future events, which may impact our expected future
business and financial performance, and often contain words such as
"expects", "anticipates", "intends", "plans", "believes", "will",
"should", "could", "would" or "may" and other words of similar
meaning. These forward-looking statements are based on information
available to us as of the date of this news release and represent
management's current views and assumptions. Forward-looking
statements are not guarantees of future performance, events or
results and involve known and unknown risks, uncertainties, and
other factors, which may be beyond our control.
For Centrus Energy Corp., particular risks and uncertainties
that could cause our actual future results to differ materially
from those expressed in our forward-looking statements include but
are not limited to the following which are, and will be, and any
worsening of the global business and economic environment as a
result; risks related to the war in Ukraine and geopolitical conflicts and the
imposition of sanctions or other measures by the U.S. or foreign
governments, organizations (including the United Nations, the
European Union or other international organizations), or entities
(including private entities or persons), that could directly or
indirectly impact our ability to obtain, deliver, transport or sell
low enriched uranium ("LEU") or the Separative Work Units ("SWU")
and natural uranium hexafluoride components of LEU under our
existing supply contract with the Russian government-owned entity,
TENEX, Joint-Stock Company ("TENEX"), or make related payments or
deliveries of natural uranium; risks related to the refusal of
TENEX to deliver LEU to us if, among other reasons, TENEX is unable
to receive payments, or to receive the return of natural uranium
hexafluoride, as a result of any government, international or
corporate actions or directions or other reasons; risks related to
our ability to sell or deliver the LEU we procure pursuant to our
purchase obligations under our supply agreements and the impacts of
sanctions or limitations on imports of such LEU, including those
imposed under the 1992 Russian Suspension Agreement as amended,
international trade legislation and other international trade
restrictions; risks related to existing or new trade barriers and
to contract terms that limit our ability to procure LEU for, or
deliver LEU to customers; risks related to pricing trends and
demand in the uranium and enrichment markets and their impact on
our profitability; risks related to component failure which prevent
plant operations or HALEU production; risks related to the
government's inability to satisfy its obligations under the HALEU
Operation Contract including supplying government furnished
equipment under the HALEU Operation Contract and processing
security clearances due to a government shutdown or other reasons;
risks related to whether or when government funding or demand for
high-assay low-enriched uranium ("HALEU") for government or
commercial uses will materialize; risks related to (i) our ability
to perform and absorb costs under our agreement with the U.S.
Department of Energy ("DOE") to deploy and operate a cascade of
centrifuges to demonstrate production of HALEU for advanced
reactors (the "HALEU Operations Contract"), (ii) our ability to
obtain contracts and funding to be able to continue operations and
(iii) our ability to obtain and/or perform under other agreements;
risks that (i) we may not obtain the full benefit of the HALEU
Operation Contract and may not be able or allowed to operate the
HALEU enrichment facility to produce HALEU after the completion of
the HALEU Operation Contract or (ii) the HALEU enrichment facility
may not be available to us as a future source of supply; risks
related to actions, including reviews, that may be taken by the
U.S. government, the Russian government, or other governments that
could affect our ability to perform under our contractual
obligations or the ability of our sources of supply to perform
under their contractual obligations to us; risks related to
uncertainty regarding our ability to commercially deploy a
competitive enrichment technology; risks related to the fact that
we face significant competition from major producers who may be
less cost sensitive or are wholly or partially government owned;
risks related to the impact of government regulation and policies
including by the DOE and the U.S. Nuclear Regulatory Commission;
and other risks and uncertainties discussed in this and our other
filings with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
news release. These factors may not constitute all factors that
could cause actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this news release and in our other filings with the SEC,
including our Annual report on Form 10-K for the year ended
December 31, 2022, under Part II,
Item 1A - "Risk Factors" in our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023,
and our other filings with the SEC that attempt to advise
interested parties of the risks and factors that may affect our
business. We do not undertake to update our forward-looking
statements to reflect events or circumstances that may arise after
the date of this news release, except as required by law.
Contacts:
Investors: Dan Leistikow at
LeistikowD@centrusenergy.com
Media: Lindsey Geisler at
GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.