Intrepid Potash Announces Change of Chief Accounting Officer
March 24 2017 - 4:15PM
DENVER; March 24, 2017 -
Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid") today announced that
Brian Frantz, Senior Vice President and Chief Accounting Officer of
Intrepid, will resign from Intrepid effective April 7, 2017, to
pursue another career opportunity. Joseph Montoya, who has
served in various accounting leadership roles at Intrepid since
April 2014, has been appointed Vice President and Chief Accounting
Officer effective April 7, 2017.
"We thank Brian for his leadership and
contributions during his tenure at Intrepid. We wish him well
in his new role," said Bob Jornayvaz, Intrepid's Executive
Chairman, President and CEO. "Joseph is well-prepared to step
into the Chief Accounting Officer role and I am confident in his
abilities as a financial leader. Having previously been a
Divisional Controller for our New Mexico operations, Joseph has an
in-depth understanding of Intrepid and our operations. This,
combined with his broad experience serving in leadership roles for
publicly traded companies, will be a tremendous asset to the team
moving forward."
Mr. Montoya, 50, will serve as Intrepid's
principal financial officer and principal accounting officer.
Since May 2016, he has served as Intrepid's Controller, and
previously was Divisional Controller of Intrepid's New Mexico
operations from April 2014 to May 2016. Prior to joining
Intrepid, Mr. Montoya was Chief Financial Officer of Stoneside,
LLC, a private company specializing in custom window coverings,
from July 2013 to April 2014. From 2011 to June 2013, Mr.
Montoya was Vice President of Internal Audit for Molycorp Inc., a
public company in the rare earths mining industry. Mr.
Montoya also previously served in various senior financial
leadership roles, including as Vice President of Internal Audit,
Controller, Regional Controller, and Director of Financial Planning
and Analysis, for various public companies. He began his
career at Arthur Andersen, LLP.
About Intrepid
Intrepid Potash (NYSE:IPI) is the only U.S.
producer of muriate of potash. Potash is applied as an
essential nutrient for healthy crop development, utilized in
several industrial applications and used as an ingredient in animal
feed. Intrepid also produces a specialty fertilizer,
Trio®, which
delivers three key nutrients, potassium, magnesium, and sulfate, in
a single particle.
Intrepid serves diverse customers in markets where
a logistical advantage exists; and is a leader in the utilization
of solar evaporation production, one of the lowest cost,
environmentally friendly production methods for potash. Intrepid's
production comes from three solar solution potash facilities and
one conventional underground Trio® mine.
Intrepid routinely posts important information,
including information about upcoming investor presentations and
press releases, on its website under the Investor Relations
tab. Investors and other interested parties are encouraged to
enroll on the Intrepid website, www.intrepidpotash.com to
receive automatic email alerts or Really Simple Syndication (RSS)
feeds regarding new postings.
Forward-Looking
Statements:
This document contains forward-looking statements
- that is, statements about future, not past, events. The
forward-looking statements in this document relate to, among other
things, statements about the Company's expectations for new members
of management. These statements are based on assumptions that the
Company believes are reasonable. Forward-looking statements by
their nature address matters that are uncertain. The particular
uncertainties that could cause Intrepid's actual results to be
materially different from its forward-looking statements include
the following:
-
the Company's evaluation and assessment of
potential strategic alternatives and any possible outcomes of that
assessment;
-
the Company's ability to consummate any
strategic transaction on favorable terms or at all;
-
the Company's ability to comply with the revised
terms of its senior notes and its revolving credit facility,
including the covenants in each agreement, to avoid a default under
those agreements;
-
the Company's ability to successfully execute on
its plans to transition the Company's sales model after the idling
of the West facility and the transitioning of the East facility to
Trio®-only production;
-
the Company's ability to successfully identify
and implement any opportunities to expand operations to include
more by-products and non-potassium related products;
-
the Company's ability to expand Trio® sales
internationally and manage risks associated with international
sales, including pricing pressure;
-
changes in the price, demand, or supply of
potash or Trio®;
-
the costs of, and the Company's ability to
successfully construct, commission, and execute, any strategic
projects;
-
declines or changes in agricultural production
or fertilizer application rates;
-
further write-downs of the carrying value of
assets, including inventories;
-
circumstances that disrupt or limit production,
including operational difficulties or variances, geological or
geotechnical variances, equipment failures, environmental hazards,
and other unexpected events or problems;
-
changes in reserve estimates;
-
currency fluctuations;
-
adverse changes in economic conditions or credit
markets;
-
the impact of governmental regulations,
including environmental and mining regulations, the enforcement of
those regulations, and governmental policy changes;
-
adverse weather events, including events
affecting precipitation and evaporation rates at the Company's
solar solution mines;
-
increased labor costs or difficulties in hiring
and retaining qualified employees and contractors, including
workers with mining, mineral processing, or construction
expertise;
-
changes in the prices of raw materials,
including chemicals, natural gas, and power;
-
the Company's ability to obtain and maintain any
necessary governmental permits or leases relating to current or
future operations;
-
declines in the use of potash products by oil
and gas companies in their drilling operations;
-
interruptions in rail or truck transportation
services, or fluctuations in the costs of these services;
-
the Company's inability to fund necessary
capital investments;
-
and the other risks, uncertainties, and
assumptions described in the Company's periodic filings with the
Securities and Exchange Commission, including in "Risk Factors" in
the Company's Annual Report on Form 10-K for the year ended
December 31, 2016.
In addition, new risks emerge from time to
time. It is not possible for the Company to predict all risks
that may cause actual results to differ materially from those
contained in any forward-looking statements the Company may
make.
All information in this document speaks as of the
date of this release. New information or events after that date may
cause our forward-looking statements in this document to
change. We undertake no duty to update or revise publicly any
forward-looking statements to conform the statements to actual
results or to reflect new information or future events.
Contact:
Brian Frantz, Senior Vice President and Chief Accounting
Officer
Phone: 303-996-3023
Email: brian.frantz@intrepidpotash.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Intrepid Potash Inc via Globenewswire
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