FRIEDENS, Pa., Dec. 31, 2021 /CNW/ - Corsa Coal Corp. (TSXV:
CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium quality
metallurgical coal producer, today announced that Kai Xia has resigned as a member of the
Company's board of directors effective December 31, 2021. Mr. Xia was a nominee of funds
controlled by Quintana Capital Group L.P., which funds completed
the previously announced in-kind distribution of common shares of
the Company to the limited partners of such funds effective earlier
this month and which no longer hold or control any common
shares.
"The Board wishes to thank Kai for his valuable contributions to
Corsa over the years, including his instrumental role in connection
with the Company's acquisition of PBS Coals in 2014, his position
as the Company's Vice President of Corporate Development from
August 2014 to January 2017 and then his board service starting
in March 2017", said Ronald Stovash, Chair of the Company's
Compensation, Nominating and Governance Committee.
The Board does not expect that a successor for Mr. Xia will be
appointed prior to the next annual general meeting of shareholders
of Corsa.
Information about Corsa
Corsa is a coal mining company focused on the production and
sales of metallurgical coal, an essential ingredient in the
production of steel. Our core business is producing and selling
metallurgical coal to domestic and international steel and coke
producers in the Atlantic and Pacific basin markets.
Forward-Looking Statements
Certain information set forth in this press release contains
"forward-looking statements" and "forward-looking information"
(collectively, "forward-looking statements") under applicable
securities laws. Except for statements of historical fact, certain
information contained herein including, but not limited to,
statements relating to the appointment of a successor to Mr. Xia
prior to the next annual general meeting of shareholders of Corsa
constitute forward-looking statements which include management's
assessment of future plans and operations and are based on current
internal expectations, assumptions and beliefs, which may prove to
be incorrect. Some of the forward-looking statements may be
identified by words such as "will", "estimates", "expects"
"anticipates", "believes", "projects", "plans", "capacity", "hope",
"forecast", "anticipate", "could" and similar expressions. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties. These risks and uncertainties include, but are not
limited to: changes in market conditions, governmental or
regulatory developments as a result of the COVID-19 pandemic or
otherwise, the operating status and capabilities of our customers
and competitors; various events which could disrupt operations
and/or the transportation of coal products, including labor
stoppages, the outbreak of disease and severe weather conditions;
and management's ability to anticipate and manage the foregoing
factors and risks. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. The reader is cautioned not to place undue reliance on
forward-looking statements. Corsa does not undertake to update any
of the forward-looking statements contained in this press release
unless required by law. The statements as to Corsa's capacity to
produce coal are no assurance that it will achieve these levels of
production or that it will be able to achieve these sales
levels.
The TSX Venture Exchange has in no way passed on the
merits of this news release. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Corsa Coal Corp.
