Announces Appointment of Donald Moore as Chairman
of the Board
Aegean Marine Petroleum Network Inc. (NYSE:ANW) ("Aegean" or the
"Company" ), a leading international marine fuel logistics company,
today provided updates on its business and issued the following
statement:
Aegean has reinvigorated its Board of Directors with the
addition of three new independent directors, and today announced
the appointment of Donald Moore to serve as Chairman of the
Board.
The Board of Directors has also directed management to conduct a
comprehensive strategic and operational review focused on
maximizing profitability and return on capital. This includes an
evaluation of the Company’s physical assets, existing footprint,
and the capital efficiency of every business activity in which the
Company is engaged and each port in which it operates.
Following the recent termination of the Company’s Consulting
Agreement with Dimitris Melisanidis, the Company is planning to
relocate its principal offices from the current location in a
building owned and operated by Mr. Melisanidis. The Company expects
the office relocation and related organizational changes to result
in significant cost savings.
Separately, Aegean recorded stable operating results in the
first quarter of 2018 as network volumes and gross spreads were
largely consistent with the fourth quarter of 2017, reflecting
competitive industry conditions and the continued decision to
restrain volumes in ports and lines of business with lower margin
profiles. Aegean’s business continues to generate positive cash
flow and the management team remains focused on continuing to serve
the Company’s strong global customer base.
Aegean continues to work through its annual reporting process,
which includes a thorough review by the recently recomposed audit
committee of the Board of Directors (the “Audit Committee”) and the
Company’s recently appointed Chief Financial Officer. The Company
and its advisors are working diligently to complete these reviews
as soon as possible. The Company is pleased to have the continued
support of its lenders and other stakeholders in connection with
this process.
Aegean is committed to being a leader in the physical supply and
marketing of marine fuel and is confident that its Board of
Directors and management team are taking the right actions to
position the Company for long-term success.
Aegean also announced that it has received an
expected notice from the New York Stock Exchange (the “NYSE”)
stating that the Company is not in compliance with the NYSE’s
continued listing requirements under the timely filing criteria
outlined in Section 802.01E of the NYSE Listed Company Manual due
to the delay in filing the Company’s Annual Report on Form 20-F for
the fiscal year ended December 31, 2017 (the “2017 Form 20-F”).
As previously disclosed, the Company was unable
to file its 2017 Form 20-F without unreasonable effort or expense
due to the need for additional time to complete the Company’s
consolidated financial statements to be included therein, and the
related assessment of internal controls over financial reporting.
In connection with the Company’s internal review of its financial
reporting, the Audit Committee is conducting a review of certain
matters relevant to the preparation and completion of the Company’s
annual financial statements. The Company will not be in a position
to file its 2017 Form 20-F until after the Audit Committee
completes its review. At this time, the Company cannot predict with
certainty when the above-referenced review of the 2017 financial
statements will be completed. The Company does not expect to make
further comment regarding such review until its conclusion.
In accordance with NYSE rules, Aegean has
contacted the NYSE to discuss the status of the late filing and is
issuing this required press release. The NYSE informed Aegean that,
under NYSE rules, Aegean will have six months from the 2017 Form
20-F due date to file the 2017 Form 20-F with the U.S. Securities
and Exchange Commission (the “SEC”). Aegean can regain compliance
with the NYSE listing standards at any time prior to that date by
filing its 2017 Form 20-F.
About Donald
Moore
Mr. Moore has over 40 years of experience in the
financial services industry at Morgan Stanley, most recently as
Chairman of Morgan Stanley Group (Europe) from 2000-2016 where he
was involved in over 500 billion euros ($552 billion) worth of
transactions throughout Europe, working closely with governments,
institutions and corporations on strategic issues, including
mergers, acquisitions, divestitures, restructurings and equity
financings.
About Aegean Marine Petroleum Network
Inc.
Aegean Marine Petroleum Network Inc. is an
international marine fuel logistics company that markets and
physically supplies refined marine fuel and lubricants to ships in
port and at sea. The Company procures product from various sources
(such as refineries, oil producers, and traders) and resells it to
a diverse group of customers across all major commercial shipping
sectors and leading cruise lines. Currently, Aegean has a global
presence in more than 30 markets and a team of professionals ready
to serve its customers wherever they are around the globe. For
additional information please visit: www.ampni.com.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed or referenced in this press
release may constitute forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"intend," "anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. Any forward-looking statements
made or referenced in this press release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, Company management's
examination of historical operating trends, data contained in the
Company’s records and other data available from third parties.
Although the Company believes that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company’s
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the Company’s ability to manage
growth, the Company’s ability to maintain its business in light of
its proposed business and location expansion or other changes in
its business, the Company’s ability to obtain double hull
secondhand bunkering tankers, the outcome of legal, tax or
regulatory proceedings to which the Company may become a party,
adverse conditions in the shipping or the marine fuel supply
industries, the Company’s ability to retain its key suppliers and
key customers, material disruptions in the availability or supply
of crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing,
increased levels of competition, compliance or lack of compliance
with various environmental and other applicable laws and
regulations, the Company’s ability to collect accounts receivable,
changes in the political, economic or regulatory conditions in the
markets in which the Company operates, and the world in general,
the Company’s failure to hedge certain financial risks associated
with its business, the Company’s ability to maintain its current
tax treatments and the Company’s failure to comply with
restrictions or covenants in its debt agreements and other factors.
Please see the Company’s filings with the SEC for a more complete
discussion of these and other risks and uncertainties.
CONTACTS:Aegean Marine Petroleum Network
Inc.Tel. +1-212-430-1098Email: investor@ampni.com
Investor Relations / Media AdvisorNicolas Bornozis / Daniela
GuerreroCapital Link, Inc.Tel. +1-212-661-7566Email:
aegean@capitallink.com