Stockholm, 2013-03-15 08:08 CET (GLOBE NEWSWIRE) --
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, announces the appointment of Anton Bogdanov as Chief Operating Officer (“COO”), effective immediately.
Anton Bogdanov is a seasoned Russian forestry executive. He was most recently CEO of Nova Management Group, which operates Lesresurs, a Russian forestry company in Eastern Siberia with 372,000 cubic meters of annual allowable cut (“AAC”) and 170,000 cubic meters of annual sawnwood capacity. Lesresurs is one of the largest Russian suppliers of sawnwood to Japan. Anton replaces Peter Nilsson, the former COO and Director of Sales and Production for RusForest. Peter will remain an employee of RusForest until the Company’s Annual General Meeting on May 15, 2013, at which time Vostok Nafta intends to propose Peter’s appointment to the Board of Directors.
Garrett Soden, RusForest’s CEO, commented, “I am pleased to welcome Anton to the RusForest management team following bondholder and shareholder approval of our pending transaction with Nova Capital. Anton brings significant local execution capability to RusForest in order to accelerate our turnaround and to help us access higher value sawnwood markets like Japan. Peter has been key to consolidating our operations and will provide valuable continuity on our Board long-term.”
About RusForest AB
RusForest is a publicly-traded Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
