NEW YORK, June 24, 2015 (GLOBE NEWSWIRE) -- Rand Logistics, Inc. (Nasdaq:RLOG) ("Rand") announced today that Laurence S. Levy, Executive Vice Chairman of the Company and a member of Rand's board of directors, has resigned from his position as Executive Vice Chairman, effective August 21, 2015. Mr. Levy will remain a director of the Company.
Mr. Levy's resignation follows discussions with Rand's board of directors in which the parties determined it was in the Company's best interests to eliminate the position of Executive Vice Chairman. Mr. Levy's executive officer responsibilities will be transitioned to other senior executives of the Company prior to the effective date of Mr. Levy's resignation.
"The board thanks Mr. Levy for his years of service as an executive of the Company," commented Michael Lundin, Rand's Non-Executive Chairman. "As a founder of Rand and a senior executive, Laurence has been a key contributor to the Company's growth and positioning as a market leader. We look forward to Laurence's ongoing contributions as a director of the Company."
About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the Company operates a fleet of four conventional bulk carriers and eleven self-unloading bulk carriers including three tug/barge units. The Company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act – which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed, – and the Canada Coasting Trade Act – which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports.
Forward-Looking Statements
This press release contains forward-looking statements. For all forward-looking statements, we claim the protection of the Safe Harbor for Forward-Looking Statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, the effect of an economic downturn in certain of our markets; the weather conditions on the Great Lakes; and our ability to maintain and replace our vessels as they age.
For a more detailed description of these uncertainties and other factors, please see the "Risk Factors" section in Rand's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 11, 2015.