KANSAS CITY, Mo., Jan. 9, 2007 (PRIME NEWSWIRE) -- Kansas City-based Alternative Energy Sources Inc. (OTCBB:AENS) today announced the appointment of John D. McNamara, former global president of Archer Daniels Midland, to its board of directors.
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McNamara has more than 30 years' experience in the agricultural and food industries in the United States, Canada and around the world. From 1998 to 2002 McNamara served as global president of ADM, a U.S.-based Fortune 100 company and the nation's No. 1 corn processing and ethanol producer.
"Under John's visionary leadership, ADM undertook a massive strategic structural change," stated Mark Beemer, AENS president and CEO. "His focus on building a culture of safety and a disciplined investment process and, most important, his respect for shareholders established a template for successive long-term record profits for ADM."
Added Lee Blank, AENS executive vice president: "We are delighted to have the benefit of John's significant agricultural-processing experience on our board, plus his leadership to assist us in building an outstanding company." Both Beemer and Blank are also former ADM executives.
Currently McNamara is president and CEO of McNamara and Associates, an executive consulting firm based in Toronto, Ontario. He is also president and CEO of Kompass Commodities International Inc., which he founded in 2004. An agricultural and food ingredient brokerage, Kompass focuses on the flow of goods in North America and Europe. Clients include Perdue Farms and Procter & Gamble.
"Alternative Energy Sources is a company being built with a clear vision of the growing global need and opportunity for alternative and renewable fuels," McNamara said. "It's an innovative company with an outstanding experienced management team committed to financial success and serving its stakeholders. I am very pleased to be invited to join such a distinguished board and management team."
McNamara joined ADM in 1985 and held several senior management positions before being promoted to global president. Prior to joining ADM, McNamara was director of marketing for Maple Leaf Monarch, a joint venture company of Unilever and Canadian Pacific, and he held positions in the manufacturing group of Procter & Gamble's North American oilseed-processing division.
McNamara formerly served on the boards of several industry organizations, including the National Oilseed Processors Association, the Canola Council of Canada and the Canadian Institute of Edible Oils. He was also chairman of the Canadian Oilseed Processors Association. Currently he serves on the board of Twin Rivers Technologies and Toxin Alert Inc.
AENS also recently appointed Mike Espy, W. Gordon Snyder and Douglas D. Wilner to its board.
AENS is developing "greenfield" sites, including constructing, owning and operating fuel-grade ethanol plants. For information: www.aensi.com.
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Forward-Looking Statements: This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the company's ability to exploit ethanol development and production opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. You can identify these statements by the fact that they do not relate strictly to historic or current facts. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our inability to secure or generate sufficient operating cash flow to adequately maintain our generating facilities and service our debt, commodity pricing, intense competition for undervalued generating assets, environmental risks and general economic conditions and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation.
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