Lustros Announces Additions to Executive Management Team and Board of Directors
SAN DIEGO--(BUSINESS WIRE)-- LUSTROS, INC. (OTCQB: LSTS) announced today that William Farley has accepted the position of Chairman and Chief Executive Officer.
Our current CEO, Gonzalo Troncoso, will remain as President. Making the announcement Mr. Troncoso said, "I am pleased to say that we are nearing completion of a copper sulfate processing facility, which will clearly give us a first class manufacturing capability. In addition, we have created an entirely new subsidiary, Mineraltus SA, to process tailings, which will allow us to expand our copper sulfate business significantly.
"We continue to strengthen our management team and are very pleased that Bill, as a major shareholder and investor, is joining the Lustros management team. Bill has extensive experience in manufacturing, mining, and finance and brings a wealth of knowledge and experience to our company. I, as President, will continue to be intimately involved in all our operations in Chile."
Regarding his appointment, Bill Farley commented, "Having been a significant, early investor in Lustros, I am now pleased to be an active member of management. I am committed and motivated to complete the copper sulfate plant, begin production, and generate significant positive cash flow for the company."
Mr. Farley is the sole shareholder of Liam Ventures, Inc., a private equity firm with investments in various industries including technology, communications, railroad, and basic industries. Mr. Farley is also CEO and owner of Zrii International in Salt Lake City, Utah, a liquid nutritional marketer. He served as chairman and chief executive officer of Farley, Inc. and Fruit of the Loom, Inc. from the time he acquired the company in 1986 through December 1999. During that time, he built FTL from a primarily domestic $500 million underwear company into a leading international manufacturer and marketer of basic family apparel with sales approximating $2.3 billion for the 1999 fiscal year. Fruit of the Loom was sold to Berkshire Hathaway Co. in 2002 for approximately $1 Billion.
Mr. Farley was born and raised in Pawtucket, Rhode Island. He received a Bachelor of Arts degree from Bowdoin College in Maine, and a Juris Doctor degree from Boston College Law School. More recently, Mr. Farley received an honorary degree of Doctor of Laws from his alma mater Bowdoin College.
In addition to his business activities, Mr. Farley has served on various educational, corporate, civic and cultural boards, including: The Horatio Alger Association, The Big Shoulders Fund, The Rush Hospital Heart Institute, The Goodman Theatre of Chicago, and The Lyric Opera of Chicago. He also participates in Chicago Public School's Principal For A Day Program.
Mr. Farley has received the Ireland-U.S. Council for Commerce and Industry's Annual Outstanding Achievement Award for his efforts to improve economic, business and commercial links between Ireland and the United States. Other honors include: the Apparel Industry Board, Inc.'s Special Award, the Horatio Alger Award for Distinguished Americans, the Freedom Award from America's Freedom Festival, the American Academy of Achievement's Golden Plate Award, the National Women's Political Caucus' Good Guys Award and the White House's Presidential Award for Entrepreneurial Excellence. Mr. Farley has also previously served as Chairman of the Illinois Ambassadors and the Executive Club of Chicago.
Mr. Farley resides in Chicago with his wife, Shelley and their son Liam. His interests include education, reading, politics, travel, sports, health, and nutrition.
Mr. Farley has joined the Company's Board of Directors as has Todd Sluzas and Martin Pajor. We accepted the resignations of Juan Carlos Camus and Myoung Won Sohn from the Board of Directors. Mr. Farley will serve as the Chairman of the Board. Our current Chairman, Zirk Engelbrecht, will continue as the Vice-Chairman. "I am very happy that Bill has assumed the role of Chairman of the Board. He is a highly seasoned CEO who has owned and operated several successful companies. I am proud to serve as Vice-Chairman and look forward to working with Bill, Todd, and Marty in the future," said Mr. Engelbrecht.
Mr. Sluzas is the CFO of Liam Ventures, Inc., a private equity firm solely owned by William Farley. Mr. Sluzas has 20 years of accounting, finance, tax, and private equity experience. Mr. Sluzas currently serves as Director of Finance for two portfolio companies, and served as Senior Tax Analyst for Fruit of the Loom during his fifteen-year tenure with Farley. Todd also manages the Family Office of William Farley, where he is responsible for investment analysis & due diligence, risk management, cash management, and tax compliance & planning. Prior to Farley, Mr. Sluzas spent four years with the accounting firm of Price Waterhouse Coopers LLP representing the firm's audit and tax practice.
Mr. Sluzas earned his Bachelor of Business Administration degree from the University of Notre Dame and is a Certified Public Accountant.
Martin Pajor is a Vice President of Liam Ventures, Inc., a private equity firm solely owned by William Farley. Mr. Pajor has 30 years of accounting, finance, tax, and private equity experience. Martin currently serves as Vice President with operational responsibilities for two operating companies owned by Mr. Farley. These responsibilities include logistics, purchasing, systems and entering new foreign markets primarily in Latin America. Prior to these responsibilities he served as Director of Tax for Fruit of the Loom during his twenty five-year tenure with Farley. Prior to his association with Farley, Martin spent five years with United Stationers Supply Co. where he was instrumental in creating the company's tax department and assisting in the company's initial public stock offering.
Mr. Pajor earned his Bachelor of Science in Accountancy degree from the University of Illinois and has a Master of Science in Taxation degree from DePaul University.
About Lustros, Inc.
Lustros, Inc., through its Chilean subsidiaries, is in the business of copper mining and the manufacturing of food-grade copper sulfate. Lustros has a majority equity position in Sulfatos Chile S.A., which owns the Anica Copper Mines as well as a copper sulfate production project and employs a highly experienced staff of mining professionals. Lustros, Inc.'s subsidiary Mineraltus SA is a Chilean corporation that will process tailings (waste products) of expired copper mines to secure the raw materials to manufacture high quality, feed-grade copper sulfate.
Safe Harbor Statement
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
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