TORONTO, June 06, 2019 (GLOBE NEWSWIRE) -- Lydian International Limited (TSX:LYD) (“Lydian” or the “Company”) announced today the following management update.
As part of the Company’s restructuring program, Joao Carrelo, President and Chief Executive Officer and a member of the board of directors, will step down effective June 12, 2019. Russell Ball, Chairman of Lydian, commented on behalf of the board, “We thank Joao for his leadership over the past year and we are pleased he has agreed to continue to assist the Company on a consulting basis going forward. We wish him well with his future opportunities.”
Lydian also announced that the board of directors has appointed Edward Sellers, a current member of the board of directors, as Interim President and Chief Executive Officer, effective June 12, 2019.
About Lydian International Limited
Lydian is a gold-focused mineral development company, whose main focus is on the Amulsar Project, a gold development-stage project located in the Republic of Armenia. The Company’s strategy is to implement mine development and construction plans for the Amulsar Project as described in the Company’s most recent technical report titled “NI 43-101 Technical Report, Amulsar Updated Resources and Reserves Armenia” dated March 30, 2017 and to transition to a gold producer. For more information and to directly contact us, please visit www.lydianinternational.co.uk.
For further information, please contact:
Bill Dean, Deputy Chief Financial Officer
Caution regarding forward-looking information
Certain information contained in this news release is “forward looking”. All statements in this news release, other than statements of historical fact, that address events, results, outcomes or developments that the Company expects to occur are “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “will”, “would”, “should”, or “occur” or the negative or other variations of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the timing of the resignation of the CEO, the appointment of an interim president and CEO and the timing of such appointment.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and factors include, without limitation: adverse general economic, market or business conditions; regulatory changes; as well as "Risk Factors" included in the disclosure documents filed on and available at www.sedar.com. In addition, no assurances can be given as to the outcome of the upcoming AGM, the election of directors at the upcoming AGM and whether Mr. Flores will be appointed as a director following the AGM. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. All of the forward-looking statements contained in this news release are qualified by these cautionary statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.