Nicholas Carter Succeeds Hatem El-Khalidi as President and CEO of Arabian American Development Company
- Press Release
- Source: Arabian American Development Co.
- On Wednesday July 1, 2009, 11:05 am EDT
DALLAS, July 1 /PRNewswire-FirstCall/ -- Arabian American Development Co. (Nasdaq: ARSD - News) today confirmed that as part of the previously announced succession plan, Nicholas Carter has succeeded Hatem El-Khalidi as President and CEO of Arabian American Development effective today, July 1, 2009.
Mr. Carter, 62, has been Executive Vice President and Chief Operating Office of Arabian American Development Company and South Hampton Resources since January 2008. Prior to that, he was Secretary/Treasurer of the Company since October 1, 2004. Mr. Carter has worked for South Hampton Resources since 1977. Mr. Carter has been President of SHR since 1987, prior to which time he served as Treasurer and Controller. He is a graduate of Lamar University with a BBA Degree in Accounting and is a Certified Public Accountant.
Mr. El-Khalidi commented, "We have no doubt that Nick will ably guide the Company going forward and always has the best interest of the Company's shareholders as a key priority."
Mr. Carter commented, "We thank Hatem for his years of service to Arabian American Development Company and look forward to his continued guidance on the board of both Arabian American Development and the Al Masane Al Kobra Mining Company."
About Arabian American Development Company (ARSD)
Arabian American owns and operates a petrochemical facility located in southeast Texas just north of Beaumont, specializing in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and is now a 50% owner of a joint venture in a mining project in the Al-Masane area of Saudi Arabia which is under construction and is scheduled to be in production in late 2010. The mine will produce economic quantities of zinc, copper, gold, and silver.
Safe Harbor
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management's belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's annual Report on Form 10-K for the year ended December 31, 2008 and the Company's subsequent Quarterly Report Forms 10-Q.
Contact: Nick Carter, President and Chief Executive Officer
(409) 385-8300
ncarter@southhamptonrefining.com
Investor Contact: Cameron Donahue or Brett Maas
Hayden IR
(651) 653-1854
Cameron@haydenir.com
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Jennifer Heady
Hayden IR
P: 843-399-7576
jennifer@haydenir.com
www.haydenir.com
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