LAS VEGAS, March 14, 2013 /PRNewswire/ -- American Pacific
Corporation (NASDAQ: APFC) announced that in conjunction with the Company's
2013 Annual Meeting of Stockholders, John R. Gibson has stepped down from the
position of Chairman of the Board of Directors. He was re-elected for another
three year term as a director.
Dr. Joseph Carleone, AMPAC's
President and Chief Executive Officer, was elected to succeed Mr. Gibson as
Chairman, and to continue as President and Chief Executive Officer of the
These actions were taken consistent with the Company's
established succession plan.
Mr. Gibson stated, "Thoughtful and orderly succession is
crucial to the long-term health of any company. Therefore, over the
past several years, AMPAC has implemented transitions in senior management,
beginning in 2009 when I retired as CEO, and the Board named Joe Carleone as CEO. That was a wise choice, as Joe's
success in that role has demonstrated."
As part of the transition process, the Board asked Mr. Gibson
to continue for a time as non-executive Chairman, to support management and
to provide continuity for the Board. "These past three years
during which I have served as non-executive Chairman have, I hope, helped
make that transition as productive as possible," Mr. Gibson said.
"Now," he continued, "with the election of Joe Carleone as Chairman, the transition is
Dr. Carleone praised Mr. Gibson for
his sixteen years of exemplary executive leadership, and his twenty-five
years of dedicated service as a Director. He observed:
"During John's tenure as President, Chief Executive Officer and
Chairman, he managed AMPAC through daunting challenges in its specialty
chemicals business, led the strategic diversification of the Corporation into
two major new areas, fine chemicals and in-space propulsion, and supported
the crucial divestiture of the in-space propulsion business with considerable
benefit to stockholders." Dr. Carleone
added that "the Board is delighted that Mr. Gibson will remain a
colleague as a director, and AMPAC will continue to benefit from his
experience and wisdom."
Mr. Gibson said, "Joe has demonstrated outstanding
executive skills, experience and special awareness of AMPAC and its
businesses. He has earned the leadership of AMPAC. I am positive
that he will lead AMPAC to continued success."
RISK FACTORS/FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are
not purely historical are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements include
statements regarding AMPAC's expectations, beliefs or intentions regarding
the future and other statements of director's or management's opinions.
Forward-looking statements in this press release include without limitation
statements concerning expectations with respect to AMPAC's continued success
under Mr. Carleone's leadership, the benefits from
the completion of the succession plan and the benefits that AMPAC will enjoy
from Mr. Gibson's continued service as a director. Words such as
"anticipate", "expect", "can", "will"
and similar expressions are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause AMPAC's actual results, market performance or
achievements to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. The inclusion
of forward-looking statements should not be regarded as a representation by
AMPAC that any of its expectations will be achieved. Factors that could cause
actual results to differ materially from such forward-looking statements
include risks and uncertainties detailed in AMPAC's periodic and other
filings with the Securities and Exchange Commission, including in
Management's Discussion and Analysis of Financial Condition and Results of
Operations and in Risk Factors in AMPAC's annual report on Form 10-K for the
fiscal year ended September 30, 2012 and quarterly report on Form 10-Q for
the quarter ended December 31, 2012. All forward-looking statements contained
in this release are made as of the date hereof, based on information
available to AMPAC as of the date hereof, and AMPAC assumes no obligation to
update any forward-looking statement, whether for actual results or
otherwise, except as required by law.
ABOUT AMERICAN PACIFIC CORPORATION
American Pacific Corporation (AMPAC) is a leading custom manufacturer of fine
chemicals and specialty chemicals within its focused markets. We supply
active pharmaceutical ingredients and advanced intermediates to the
pharmaceutical industry. For the aerospace and defense industry we provide
specialty chemicals used in solid rocket motors for space launch and military
missiles. We produce clean agent chemicals for the fire protection industry,
as well as electro-chemical equipment for the water treatment industry. Our
products are designed to meet customer specifications and often must meet
certain governmental and regulatory approvals. Additional information about
us can be obtained by visiting our web site at www.apfc.com.
Contact: Deanna Riccardi - (702) 735-2200
SOURCE American Pacific Corporation