Badwi retired effective 30 June 2018, after advising that his numerous other professional responsibilities will make it difficult for him to continue serving on the board.
The President and CEO of GrowMax, Stephen Keith, said: “The board joins me in thanking Mr. Badwi for his tireless efforts in transforming the company throughout a difficult period. The board will always be grateful to Mr. Badwi’s leadership and commitment to the company, and we wish him the best in his future endeavours.”
In the statement, the company also provided an update on strategic initiatives, including: the completion of one or more transactions within the specialty fertilizer sector; and seeking out alternatives relating to its Peruvian asset.
As the company has discussed in previous press releases, GrowMax is focused on consolidating assets within the junior specialty fertilizer sector. As part of this repositioning, GrowMax is streamlining costs and reducing spending on its existing assets, whilst seeking out merger or acquisition targets that are accretive, with the aim of adding near-term cash flow and long-term growth. The company has commenced significant cost saving measures in Peru, including downsizing the Piura field office and staff in the Lima office.
Keith added: “Our board and management have concluded that seeking alternatives relating to our Peruvian asset and focusing our time, attention and capital on accretive transactions is in our shareholders’ best interests. We are excited about the company’s future, and we look forward to updating all shareholders as we execute on these goals.”
Read the article online at: https://www.worldfertilizer.com/phosphates/05072018/growmax-provides-strategic-update-and-announces-retirement-of-non-executive-chairman/