Date: December 11, 2008
Source: American Ecology Corp.
American Ecology Appoints James Baumgardner President and Chief Operating Officer
American Ecology Corporation (NASDAQ: ECOL) (the "Company") today announced that its Board of Directors has appointed James R. Baumgardner to the newly created position of President and Chief Operating Officer, effective January 5, 2009.
Baumgardner will report to Stephen Romano, Chairman and Chief Executive Officer, and will be responsible for sales and marketing as well as disposal site operations. As a member of the senior management team, he will also help plan and execute strategic initiatives including, but not limited to, identifying, acquiring, and integrating businesses to fuel future growth. Baumgardner rejoins the Company after previously serving as Senior Vice President and Chief Financial Officer from 1999 to 2006. He played a central role in the successful acquisition of the Company's Grand View, Idaho facility in early 2001.
"We are delighted to have Jim Baumgardner return to American Ecology," commented Romano. "Jim brings an impressive combination of financial, strategic, and business operations expertise to the Company. This, combined with his demonstrated capital markets and acquisition experience, makes him well suited to this new role within the Company. He is also uniquely prepared to hit the ground running, having worked with American Ecology's management team, customers and investors in the past."
From 2006 to 2008 Mr. Baumgardner, age 46, was Senior Vice President and Chief Financial Officer with SECOR International, Inc. ("SECOR"), a Redmond, Washington based provider of environmental consulting services. SECOR, previously owned by a Washington, D.C. private equity firm, was sold to a large NYSE-listed company in early 2008. While at SECOR, Mr. Baumgardner was pivotal in improving operational and financial management.
Prior to joining American Ecology in 1999, Mr. Baumgardner held various positions in corporate banking and corporate treasury. Mr. Baumgardner holds a MBA and BS from Oregon State University, where he was also a two-time All American wrestler. He is a member of the Oregon State University Athletic Hall of Fame.
About American Ecology Corporation
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous, and non-hazardous waste services to commercial and government customers throughout the United States, such as steel mills, medical and academic institutions, petro-chemical facilities and the nuclear power industry. Headquartered in Boise, Idaho, the Company is the oldest radioactive and hazardous waste services company in the United States.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, beliefs and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Because such statements include risks and uncertainties, actual results may differ materially from what is expressed herein and no assurance can be given that the Company will meet its 2008 earnings estimates, successfully execute its growth strategy, acquire other companies or declare or pay future dividends. For information on other factors that could cause actual results to differ materially from expectations, please refer to American Ecology Corporation's December 31, 2007 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date such statements are made. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Important assumptions and other important factors that could cause actual results to differ materially from those set forth in the forward-looking information include a loss of a major customer, compliance with and changes to applicable laws and regulations, limitations operating the thermal desorption system installed at the Texas facility, access to cost effective transportation services, access to insurance and other financial assurances, loss of key personnel, lawsuits, adverse economic conditions including a tightened credit market for customers, government funding or competitive pressures, incidents that could limit or suspend specific operations, our ability toperform under required contracts, our willingness or ability to pay dividends and our ability to integrate any potential acquisitions.
Investors should also be aware that while we do, from time to time, communicate with securities analysts, it is against our policy to disclose any material non-public information or other confidential commercial information. Accordingly, stockholders should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report. Furthermore, we have a policy against issuing or confirming financial forecasts or projections issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not the responsibility of American Ecology Corporation.
For more information, contact:
Alison Ziegler
Cameron Associates
(212) 554-5469
alison@cameronassoc.com
www.americanecology.com.
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