Rentech, Inc. (NYSE AMEX: RTK) announced today that Dennis L. Yakobson retired from the position of non-executive Chairman of the Board of Directors on June 28, 2011 after nearly 30 years of service as Chairman. Mr. Yakobson will remain a director of Rentech and serve as Chairman Emeritus. Halbert S. Washburn, a director at Rentech for over 5 years, has been appointed non-executive Chairman of the Company’s Board of Directors effective June 28, 2011.

“We are very grateful to Dennis for his many contributions to Rentech during the past several decades as Chairman and we are pleased that he will continue to serve as a member of our Board,” said D. Hunt Ramsbottom, President and CEO of Rentech. “As a founder and Chairman of Rentech, Dennis was instrumental in developing Rentech’s technologies and shaping the Company’s vision as a global provider of clean energy solutions. The transition of his role on the Board comes at a time when Rentech is focusing on the execution of commercial energy projects and related financing transactions.”

Commenting on Mr. Washburn’s appointment as Chairman, Mr. Ramsbottom said, “We are pleased to welcome Hal to the role of Chairman of the Board. Hal has been a director of Rentech since 2005 and has 25 years of experience in the energy industry. Hal’s experience managing public energy companies will greatly benefit Rentech. The Board and I look forward to working closely with Hal as Rentech focuses its strategy on profitable growth opportunities in the energy space.”

In addition to his new role as Chairman, Mr. Washburn serves on Rentech’s audit and compensation committees. Mr. Washburn is the Chief Executive Officer of BreitBurn GP, LLC, the general partner of BreitBurn Energy Partners LP (NASDAQ: BBEP).

Mr. Yakobson said, “My time with Rentech over the past 30 years has been one of the most exciting periods in my professional life. I have been honored to be a part of the team that grew Rentech from a concept born in the early eighties to where it is today, a company poised for commercial growth. I firmly believe that Hal’s experience in the financial and public company arenas will bring the required corporate experience needed for Rentech to execute on its business strategy, and I look forward to continuing to work with Hal on the Board.”

Mr. Washburn commented, “On behalf of the Board, I’d like to thank Dennis for his significant contributions to Rentech’s evolution as Chairman. I look forward to guiding the Company into the next phase of commercial success, with a keen focus on increasing shareholder value.”

About Rentech, Inc.

Rentech, Inc. (www.rentechinc.com), incorporated in 1981, provides clean energy solutions. The Company's Rentech-SilvaGas and Rentech-ClearFuels biomass gasification processes can convert multiple cellulosic biomass feedstocks into synthesis gas (syngas) for production of renewable fuels and power. Combining the gasification processes with Rentech's unique application of syngas conditioning and clean-up technology and the patented Rentech Process based on Fischer-Tropsch chemistry, Rentech offers an integrated solution for production of synthetic fuels from cellulosic biomass. The Rentech Process can also convert syngas from fossil resources into ultra-clean synthetic jet and diesel fuels, specialty waxes, and chemicals. Final product upgrading and acid gas removal technologies are provided under an alliance with UOP, a Honeywell company. Rentech develops projects and offers licenses for these technologies for application in synthetic fuels and power facilities worldwide. Rentech Energy Midwest Corporation, the Company's wholly-owned subsidiary, manufactures and sells nitrogen fertilizer products including ammonia, urea ammonia nitrate, urea granule, and urea solution in the corn-belt region of the central United States. Rentech has been recognized by Biofuels Digest as one of the 50 Hottest Companies in Bio-energy and has been named as one of the Biofuels Digest Companies of the Year for its recent innovations and achievements, particularly in aviation biofuels.

Safe Harbor Statement

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 about matters such as the outlook Rentech. These statements are based on management's current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking are set forth in the Company's press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech's web site at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this release, and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.

Rentech, Inc. (NASDAQ:RTK)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Rentech, Inc. Charts.
Rentech, Inc. (NASDAQ:RTK)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Rentech, Inc. Charts.