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Friday, June 05, 2009 - 7:09 AM
December 15, 2006
Malvern Minerals Announces Share Buyback and Reorganization
Hot Springs, Arkansas – Malvern Minerals, an excavator, processor, and supplier of white silica powder to the coatings industry, has offered to purchase the shares of stock of certain owner’s of record as of November 27, 2006. The transaction must be completed by May 1, 2007.
In addition, Malvern Minerals announced a new division, Custom Blending and Coating (CBC), will begin operation in the first quarter of 2007. CBC will provide toll treating, surface coating, and blending of Malvern Minerals’ and third party products. CBC will inherit state-of-the art equipment as well as Malvern Minerals’ current customer base for these services. The new division will focus its efforts on serving the customers’ increasing interest in and demand for these services.
In parallel with these actions, Malvern Minerals announces the sale and leaseback of certain real estate assets. Financing assistance for this transaction was provided by Stephens Bank in Stephens, Arkansas.
Tony McAnly, Chairman and CEO, said, “These actions are consistent with Malvern Minerals strategic plan to increase production reliability and enhance customer satisfaction. The real estate sale allows the company to generate capital for investment in spare parts and renovation of deteriorated plant equipment. The capital investment made throughout 2006, and to be made in 2007, coupled with a reinvigorated preventative maintenance schedule ensures customers receive their orders within quoted lead times.
The creation of a separate CBC division helps us better focus on the unique needs of our blending and coating customers. Providing a focused profit center with its own people and reliable equipment will drive improved performance for our customers and Malvern Minerals.”
Brad Smith, Malvern Minerals’ President and COO, commented: “These actions put into practice plans I had hoped to implement several years ago but simply lacked the funds and support to execute. With the consolidation of ownership and the capital funds available I look forward to providing our customers the products they desire within the schedules they desire.”
Malvern Minerals is a Hot Springs, Arkansas based excavator, processor, and supplier of white microcrystalline silica powder and toll processing services to the coatings industry. Since 1947, Malvern Minerals has been the number one supplier of Arkansas Novaculite which is marketed under the brand name Novacite®. Novacite® offers the lowest published oil and water absorption rates of any silica on the market.
Additional information about Malvern Minerals and its products are available at www.malvernminerals.com.
Contact:
Brad Smith
President
501-623-8893
brad.smith@malvernminerals.com
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