– USA, HI – Barnwell Industries, Inc. (NYSE: BRN) today announced proposed changes to refresh and strengthen its Board of Directors, adding three highly qualified, independent director nominees, Ms. Erminia Bossio, Peter J. O’Malley and Kenneth S. Grossman, to the slate of nominees to be elected at the Company’s upcoming annual meeting of stockholders.
The new directors would contribute considerable financial expertise and industry knowledge to the Board. With the new nominations, current directors Martin Anderson, Murray C. Gardner and Russell M. Gifford will not be re-nominated to stand for election at the upcoming annual meeting of stockholders. Russell M. Gifford, Chief Financial Officer of Barnwell, will continue to serve as Executive Vice President, Chief Financial Officer, Secretary and Treasurer. As a result of these changes to the slate of nominees, if elected, Barnwell’s Board will comprise seven directors, of whom six would be independent after the upcoming annual meeting of stockholders.
“We are pleased to add Ms. Bossio, Mr. O’Malley and Mr. Grossman as nominees for independent directors. They bring a unique combination of experience and in-depth knowledge across industry and capital markets, and we look forward to working with them to continue advancing the Company’s plan to create value for all of our stockholders,” said James S. Barnwell III, Chairman of the Board. “On behalf of the Board, I also want to thank Messrs. Anderson, Gardner and Gifford for their many years of dedicated service to the Company as directors.”
Mr. Alexander Kinzler, Chief Executive Officer of Barnwell, commented, “After announcing Barnwell’s first-quarter results, we are pleased to continue our positive momentum through the addition of three exceptional director nominees to our Board. These changes reflect a thoughtful and deliberate process to refresh and strengthen Barnwell’s governance, which ensures we have the critical skill sets among our directors to drive long-term success and stockholder value.”
About Emi R. Bossio
Ms. Emi R. Bossio is currently a partner with the law firm Peacock Linder Halt & Mack, LLP, of Calgary, Alberta, Canada, where she has worked since 2002. Ms. Bossio’s professional experience includes more than 23 years of private litigation practice and has included representation of various business entities in the oil and gas sectors. Throughout her career, Ms. Bossio has received numerous awards, and her accomplishments in the legal community have been recognized by several publications and reference works that are widely consulted by her colleagues. She has been recognized as one of the Top 25 Female Litigators in Canada, as a Litigation Star and a Rising Star and by her peers in Best Lawyers in Canada. Ms. Bossio has a B.A. in History from the University of Alberta and an LL.B. from the University of Toronto.
About Peter J. O’Malley
Mr. Peter J. O’Malley is the founder of Kenosis Capital LLC, a merchant advisory firm, where he provides strategic advice to clients regarding business development and financing. Mr. O’Malley has a broad range of experience, as well as business and investment contacts which he developed over his 25-year career in international investment banking. His past employment includes key management positions at Credit Suisse, Deutsche Bank in New York and Hong Kong, as well as other investment banking firms in the United States and Asia. Mr. O’Malley has a B.A. in Political Science from Siena College and a J.D. from St. John’s University School of Law.
About Kenneth S. Grossman
Mr. Kenneth S. Grossman is an attorney in limited private practice as well as Senior Managing Director of Steppingstone Group, LLC. Mr. Grossman has invested and managed capital as a buy-side principal since 1990. Throughout his career, he has served as an independent director of many privately held and public companies, and as a member of creditor, bank group and shareholder committees for other businesses. He has extensive experience in advising investors as well as shepherding business clients with respect to distressed and other debt-challenged “special situation” companies. Mr. Grossman has a B.A. from Trinity College in Connecticut and a J.D. from George Washington University.
About Barnwell Industries, Inc.
Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration, development, production and sales in Canada; investing in leasehold interests in real estate in Hawaii; and well drilling services and water pumping system installation and repairs in Hawaii.
For more information: http://www.brninc.com
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