– USA, MN – Dakota Plains Holdings, Inc. (NYSE MKT:DAKP) announced today that it has expanded its board of directors from six to seven directors and William DeRosa, of Lone Star Value Management, LLC has been appointed to the board to fill the newly created vacancy effective immediately. Lone Star Value beneficially owns 3.5 million shares of Dakota Plains common stock, equating to 6.4% of all shares outstanding.
“We are very pleased to welcome William DeRosa to the board at this exciting time for Dakota Plains,” said Craig McKenzie, Chairman and CEO of Dakota Plains. “Bill’s experience in the capital markets and at Lone Star Value, a fund that specializes in enhancing stockholder value, will enable him to be a strong contributor to the Dakota Plains Board of Directors.”
“Due to the significant growth of oil and gas production in the Bakken and Three Forks region, transloading assets are becoming critical components of midstream infrastructure. Dakota Plains has built a premier transloading facility that has significant scalability and offers diversification through a unique in-bound business. The company will be well-served to focus on this core asset and Bill DeRosa will provide valuable insight in the boardroom as the company works towards this goal and the goal of creating value for all stockholders,” said Jeff Eberwein, Founder and Chief Executive Officer of Lone Star Value.
Mr. DeRosa has served as Director of Research at Lone Star Value Management, LLC since April, 2014. Prior to joining Lone Star Value, Mr. DeRosa was a Senior Analyst on the Special Situations Equity team at Magnetar Capital. Prior to this Mr. DeRosa was an Equity Industrials Analyst at Tudor Investment Management, and previously worked with Mr. Eberwein covering Autos, Transportation and Machinery at Soros Fund Management, LLC. Mr. DeRosa received an MBA from Cornell University’s S.C. Johnson School of Management, and a BA from Hamilton College.
About Dakota Plains Holdings, Inc.
Dakota Plains is an integrated midstream energy company, which competes through its 50/50 joint ventures to provide customers with crude oil offtake services that include marketing, transloading and trucking of crude oil and related products. Direct and indirect assets include a proprietary trucking fleet, over 1000 railroad tank cars, and the Pioneer Terminal transloading facility centrally located in Mountrail County, North Dakota, for Bakken and Three Forks related E&P activity.
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