ENGLEWOOD, Colo.--(BUSINESS WIRE)--Westmoreland Coal Company (NasdaqGM: WLB, “Westmoreland”), and its Chief Executive Officer Keith E. Alessi, received a letter dated July 26, 2015, from Mr. Charles Frischer of LF Partners. "I am in receipt of Mr. Charles Frischer’s letter in which he directs numerous suggestions to me and the board of directors of Westmoreland," stated Mr. Alessi. "The Board and I always welcome the constructive input of major shareholders and, being focused on both the strategic needs of the business and the long term value to our investors, we will certainly give Mr. Frischer's suggestions consideration. We are acutely aware of the negative market sentiments caused by the failure of other coal companies. We will continue to tell the Westmoreland story centered on long-term contracted positions and a cash generating model, versus our industry’s more common commodity price driven model. We remain focused on safe and efficient production."
"In our recent earnings call, there was confusion caused by the answer to a question concerning our intentions of how we plan to finance the previously announced acquisition of the San Juan mine in Farmington, New Mexico. As I mentioned on the call, the transaction must first be approved by the New Mexico Public Service Commission. Assuming this approval is received, the deal will close on December 31, 2015,” explained Mr. Alessi. “To be clear, it has never been our intent to finance this contemplated transaction through the issuance of equity.”
Mr. Alessi continued, “We remain focused on executing our business model. As we have successfully done in the past, I believe that we can continue to prudently grow the business in an accretive fashion."
About Westmoreland Coal Company
Westmoreland Coal Company is the oldest independent coal company in the United States. Westmoreland’s coal operations include sub-bituminous and lignite surface coal mining in the Western United States and Canada, an underground bituminous coal mine in Ohio, a char production facility, and a 50% interest in an activated carbon plant. Westmoreland also owns the general partner of and a majority interest in Westmoreland Resource Partners, LP, formerly Oxford Resource Partners, LP, a publicly-traded coal master limited partnership. Its power operations include ownership of the two-unit ROVA coal-fired power plant in North Carolina. For more information, visit www.westmoreland.com.
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