SASKATOON, Saskatchewan--(BUSINESS WIRE)--Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V:GSP), a fertilizer development company focused on sustainable potash production, is pleased to announce that Alton Anderson, CPA, CA, has joined the company as of January 1, 2021. Over the next three months, Mr. Anderson will transition into the role of Chief Financial Officer, formally taking on that position April 1, 2021.
“We are excited to welcome Alton to the team,” said Mike Ferguson, President and CEO. “Alton, with his direct experience in the potash industry, is a strong addition to the Company. He brings a broad range of financial management expertise as well as project and business management acumen to Gensource. His achievements and background in finance and business operations gained over his 30-year career in the fertilizer industry will be extremely beneficial as we continue to build the company and implement processes and procedures for project execution and long-term operations.”
Current Chief Financial Officer and co-founder Rob Theoret will assume the role of VP Corporate Finance and Business Development. With the Tugaske Project progressing towards financial close, leading to construction, this new role will allow Mr. Theoret to continue to focus on Gensource’s business plan of developing additional projects and finding additional business opportunities within the fertilizer sector.
Mr. Anderson is a seasoned finance executive with over 30 years’ experience in the fertilizer industry including 22 years at PotashCorp and Nutrien. He has direct experience across the entire supply chain, which will serve him well as CFO at Gensource. Mr. Anderson has led teams in finance, supply chain management, transportation, procurement, operations, sales & marketing, and business transformation. He is a Chartered Professional Accountant (CPA, CA) with a Bachelor of Commerce degree from the University of Saskatchewan.
“I am thrilled to join Gensource at this pivotal time with the Tugaske Project well underway,” said Mr Anderson. “I truly believe that Gensource’s innovative approach to potash production has the potential to make positive and sustainable changes across the entire industry.”
Gensource Potash is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a small scale and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a small and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing the single largest negative environmental impact of conventional potash mining.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations. Forward looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including the ability to finance the Tugaske Project or other projects, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’s financial condition and prospects, the ability to finance the Tugaske Project or other projects on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.