Alto Ingredients, Inc. Elects Maria G. Gray to the Board

Rhea-AI Summary

Alto Ingredients, Inc. (NASDAQ: ALTO) announced that all company proxy proposals were approved at the Annual General Meeting of Shareholders held on June 24, 2022. Shareholders elected Maria G. “Gabby” Gray as an independent director, succeeding John L. Prince who retired. Gray brings extensive experience in refining and chemical processes, which aligns with the company's focus on quality and sustainability. The board now consists of seven members, and Gray's appointment aims to enhance board diversity and operational efficiency.

Positive

• Election of Maria G. Gray as independent director enhances board diversity.
• Gray's extensive experience in refining and chemical processes beneficial for operational improvements.
• Company continues to focus on quality and sustainability initiatives.

Negative

• None.

- All Company Proxy Proposals Approved at AGM -

SACRAMENTO, Calif., June 24, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, announced the shareholders approved all of the proposals in the proxy at the Annual General Meeting of Shareholders, including electing Maria G. “Gabby” Gray, 45, as an independent director of the board, effectively immediately. The board membership remains at seven, and Gray replaces John L. Prince, 79, who retired [with no malice toward the company] as part of a Board refreshment and focus on increasing board diversity.

“Maria has served as an advisor to the board for approximately a year and provided excellent counsel,” said William L. Jones, Alto Ingredients’ Chairperson. “We expect to benefit from Maria’s depth and breadth of experience in refining, industrial and chemical processes and operations. She has deep understanding of production, including plant operations and optimization, as well as in supporting capital investments for projects up to $400 million. Additionally, her work driving Process Safety Management initiatives and developing management systems to energize organizations around safety and regulatory compliance aligns well with our increased emphasis on Quality and Sustainability.”

Jones added, “We thank John for his service to Alto Ingredients. We appreciate his leadership as the company evolved to become a leading producer and distributor of specialty alcohols and essential ingredients, and his support of greater diversity on the Board.”

About Maria G. Gray
Maria G. “Gabby” Gray has been an advisor to the Alto Ingredients board since June 2021. From 2012 to 2021, Ms. Gray served in several capacities, including as a Senior Health, Safety, and Environmental Professional and as a Project Process Engineering Lead, at Marathon Petroleum Company, an petroleum refining, marketing, and transportation company. From 2001 to 2012, she held various engineering and supervisory roles at Motiva Enterprises LLC, which operates North America’s largest refinery in Port Arthur, Texas, producing and distributing fuels and specialty chemicals. Ms. Gray also served as a Process Engineer for Union Carbide Corporation, a wholly owned subsidiary of Dow Chemical Company, that produces specialty chemicals and polymers.

Ms. Gray has a B.S. degree in Chemical Engineering, Minor in Business and Minor in Architecture from Tulane University.

About Alto Ingredients, Inc.
Alto Ingredients, Inc. (ALTO) is a leading producer and distributor of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home & Beauty; Food & Beverage; Essential Ingredients; and Renewable Fuels. The company’s customers include major food and beverage companies and consumer products companies. For more information, please visit www.altoingredients.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ expected uses of funds received under the USDA’s Biofuel Producer Program and the effects of, including the financial results deriving from, Alto Ingredients’ capital improvement projects; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business. These factors include, among others, Alto Ingredients’ ability to timely and effectively complete its capital improvement and other projects and initiatives, and to operate them as expected; adverse economic and market conditions, including for specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; and the effects – both positive and negative – of the coronavirus pandemic and its resurgence or abatement. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the specialty alcohol production and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2022.

Media Contact:                 
Bryon McGregor, Alto Ingredients, Inc., 916-403-2768
mediarelations@altoingredients.com

Company IR Contact:                 
Michael Kramer, Alto Ingredients, Inc., 916-403-2755 investorrelations@altoingredients.com

IR Agency Contact:
Kirsten Chapman, LHA Investor Relations, 415-433-3777 investorrelations@altoingredients.com 

FAQ

What proposals were approved at Alto Ingredients' AGM on June 24, 2022?

All company proxy proposals were approved, including the election of Maria G. Gray as an independent director.

Who is the new independent director elected at Alto Ingredients' AGM?

Maria G. “Gabby” Gray was elected as the new independent director.

Why did John L. Prince retire from Alto Ingredients' board?

John L. Prince retired as part of a board refreshment and to increase board diversity.

What is Maria G. Gray's background?

Maria G. Gray has extensive experience in the refining and chemical industries, including roles at Marathon Petroleum and Motiva Enterprises.