Alloy Steel International Reports Director Appointment

Rhea-AI Summary

Alloy Steel International (OTC: AYSI) has expanded its Board of Directors from two to three members by appointing Richard Homsany as a director, effective immediately. Homsany brings extensive experience in corporate law and finance, particularly within the resources sector. He currently serves in leadership roles for several companies, including Toro Energy Limited and Mega Uranium Ltd. His appointment is expected to enhance the company's governance and strategic direction. Homsany will receive standard compensation for non-employee directors and has entered into a director indemnification agreement.

Positive

• Appointment of Richard Homsany adds expertise to the Board.
• Homsany's extensive experience in corporate law and resources sector is advantageous.

Negative

• None.

PERTH, Australia, June 25, 2021 /PRNewswire/ -- Alloy Steel International, Inc. (OTC: AYSI) ("Alloy Steel" or "Company") the manufacturer of Arcoplate and provider of anti-wear and hang-up solutions to the mining and bulk materials industries, based in Perth, Western Australia, today announced an increase in the size of the Board of Directors of the Company (the "Board") from two to three directors and effective immediately appointed Mr. Richard Homsany to serve as a director of the Company until the next annual meeting of the Company's stockholders.

Mr. Homsany is an experienced corporate lawyer and Certified Practising Accountant (CPA) with significant experience in the resources and energy sectors. He is Executive Chairman of ASX listed uranium exploration and development company Toro Energy Limited (ASX:TOE) and Executive Vice President, Australia of TSX listed uranium exploration company Mega Uranium Ltd (TSX:MGA) and the principal of Cardinals Lawyers and Consultants, a West Perth based corporate and resources law firm. Mr. Homsany is also the Chairman of ASX listed copper exploration company Redstone Resources Limited (ASX:RDS) and TSX-V listed gold and iron ore explorer Central Iron Ore Limited (TSX-V:CIO). He is also Chairman of the Health Insurance Fund of Australia Ltd (HIF). Mr. Homsany was previously a partner of the global law firm DLA Piper (formerly DLA Phillips Fox).

Mr. Homsany has extensive experience in corporate law, including advising public resources and energy companies on corporate governance, finance, capital raisings, takeovers, mergers, acquisitions, joint ventures and divestments. He also has significant board and experience with publicly listed resource companies including as chairman. He has also worked for an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate matters. He has a Commerce Degree and Honours Degree in Law from the University of Western Australia and a Graduate Diploma in Finance and Investment from the Financial Services Institute of Australasia (FINSIA) (State Dux). He has also completed the Australian Institute of Company Directors course.

Mr. Homsany will participate in the Company's standard non-employee director compensation arrangements. Under the terms of those arrangements, Mr. Homsany will receive, among other things, annual compensation for serving on the Board and any applicable committees thereof pursuant to the Company's non-employee director compensation policy.

The Company has also entered into its standard form of director indemnification agreement with Mr. Homsany.  This indemnification agreement provides, among other things, that the Company will indemnify Mr. Homsany, under the circumstances and to the extent provided therein, for certain expenses which he may be required to pay in connection with certain claims to which he may be made a party by reason of his position as a director of the Company, and otherwise to the fullest extent permitted by Delaware law.

There are no arrangements or understandings between Mr. Homsany and any other person pursuant to which he was selected as a director of the Company, and there are no related person transactions between Mr. Homsany and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

FOR FURTHER INFORMATION
Thushara Sam Dahanayake
Company Secretary
+61-8-9248 3188

View original content:http://www.prnewswire.com/news-releases/alloy-steel-international-reports-director-appointment-301320379.html

SOURCE Alloy Steel International, Inc.

FAQ

What is the latest news regarding Alloy Steel International (AYSI)?

Alloy Steel International expanded its Board of Directors by appointing Richard Homsany as a new director.

Who has been appointed to the Board of Directors of Alloy Steel International?

Richard Homsany has been appointed as a director of Alloy Steel International.

What experience does Richard Homsany bring to Alloy Steel International?

Richard Homsany has extensive experience in corporate law and finance, especially in the resources sector.

When was Richard Homsany appointed to Alloy Steel's Board?

Richard Homsany was appointed effective immediately on June 25, 2021.

How many directors are now on the Board of Alloy Steel International?

The Board of Alloy Steel International has increased to three directors.