Empire Diversified Energy, Inc. appoints Al Salazar to its Board of Directors

Rhea-AI Summary

Empire Diversified Energy, Inc. (OTCQB: MPIR) has expanded its Board of Directors by appointing Al Salazar, known for founding Jefferson Enterprise group. Notably, Jefferson developed the Jefferson Terminal in Beaumont, Texas, and its Gladieux Metals Recycling, valued at over $1.2 billion. Salazar's expertise comes at a pivotal time following Empire's $26 million bond funding, which necessitates enhanced management capabilities. The company, focused on energy logistics and solutions, aims to develop a comprehensive network for international sales of petrochemicals.

Positive

• Al Salazar's appointment brings extensive experience in environmental ventures, potentially strengthening strategic direction.
• The addition of a new board member follows a significant $26 million bond funding, indicating financial growth opportunities.

Negative

• The reliance on a new board member raises concerns about continuity and potential gaps in management experience.

FORT LAUDERDALE, Fla., July 29, 2021 /PRNewswire/ -- Empire Diversified Energy, Inc. (OTCQB: MPIR) announced today that it has expanded its Board of Directors with the addition of Al Salazar, who brings a wealth of experience and expertise to his new position at Empire.  Mr. Salazar is the founder and driving force behind the Jefferson Enterprise group of environmental companies.  Since the successful development of the Jefferson Terminal in Beaumont, Texas, Mr. Salazar and his team have expanded Jefferson's footprint through the development of new entities, including Gladieux Metals Recycling in Freeport, Texas, the larger of two players in North America that recycle spent catalyst.  Beginning with a $1 million investment in 2017, Gladieux was recently valued at $1.2+ billion.  Jefferson is also developing a sister Gladieux Metals Recycling facility in Atoka, Oklahoma to process spent catalyst, a biofuels facility in Kentucky that will convert waste vegetable oils to renewable diesel, a recycled fiber paper manufacturing complex in Lufkin, Texas, and a national program to efficiently convert waste industrial cooking oils to renewable diesel fuel feedstock.

Empire's recent closing of a West Virginia Business Development Bond Funding in the amount of $26 million, underwritten by Citigroup, and the acquisition of corporate and other assets as a result, has brought a need for additional management experience and capabilities.  Mr. Salazar's addition to the Board of Directors helps fill those needs.

About Empire Diversified Energy, Inc.

Empire Diversified Energy, Inc. is a full-service company offering logistic and service solutions to the dynamic changing needs of the energy industry. The Company's goal, based on years of demonstrable experience, is to develop a network of logistics and storage facilities to promote international sales of petrochemicals and other materials. Statements contained in this communication that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements, including our expectations regarding the closing and timing of the bond issuances and receipt of any proceeds therefrom, and acquisitions, are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, or expected, or described pursuant to similar expressions.

www.Empirediversifiedenergy.com 

View original content:https://www.prnewswire.com/news-releases/empire-diversified-energy-inc-appoints-al-salazar-to-its-board-of-directors-301343669.html

SOURCE Empire Diversified Energy Inc.

FAQ

Who is Al Salazar and what is his role in Empire Diversified Energy?

Al Salazar is the newly appointed board member of Empire Diversified Energy, bringing experience from his role at Jefferson Enterprise group.

What prompted Empire Diversified Energy to expand its Board of Directors?

The expansion was prompted by the recent $26 million bond funding and the need for additional management expertise.

How does Al Salazar's appointment impact Empire Diversified Energy's future?

Salazar's experience may provide strategic advantages, given his successful background in environmental and recycling ventures.