Perma-Pipe International Holdings, Inc. Announces the Appointment of Ibrahim Jaham Al Kuwari to its Board of Directors

Rhea-AI Summary

Perma-Pipe International Holdings (Nasdaq: PPIH) announced significant changes to its Board of Directors. Ibrahim Jaham Al Kuwari will join as Independent Director effective January 6, 2025, bringing extensive Middle East Gulf Region expertise. Current Independent Director Cynthia Boiter will resign effective May 1, 2025, while Chairman Jerome Walker will not seek re-election at the 2025 Annual Stockholders Meeting.

Al Kuwari, a Qatari national with significant business leadership experience, previously served as CEO of Qatar Solar Technologies (2018-2024) and Qatar Fuel (2014-2017), and as Deputy General Manager of Dolphin Energy (2005-2014). He holds a BS in Industrial and Systems Engineering from USC.

CEO David Mansfield acknowledged Boiter's contributions since 2019 in corporate governance and financial management, and Walker's role since 2014 in guiding the company's strategic repositioning and growth transformation.

Positive

• Appointment of Ibrahim Al Kuwari brings strategic Middle East expertise to capitalize on regional growth opportunities
• Recent earnings and stock performance indicate successful strategic transformation
• Company maintains strong global leadership position in pre-insulated piping and leak detection systems

Negative

• Loss of experienced board members with Boiter's resignation and Walker's departure
• Significant board turnover may create temporary leadership transition challenges

Perma-Pipe Board member Cynthia Boiter resignation and Chairman Jerome T. Walker not standing for re-election

SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), today announced changes to its Board of Directors, including the appointment to the Board of Mr. Ibrahim Jaham Al Kuwari, effective January 6, 2025.

Concurrent with this announcement, Independent Director Cynthia Boiter has announced her resignation, effective May 1, 2025, and current Chairman of the Board, Jerome Walker, has announced he will not be standing for re-election at Perma-Pipe’s upcoming 2025 Annual Stockholders Meeting. They will both be transitioning their Board responsibilities over the coming months.

President and CEO, Mr. David Mansfield commented, “Ms. Boiter has been a valued Board member since 2019, providing significant insight and support to the Company, particularly in the areas of corporate governance and financial management.

"Mr. Walker has been a long-time member of our Board, joining in 2014 and assuming the Chairmanship in 2022. He has helped guide the Company and the Board through significant strategic repositioning and growth transformation into the strong global leader we are today, as evidenced by our recent earnings and stock performance.

"We thank both of them for their commitment, service, and contributions to our employees and stockholders, and wish them the very best.”

Mr. Mansfield continued, “We regularly evaluate our Board composition to ensure it includes the appropriate skills, experience, and perspectives necessary to drive growth for our stockholders. We also strive to keep the Board refreshed to maintain diversity of thought and contemporary insights consistent with industry best practices. The addition of Mr. Al Kuwari as an Independent Director will bring new and extensive Middle East Gulf Region expertise and perspective to the Board, which is critical given the rapid growth and significant potential the region provides to the Company. We are extremely pleased to have him join our Board."

Mr. Al Kuwari, a Qatari national, has extensive business leadership, engineering, planning and project management expertise, serving as CEO of Qatar Solar Technologies from 2018-2024, CEO of Qatar Fuel from 2014-2017, and as Deputy General Manager of Dolphin Energy, Ltd, from 2005-2014. He graduated from the University of Southern California in 1987 with a Bachelor of Science degree in Industrial and Systems Engineering.

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH, “Perma-Pipe”, or the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fifteen locations in six countries.

Forward-Looking Statements

Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250106413838/en/

David Mansfield, President and CEO

Perma-Pipe Investor Relations

investor@permapipe.com

847.929.1200

Source: Perma-Pipe International Holdings, Inc.

FAQ

When will Ibrahim Al Kuwari join PPIH's Board of Directors?

Ibrahim Al Kuwari will join Perma-Pipe's Board of Directors effective January 6, 2025.

Why is PPIH adding Middle East expertise to its Board?

PPIH is adding Middle East expertise due to the rapid growth and significant potential the Gulf Region provides to the company.

When will Cynthia Boiter resign from PPIH's Board?

Cynthia Boiter will resign from Perma-Pipe's Board effective May 1, 2025.

What is Ibrahim Al Kuwari's professional background?

Al Kuwari served as CEO of Qatar Solar Technologies (2018-2024), CEO of Qatar Fuel (2014-2017), and Deputy General Manager of Dolphin Energy (2005-2014).

How long has Jerome Walker served on PPIH's Board?

Jerome Walker has served on Perma-Pipe's Board since 2014, becoming Chairman in 2022.