The Company previously indicated its desire to reduce the size of its board of directors as it enters the next chapter focused on the operation of its mineral assets. Three directors – John Enlow, Peter Madden, and Steve Winch – have tendered their resignations effective today and Mark Sherman agreed to join Keweenaw’s Board. “The transaction we closed on today has been the culmination of years of hard work. We are looking forward to Keweenaw’s next phase,” said Keweenaw Chairman Jamie Mai. “I’d like to thank John Enlow, Pete Madden and Steve Winch for their invaluable contributions over the past few years and we are thrilled that Mark Sherman has agreed to join Keweenaw’s board.” Following the resignations and addition above, Keweenaw’s board now consists of three members — Chairman Jamie Mai, Eric Speron and Mark Sherman.
President and CEO of the Company, Mark Sherman will retire effective December 31, 2021. The Company has appointed Timothy G. Lynott, 44, as President to oversee the mineral operation. Mr. Lynott has served as the Company’s Treasurer and Controller of Keweenaw since June 25, 2019. Prior to joining Keweenaw, Mr. Lynott worked at Highland Copper Company, a publicly-traded development-stage copper company, as Manager of Finance and Administration for a period of five years. Mr. Lynott previously held similar positions at Hudbay Minerals and White Pine Copper Refinery (a division of Hudbay) and Jacquart Fabric Products, Inc. Mr. Lynott received his bachelor’s degree at Alma College in Michigan and is a Certified Management Accountant.
Jamie Mai commented: “We are thankful for the tremendous efforts of management over these past several months to bring this transaction to fruition. We congratulate Mark on his retirement and look forward to working with Tim as we move forward.“
Contact: Paula J. Aijala, Secretary, Keweenaw Land Association, Limited, investors@keweenaw.com
About Keweenaw Land Association, Limited: Keweenaw, headquartered in Ironwood, Michigan, previously operated as a forest products and land management company owning substantial subsurface mineral rights. Following the sale of its timberland assets, Keweenaw’s business will be focused on its mineral assets. Additional information is available on the Company’s website at www.keweenaw.com. The Company is currently not subject to the filing requirements of the Securities Exchange Act of 1934, as amended. The Company is categorized as “Pink Current Information” under the OTC Pink Sheets.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that have been made pursuant to provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the Company’s expectations or beliefs concerning future events, including any statements regarding: the anticipated closing date or distribution date or the Company’s future mineral operations. Without limiting the foregoing, the words “believes,” “intends,” “projects,” “plans,” “expects,” “anticipates” “estimates” and similar expressions are intended to identify forward-looking statements. Actual events or results may differ materially from these projections. Information regarding the risks, uncertainties and other factors that could cause actual results to differ from the results in these forward-looking statements are discussed under the section “risk factors” in the Company’s proxy statement. Please carefully consider these factors, as well as other information contained herein and in our periodic reports and accompanying documents found on our website (at www.keweenaw.com/company-reports/). The forward-looking statements included in this press release are made only as of the date of this press release. We do not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
