Message #23 From:
NewsBot Date: January 11, 2007 05:30:00 AM
SHMT News Shumate Appoints Frank Jungers to Its Board of Directors
CONROE, Texas--(BUSINESS WIRE)--Shumate Industries (OTCBB:SHMT) announced today the appointment of Frank
Jungers, former CEO and Chairman of the Arabian American Oil Company, to
its Board of Directors.
Mr. Jungers has more than 40 years' professional experience in varied
industries of which more than 30 years were spent in the energy sector
with the Arabian American Oil Company, also known as ARAMCO. Holding the
concession for all of Saudi Arabia's oil production, ARAMCO is the
largest producer of crude and liquefied gas in the world. Mr. Jungers
began working for ARAMCO in 1947 positioned primarily in Saudi Arabia
for nearly 30 years until his retirement. His term with ARAMCO was
followed by several years of service as a board member of several
internationally recognized companies, such as a director of AES
Corporation and Georgia Pacific Corporation. He is currently a director
of Horizon Lines Inc., a NYSE-traded leading container shipping and
logistics company.
Frank Jungers commented, “I am delighted to
join the board of Shumate and look forward to the opportunity to
collaborate with and advise management as the company executes the
growth and expansion of the Hemiwedge® Valve
Technology. My recent visit to the company gave me a better
understanding of how tangible this new technology is for the market and
the company seems well positioned for growth.”
Larry Shumate, CEO of Shumate Industries, stated, “Frank’s
experience in industry and as an internationally recognized executive is
of tremendous value for our Company. Our firm is excited to work with
someone of his caliber.”
About Shumate Industries, Inc.
Shumate Industries, Inc. is a Texas-based, energy field services company
that incorporates new technologies to bring products to market
leveraging its existing infrastructure, expertise and customer channels.
The Company operates through two wholly owned subsidiaries: (1) Shumate
Machine Works, a contract machining and manufacturing division which
makes energy exploration and production products for its customers; and
(2) Hemiwedge Valve Corporation (HVC), a manufacturer and marketer of
the proprietary new Hemiwedge® valve
technology. HVC’s first proprietary product,
the Hemiwedge® Cartridge Valve is a
surface-level valve targeting energy flow control applications, while
the Hemiwedge® Sub Sea High Pressure valve is
in discussions for licensing. The Hemiwedge®
DIV or down hole isolation valve is under a development agreement
announced in July 2006.
Shumate Industries employs approximately 65 people at two plants in
Conroe, Texas, north of Houston which total 85,000 square feet. For
additional information on the Company and its products please visit www.shumateinc.com.
Forward-Looking Statements
This document contains discussion of items that may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although the Company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ from
expectations include, but are not limited to, customer concentration
risk, difficulties in refinancing its debt, difficulties in
consolidating the operations of the Company's operating subsidiaries,
difficulties in accelerating internal sales growth, volatility of the
energy business and its effects on the Company's business, difficulties
in new technology acceptance within the energy industry, restrictive
covenants in our existing credit facilities, fluctuations in metals
prices, general economic conditions in markets in which we do business,
extensive environmental and workplace regulation by federal and state
agencies and other general risks related to its common stock, and other
uncertainties and business issues that are detailed in its filings with
the Securities and Exchange Commission. Shumate Industries disclaims any
intention or obligation to revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
