DENVER, Feb 11, 2009 (BUSINESS WIRE) -- Intrepid Potash, Inc. (NYSE:IPI), today announced that it has accepted
the resignation of its President and Chief Operating Officer, Patrick L.
Avery. Mr. Avery's duties as President will be assumed by Robert P.
Jornayvaz III, Chairman and CEO, and his duties as Chief Operating
Officer will be assumed by Hugh E. Harvey, Jr., Chief Technology
Officer. Messrs. Jornayvaz and Harvey, co-founders of Intrepid, had
these respective responsibilities prior to Mr. Avery assuming them.
Mr. Avery submitted his resignation and confirmed that despite his
several years of attendance and course work at the University of
Colorado and Loyola Marymount University, he did not receive a B.A.
degree from the University of Colorado or a M.S. degree from Loyola
Marymount University, as he had previously represented. The Company
learned of these facts yesterday.
The Company anticipates entering into an agreement with Mr. Avery to
serve as an operations consultant for an, as yet, undetermined period of
time. The Company will commence a search for a new Chief Operating
Officer.
Mr. Jornayvaz said, "after consulting with our Board of Directors, the
Company accepted Mr. Avery's resignation because his misrepresentation
of his academic credentials was a violation under the Company's Code of
Business Conduct. We are disappointed with this matter. Pat Avery came
to Intrepid with more than twenty years of service with J.R. Simplot and
ARCO and his experience was very helpful to our operations since joining
our Company in 2007."
The Company routinely posts important information about the Company on
its website under the Investor Relations tab. The Company's website
address is www.intrepidpotash.com.
Certain statements in this press release, and other written or oral
statements made by or on behalf of us, are "forward-looking statements"
within the meaning of the federal securities laws. Statements regarding
future events and developments and our future performance, as well as
management's expectations, beliefs, plans, estimates or projections
relating to the future, including statements regarding guidance, are
forward-looking statements within the meaning of these laws. Although we
believe that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, there can be no
assurance that our expectations will be realized. These forward-looking
statements are subject to a number of known and unknown risks and
uncertainties, many of which are beyond our control that could cause
actual results to differ materially and adversely from such statements.
These risks and uncertainties include: changes in the price of potash or
langbeinite; operational difficulties at our facilities; changes in
demand and/or supply for potash or langbeinite; changes in our reserve
estimates; our ability to achieve the initiatives of our business
strategy, including but not limited to the development of the HB Mine as
a solution mine; changes in the prices of our raw materials, including
but not limited to the price of natural gas; fluctuations in the costs
of transporting our products to customers; changes in labor costs and
availability of labor with mining expertise; the impact of federal,
state or local government regulations, including but not limited to
environmental and mining regulations; competition in the fertilizer
industry; declines in U.S. or world agricultural production; declines in
oil and gas drilling; changes in economic conditions; adverse weather
events at our facilities; our ability to comply with covenants inherent
in our current and future debt obligations to avoid defaulting under
those agreements; continued disruption in credit markets; governmental
policy changes that may adversely affect our business and the risk
factors detailed in our filings with the Securities and Exchange
Commission. Please refer to those filings for more information on these
risk factors. These forward-looking statements speak only as of the date
of this press release, and we undertake no obligation to publicly update
or revise any forward-looking statement, whether as the result of future
events, new information or otherwise.
SOURCE: Intrepid Potash, Inc.
Intrepid Potash, Inc.
William I. Kent, 303-296-3006
Copyright Business Wire 2009