Stillwater Calls on Clinton Group and Dr. Charles Engles to Publicly Disclose Reasons for Dr. Engles′s Abrupt Resignation in 1997
Stillwater Mining Company (NYSE:SWC) (TSX:SWC.U) ('Stillwater? or the
'Company?) today called on the Clinton Group, Inc. and Dr. Charles
Engles, former Stillwater Chairman and Chief Executive Officer and a
current director nominee of the Clinton Group, to publicly disclose the
reasons surrounding his abrupt resignation from Stillwater in 1997 just
two and half years after appointment to the position.
On February 21, 1997, Stillwater issued a press release announcing Dr.
Engles′s resignation as Chairman and Chief Executive Officer of the
Company without providing any context or explanation and at a time when
the Company was struggling.
Stillwater shareholders deserve an immediate, transparent and forthright
explanation by Dr. Engles and the Clinton Group regarding the abrupt
resignation. The Clinton Group ? which only recently acquired 1.3% of
Stillwater′s outstanding shares and has no relevant experience investing
in mining companies ? is seeking control of Stillwater by nominating a
slate of director nominees, including Dr. Engles, to the Stillwater
Board.
It is critical that Stillwater shareholders are made aware of the
details regarding Dr. Engles′s abrupt resignation given the Clinton
Group′s representation disclosed today that Dr. Engles has been put
forward as a CEO candidate in the event it is successful in its takeover
of Stillwater.
'If necessary, former CEO and nominee, Charles Engles, can fulfill
the role of Interim CEO while a permanent CEO is found?
-- Clinton Presentation April 9, 2013
Stillwater today also noted that after it brought to light material
inconsistencies in John DeMichiei′s academic record and highlighted the
significant labor, safety and environmental issues at Signal Peak under
his leadership, Mr. DeMichiei withdrew his name from the Clinton Group
slate of nominees.
Stillwater′s Board of Directors has filed definitive proxy materials
with the Securities and Exchange Commission (SEC) in connection with the
Company's 2013 Annual Shareholders Meeting, which will be held on May 2,
2013, and all shareholders of record as of March 6, 2013 are entitled to
vote at the Annual Meeting. Stillwater encourages all shareholders to
carefully review its definitive proxy filing, investor presentation and
other materials and vote only their WHITE proxy in advance of the proxy
voting deadline. For information about Stillwater′s 2013 Annual
Shareholders Meeting, please visit www.supportstillwater.com.
About Stillwater Mining Company
Stillwater Mining Company is the only U.S. producer of palladium and
platinum and is the largest primary producer of platinum group metals
outside of South Africa and the Russian Federation. The Company′s shares
are traded on the New York Stock Exchange under the symbol SWC and on
the Toronto Stock Exchange under the symbol SWC.U. Information on
Stillwater Mining Company can be found at its website: www.stillwatermining.com.
Some statements contained in this news release are 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, therefore, involve uncertainties or risks that
could cause actual results to differ materially. These statements may
contain words such as 'believes,' 'anticipates,' 'plans,' 'expects,'
'intends,' 'projects', 'estimates,' 'forecast,' 'guidance,' or similar
expressions. These statements are not guarantees of the Company's future
performance and are subject to risks, uncertainties and other important
factors that could cause our actual performance or achievements to
differ materially from those expressed or implied by these
forward-looking statements. Such statements include, but are not limited
to, comments regarding expansion plans, costs, grade, production and
recovery rates, permitting, financing needs, the terms of future credit
facilities and capital expenditures, increases in processing capacity,
cost reduction measures, safety, timing for engineering studies, and
environmental permitting and compliance, litigation, labor matters and
the palladium and platinum market. Additional information regarding
factors, which could cause results to differ materially from
management's expectations, is found in the section entitled 'Risk
Factors' in the Company's 2012 Annual Report on Form 10-K and in
subsequent filings with the United States Securities & Exchange
Commission. The Company intends that the forward-looking statements
contained herein be subject to the above-mentioned statutory safe
harbors. Investors are cautioned not to rely on forward-looking
statements. The Company disclaims any obligation to update
forward-looking statements.
For Stillwater Mining Company
Mike Beckstead, 406-373-8971
or
Innisfree
M&A Incorporated
Arthur Crozier / Jennifer Shotwell / Scott
Winter
212-750-5833
or
Media:
Sard Verbinnen & Co
Dan
Gagnier / Michael Henson
212-687-8080
