WEST CHESTER, Pa., April 24, 2014 (GLOBE NEWSWIRE) -- Daleco Resources Corporation (OTCQB:DLOV), a natural resource company with operating subsidiaries active in industrial minerals and environmental remediation technology, today announced new leadership on their board of directors and a realignment of management.
As part of the restructuring, Daleco's largest shareholder, Mr. Grant Lin, the Managing Partner of Far East Investments was named Chairman of the Board of Daleco and Mr. Gary Novinskie, a over 18 year Daleco executive and current President will assume the responsibilities of the Chief Executive Officer. Additionally, Mr. Michael Carter, currently a director, CEO of BizEquity and Managing Director of The Musser Group, will become Vice Chairman of the board. As part of the reorganization, Mr. Michael Parrish will be leaving the company as CEO to pursue other opportunities. The changes, effective April 24, 2014, will fundamentally reorganize the company's business to accelerate growth, improve profitability and strengthen the company's competitive advantages in the natural resource space.
Grant Lin, Chairman of Daleco stated, "I invested in Daleco just over one year ago ago and I am more excited today in terms of the company's overall opportunity than when I first was introduced to Daleco. The leadership changes are designed to focus our operations further on the mining and marketing of non-metallic industrial minerals such as Zeolite. Our new realigned management will work to accelerate the national sales for our Cite-Clean(TM) products and the monetization of our other mineral assets."
Gary Novinskie, President, commented, "I look forward to working with Grant and the rest of our realigned board of directors to commercialize our mineral assets. During the past year we have hired a VP of Sales, developed and productized mineral offerings (www.cleanageminerals.com), reduced our balance sheet liabilities by 15% and signed a major mineral distributor in the United States."
About Daleco Resources Corporation
Daleco Resources Corporation is a natural resource company with operating subsidiaries and natural resource holdings active in oil and gas, industrial minerals, and environmental remediation technology. For further information on Daleco Resources and Clean Age Minerals, please visit www.dalecoresources.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.