PERTH, Australia, June 25, 2021 /PRNewswire/ -- Alloy Steel International, Inc. (OTC: AYSI) ("Alloy Steel" or "Company") the manufacturer of Arcoplate and provider of anti-wear and hang-up solutions to the mining and bulk materials industries, based in Perth, Western Australia, today announced an increase in the size of the Board of Directors of the Company (the "Board") from two to three directors and effective immediately appointed Mr. Richard Homsany to serve as a director of the Company until the next annual meeting of the Company's stockholders.
Mr. Homsany is an experienced corporate lawyer and Certified Practising Accountant (CPA) with significant experience in the resources and energy sectors. He is Executive Chairman of ASX listed uranium exploration and development company Toro Energy Limited (ASX:TOE) and Executive Vice President, Australia of TSX listed uranium exploration company Mega Uranium Ltd (TSX:MGA) and the principal of Cardinals Lawyers and Consultants, a West Perth based corporate and resources law firm. Mr. Homsany is also the Chairman of ASX listed copper exploration company Redstone Resources Limited (ASX:RDS) and TSX-V listed gold and iron ore explorer Central Iron Ore Limited (TSX-V:CIO). He is also Chairman of the Health Insurance Fund of Australia Ltd (HIF). Mr. Homsany was previously a partner of the global law firm DLA Piper (formerly DLA Phillips Fox).
Mr. Homsany has extensive experience in corporate law, including advising public resources and energy companies on corporate governance, finance, capital raisings, takeovers, mergers, acquisitions, joint ventures and divestments. He also has significant board and experience with publicly listed resource companies including as chairman. He has also worked for an ASX top 50-listed internationally diversified resources company in operations, risk management and corporate matters. He has a Commerce Degree and Honours Degree in Law from the University of Western Australia and a Graduate Diploma in Finance and Investment from the Financial Services Institute of Australasia (FINSIA) (State Dux). He has also completed the Australian Institute of Company Directors course.
Mr. Homsany will participate in the Company's standard non-employee director compensation arrangements. Under the terms of those arrangements, Mr. Homsany will receive, among other things, annual compensation for serving on the Board and any applicable committees thereof pursuant to the Company's non-employee director compensation policy.
The Company has also entered into its standard form of director indemnification agreement with Mr. Homsany. This indemnification agreement provides, among other things, that the Company will indemnify Mr. Homsany, under the circumstances and to the extent provided therein, for certain expenses which he may be required to pay in connection with certain claims to which he may be made a party by reason of his position as a director of the Company, and otherwise to the fullest extent permitted by Delaware law.
There are no arrangements or understandings between Mr. Homsany and any other person pursuant to which he was selected as a director of the Company, and there are no related person transactions between Mr. Homsany and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
FOR FURTHER INFORMATION
Thushara Sam Dahanayake
SOURCE Alloy Steel International, Inc.