Prometheus Energy Group appoints new CEO and CFO

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4 January 2013, LPG

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Mr Aivalis will be responsible for the overall management and growth of the Company.

Michiel Boersma, Chairman of the Board, said: "I am very pleased to have Jim Aivalis join Prometheus Energy as CEO. Jim's successful long term experience as a leader in the energy industry will further strengthen the Company as the largest and fastest growing supplier of liquefied natural gas (LNG) to the industrial sector in North America."

Mr Aivalis brings more than 30 years of energy industry experience to the Company. Prior to joining Prometheus Energy, Mr Aivalis was the CEO and President of ThruBit Logging Solutions, a Schlumberger company.

ThruBit developed and commercialized new downhole data acquisition technology. Mr Aivalis previously spent years as Managing Director of Tenaris, a leading global manufacturer and supplier of pipe products and services to the energy industry. Prior to Tenaris, Mr Aivalis had various senior management roles in Schlumberger.

Commenting on his move to Prometheus Energy, Mr Aivalis stated, "I am excited to join Prometheus Energy and lead a great and committed team. Prometheus Energy has a compelling customer value proposition as the leading supplier of LNG to the industrial sector in North America. I look forward to working with our customers and suppliers to increase the replacement of oil derivatives with natural gas, especially in the energy and mining industries."

Mr Aivalis succeeds previous CEO Ron Bertasi, who stepped down in December 2012.

Michiel Boersma, Chairman of the Board, commented, "I am very pleased to have Len York join Prometheus Energy as CFO. Len's long term managerial and financial experience as well as his hands on business experience made him the perfect candidate to step into this important role. Len's assignment will further strengthen the Company as the largest and fastest growing supplier of liquefied natural gas (LNG) to the industrial sector in North America."

Mr York brings more than 30 years of senior executive experience to the Company. Prior to joining Prometheus Energy, Mr York was the CFO for Taylor-Wharton International LLC and President of Taylor-Wharton Cryogenics LLC. Taylor-Wharton is a manufacturer of cryogenic storage units for LNG and Industrial Gas applications. Mr York previously spent over twenty years in senior leadership positions in multiple North American companies including Cornerstone Propane.

Mr York stated, "I am excited to join a company that has established a new and rapidly growing business and look forward to helping the company further secure its leading position as supplier of LNG to the industrial sector in North America."

Source: MarketLine

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