HOUSTON, Aug. 9, 2001 (PRIMEZONE) -- KMG Chemicals, Inc. (Nasdaq:KMGB), a global provider of specialty chemicals in carefully focused markets, announced that John V. Sobchak has joined the company as chief financial officer. Sobchak brings 20 years of experience in chemicals and energy to KMG, including 13 years of mergers and acquisitions, strategic business planning, corporate finance and capital markets experience. Jack Vernie will remain in his position as controller and continue to manage accounting operations for the company.
In his capacity as CFO, Sobchak becomes a key member of the executive team that will lead the company in its strategic acquisitions efforts and implementation of its business model. David Hatcher, chief executive officer of KMG, said, "We warmly welcome John to the KMG management team. With his broad and valuable financial experience, we believe that he will significantly contribute to our acquisitions success and to growth in shareholder value."
Sobchak was the CFO of Novistar, Inc., a joint venture between Torch Energy Advisors and Oracle Corporation, where his responsibilities included corporate finance, accounting and administration. He played an integral role in the creation and growth of Novistar, as well as structuring the relationship with Oracle.
From 1997 to 2000, Sobchak served as treasurer for Torch Energy Advisors, a financial and operations service provider to the energy industry. At Torch he was involved in business planning, capital markets work, mergers and acquisitions, cash management and investor relations for the company and its clients.
For nine years prior to joining Torch, Sobchak was employed by Mesa Inc., a publicly traded oil and gas company. In his role as treasurer, he was involved in the $1.3 billion recapitalization of the firm, as well as that company's merger to form Pioneer Natural Resources. Sobchak graduated from Cooper Union with a bachelor's degree in chemical engineering and completed his masters of business administration at the Stern School of Business at New York University.
KMG Chemicals, Inc., through its subsidiaries, produces and distributes specialty chemicals to carefully-focused markets. The company grows by acquiring and managing stable chemical product lines and businesses with established production processes. Its wholly owned subsidiary, KMG Bernuth, Inc. is a global provider of wood preservation chemicals to the lumber treatment industry and herbicides to the agricultural markets. For more information, visit the company's website at www.kmgchemicals.com.
The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, the impact of competitive services and pricing and general economic risks and uncertainties.