Shumate Appoints Frank Jungers to Its Board of Directors.CONROE, Texas
See OTC Bulletin Board (OTCBB). :SHMT) announced today the appointment of Frank Jungers, former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of the Arabian American Oil Company, to its Board of Directors. Mr. Jungers has more than 40 years' professional experience in varied industries of which more than 30 years were spent in the energy sector with the Arabian American Oil Company, also known as ARAMCO. Holding the concession for all of Saudi Arabia's oil production, ARAMCO is the largest producer of crude and liquefied gas in the world. Mr. Jungers began working for ARAMCO in 1947 positioned primarily in Saudi Arabia Saudi Arabia (sä `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. for nearly 30 years until his retirement. His term with ARAMCO was followed by several years of service as a board member of several internationally recognized companies, such as a director of AES Corporation AES Corporation AES (NYSE) is a Fortune 1000 company that generates and distributes electrical power. It was founded on January 28, 1981 by Roger Sant from the US Federal Energy Administration and Dennis Bakke from the Office of Management and Budget. and Georgia Pacific Corporation. He is currently a director of Horizon Lines Inc., a NYSE-traded leading container shipping and logistics company. Frank Jungers commented, "I am delighted to join the board of Shumate and look forward to the opportunity to collaborate with and advise management as the company executes the growth and expansion of the Hemiwedge[R] Valve Technology. My recent visit to the company gave me a better understanding of how tangible this new technology is for the market and the company seems well positioned for growth." Larry Shumate, CEO of Shumate Industries, stated, "Frank's experience in industry and as an internationally recognized executive is of tremendous value for our Company. Our firm is excited to work with someone of his caliber." About Shumate Industries, Inc. Shumate Industries, Inc. is a Texas-based, energy field services company that incorporates new technologies to bring products to market leveraging its existing infrastructure, expertise and customer channels. The Company operates through two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. : (1) Shumate Machine Works, a contract machining and manufacturing division which makes energy exploration and production products for its customers; and (2) Hemiwedge Valve Corporation Valve Corporation is an American video game developer based in Bellevue, Washington, USA, made famous by its first product, Half-Life, which was released in November 1998. (HVC HVC Haifa Verification Conference HVC Holographic Versatile Card (digital storage medium) HVC High Velocity Cloud (galactic cloud made of mostly atomic hydrogen) HVC Hue-Value-Chroma ), a manufacturer and marketer of the proprietary new Hemiwedge[R] valve technology. HVC's first proprietary product, the Hemiwedge[R] Cartridge Valve is a surface-level valve targeting energy flow control applications, while the Hemiwedge[R] Sub Sea High Pressure valve is in discussions for licensing. The Hemiwedge[R] DIV or down hole isolation valve is under a development agreement announced in July 2006. Shumate Industries employs approximately 65 people at two plants in Conroe, Texas, north of Houston which total 85,000 square feet. For additional information on the Company and its products please visit www.shumateinc.com. Forward-Looking Statements This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, customer concentration risk, difficulties in refinancing its debt, difficulties in consolidating the operations of the Company's operating subsidiaries, difficulties in accelerating internal sales growth, volatility of the energy business and its effects on the Company's business, difficulties in new technology acceptance within the energy industry, restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. in our existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , fluctuations in metals prices, general economic conditions in markets in which we do business, extensive environmental and workplace regulation by federal and state agencies and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. Shumate Industries disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events, or otherwise. |
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