American Gilsonite Company Announces Retirement of Chief Financial Officer Doug Maughan; Steven Granda, Former CFO of Charter Chemical Company, Named Successor

BONANZA, Utah, Nov. 12, 2015 /PRNewswire/ -- American Gilsonite Company, Inc. ("American Gilsonite", or "AGC"), the world's major supplier of Gilsonite®, today announced that Doug Maughan, current Chief Financial Officer, will retire early next year.  Mr. Maughan, who has served in his position since 2008, will stay on as Chief Accounting Officer until that time.  Steven Granda, the previous CFO of Charter Chemical Company and Green Earth Fuels, will succeed Mr. Maughan as CFO of American Gilsonite and begin immediately.

Ted Stevens, President and Chief Executive Officer, said, "Doug has been a crucial part of our success and stability over the last seven years.  His financial acumen, knowledge of energy and mineral markets, and strong character allowed American Gilsonite to operate effectively during varied market conditions and develop further as the world leader in Gilsonite."

Mr. Stevens added, "While we are sad to lose such a key leader for our company, we are thrilled for Doug to begin this new chapter in his life.  We are also very excited about welcoming Doug's successor, Steven Granda.  Steven brings over 25 years of experience in the downstream, midstream, and upstream energy sectors, utilities, and service industries.  He has held financial leadership roles across the chemical, industrial, bioenergy, and electricity sectors, and American Gilsonite will greatly benefit from his experience and perspective."

Mr. Granda previously served as CFO at Charter Chemical Company in Houston, Texas, and he served as CFO and Vice President for Business Development at Green Earth Fuels in Houston prior to his time at Charter Chemical.  Mr. Granda is a CPA and earned a Bachelor's of Business Administration Degree in Accounting from Texas A&M University.

About American Gilsonite Company (www.americangilsonite.com)

AGC operates as an industrial minerals company and is the world's primary miner and processor of uintaite, a variety of asphaltite, a specialty hydrocarbon which AGC markets to industrial customers under its registered trademark name "Gilsonite®".  Gilsonite is a glossy, black, solid naturally occurring hydrocarbon similar in appearance to hard asphalt and is believed to be found in commercial quantities only in the Uinta Basin in northeastern Utah.  Because of its unique chemical and physical properties, Gilsonite has been used in more than 160 products.  The Company sells its products to customers in four primary markets: (i) oil and gas, (ii) inks and paints, (iii) foundry and (iv) asphalt. AGC is headquartered in Bonanza, Utah.  AGC is a privately held, portfolio company of Palladium Equity Partners III, L.P.

Contact
Peter Hill
Kekst and Company
212-521-4800
[email protected]

SOURCE American Gilsonite Company, Inc.

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http://www.americangilsonite.com