SOURCE: Sionix Corporation
LOS ANGELES, CA--(Marketwire - Aug 23, 2012) - Sionix Corporation (OTCBB: SINX) today provided the following letter to its shareholders from its newly appointed Interim Chairman of the Board of Directors, James W. Alexander. The letter is presented below.
Sionix Corp has accepted the resignation of Jim Currier our former Chairman and CEO. Jim has decided to leave his role at Sionix for personal health reasons. We acknowledge his service and dedication, and wish him well as he attends to personal matters. Jim will remain a consultant to the company.
I have agreed to serve as the Interim Chairman for the Board, on which I have served since 2009.
The Board of Directors has formed an Executive Committee, comprised of members of our Board and management, to temporarily fulfill the role of the CEO. This temporary solution will bring together all the skills, judgment, relationships and commitment necessary to continue to manage the multiple projects immediately at hand.
The Chief Executive position is a critical hire, especially in light of the expanding needs for water treatment solutions across many industries and regions. We have begun a search process based not only on present needs but our expectation of future opportunities.
In recent months Sionix has tried to keep you apprised of its project with McFall Incorporated to provide fluids treatment for drilling mud in the Williston Basin region. We had hoped to begin treating fluids by the middle of July. Unfortunately, a variety of business changes with our customer and evolving treatment requirements have ensued, and at this time Sionix does not yet have a rig assignment to deploy our equipment and treatment solution.
Sionix engineers and staff continue our work with McFall to secure an appropriate deployment for our MWTS in line with previous expectations.
While there are a number of technical reasons and business conditions that support not only the delay, but also the basis for the Company's prior expectations for this opportunity, I will simply say that Sionix is committed to providing water treatment products and services with McFall, to multiple customers in this important energy region.
Sionix manufactures equipment and provides solutions that address critical fluids challenges in the energy industry, and many others. We believe we are in the early stages of a long growth period for water treatment. Interest in our products and services continues to come from a wide set of industries and regions. Converting these opportunities into revenue is something we are focused on improving.
We have been pursuing opportunities in a variety of markets. They each have different needs and economics and require a highly tailored approach. We will continue on this path.
Sionix is fortunate to employ a group of talented, dedicated and ingenious people who are committed to success. We have developed significant and expanding intellectual property and know how. Our markets are large and growing.
The Sionix Board of Directors, management, employees, and partners, all believe that we are in the right place at the right time.
I look forward to updating you again in the near future.
James W. Alexander
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of earnings, revenue, or other financial items, any statements of the plans, strategies, and objectives of management for future operations, any statements concerning proposed new products, services or developments, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include, but are not limited to, whether Sionix Corporation can raise capital as and when it needs to, whether the water purification systems will generate significant sales, whether it can compete successfully in its market and industry, and other factors beyond the control of Sionix Corporation, including those detailed from time to time in the reports filed with the Securities and Exchange Commission. Sionix Corporation assumes no obligation and does not intend to update these forward-looking statements.