WOODS CROSS, Utah - Sky Quarry Inc. (NASDAQ:SKYQ), an energy solutions company specializing in recycling waste asphalt shingles, announced today the appointment of Leo Womack to its Board of Directors. Womack, a seasoned finance leader, will contribute his expertise in corporate financial strategy and capital markets to the company's governance. The appointment comes as Sky Quarry, currently valued at approximately $23 million in market capitalization, faces significant financial challenges. According to InvestingPro data, the company's financial health score is rated as weak, with concerning metrics including negative profit margins and liquidity constraints.
Womack's extensive experience includes serving as president and director of Gulf Equities Realty Advisors, Inc. since 1986 and as CEO of Ramsey Financial Group. He has been a board member for various private and public companies, including his current role as chairman of the audit committee at Petrolia Energy Corporation Inc. since 2015.
Licensed as a certified public accountant and real estate broker, Womack's qualifications also extend to his previous licensing as a securities broker and his membership in the National Association of Corporate Directors. He is an alumnus of Texas A&M University, holding a Bachelor of Arts degree.
The appointment comes amid challenging market conditions for Sky Quarry, with InvestingPro analysis showing the stock has declined over 70% in the past year, though it has shown some resilience with a 6% gain year-to-date. David Sealock, Chairman and CEO of Sky Quarry, expressed confidence in Womack's abilities, stating, "Leo brings a strong background in corporate governance, accounting, and capital markets, which we believe qualifies him to serve on our board of directors and adds significant strategic, business and financial experience."
Womack will also serve on the Audit and Nominating Committee and chair the Compensation Committee. His appointment comes at a time when Sky Quarry is focusing on growth and the deployment of its first modular Asphalt Shingle Recycling (ASR) facility, with strategic plans to capitalize on opportunities in California's oil market.
Womack himself commented on the appointment, emphasizing his eagerness to contribute to Sky Quarry's mission of operational execution and to its position as a leader in the waste asphalt shingle recycling sector.
Sky Quarry's mission is to repurpose and upcycle millions of tons of asphalt shingle waste, aiming to improve waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. Recent financial data from InvestingPro reveals the company faces operational challenges with a current ratio of 0.31 and negative EBITDA of $6.09 million in the last twelve months. Subscribers to InvestingPro can access 11 additional key insights about Sky Quarry's financial position and market outlook.
This announcement is based on a press release statement from Sky Quarry Inc.
In other recent news, Sky Quarry Inc. has made significant changes to its finance leadership team. The energy solutions firm has announced the appointment of Darryl Delwo as Chief Financial Officer and the promotion of Cyla Apache to Vice President of Finance. These strategic moves come as part of the company's efforts to strengthen its finance leadership team after becoming a public company listed on Nasdaq.
Delwo, a Certified Public Accountant with over 28 years of experience in finance and accounting, has previously served as Vice President of Finance at Sky Quarry. Apache, the newly appointed Vice President of Finance, brings more than six years of controllership experience and an in-depth understanding of tax law to her role.
These recent developments follow Sky Quarry's mission to revolutionize waste management by recycling millions of tons of asphalt shingle waste. The company also focuses on oil production, refining, and environmental remediation technologies. Forward-looking statements from the company indicate potential future financial and operational results, but these are subject to risks and uncertainties.
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