Houston-based composite railroad-tie maker North American Technologies Group Inc. now has new leadership.
Chief Executive Officer Kevin Maddox and Avalanche Resources Ltd. are selling their interest in the company. Together, Maddox and Avalanche Resources own 49 percent of NATK common stock. Avalanche had been NATK's largest common shareholder.
The buyer is an investment group that includes current holders of the company's preferred stock, NATK officials announced in a Nov. 10 news release. Those investors will pay about $10.8 million in cash for 34.3 million shares of common stock and warrants to purchase 3.7 million additional shares.
That group includes roughly seven investors, such as Big Bend XI Investments Ltd.; Chicago-based Crestview Capital Master LLC; and Midsummer Investment Ltd.
``The investor group is comprised of several individuals who have either run or been on the board of public companies or have strong operational backgrounds, which should bring value to the company on a go-forward basis,'' said Robery Hoyt, managing director of Crestview Capital Funds.
Hoyt, Kenneth Scott and NATK President Henry Sullivan, have been nominated by the investor group as new directors. Sullivan also will become chief executive officer of NATK.