HOUSTON, Texas, USA (June 5, 2019) — NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced today that its Board of Directors (Board) has elected Matthew K. Schatzman, NextDecade’s Chief Executive Officer, to serve as Chairman of the Board. Mr. Schatzman assumed his additional duties effective June 4, 2019. Matthew W. Bonanno, who served as Interim Chairman since May 14, 2019, was appointed Lead Independent Director, also effective June 4, 2019.
“The Board has the highest confidence in Matt, who has been instrumental in advancing the strategic direction of the business since joining NextDecade almost two years ago,” said Mr. Bonanno. “We believe Matt is ideally suited to deliver our Rio Grande LNG project and to maximize the value of our business for all stakeholders.”
Mr. Schatzman joined NextDecade as President and member of the Board of Directors on September 18, 2017. He was appointed President and Chief Executive Officer on February 1, 2018.
Additionally, the Board welcomed Mr. Taewon Jun as a director. Mr. Jun was nominated by HGC NEXT INV LLC to replace its previous director designee, Mr. Koo Yung Lee. Mr. Jun is a Senior Vice President of Hanwha Holdings (USA), Inc.
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About NextDecade Corporation
NextDecade is a liquified natural gas (LNG) development company focused on LNG export projects and associated pipelines in Texas. NextDecade intends to develop the largest LNG export solution linking Permian Basin associated gas to the global LNG market, creating value for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG export facility in Brownsville, Texas and the 4.5 Bcf/d Rio Bravo Pipeline that would transport natural gas from the Agua Dulce area to Rio Grande LNG. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “should,” “will” and similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about NextDecade’s Rio Grande LNG and Rio Bravo Pipeline projects; its ability to secure additional debt and equity financing in the future to complete its contemplated projects; the accuracy of the estimated costs for the projects; governmental approval of construction and operation of the projects; the successful completion of the projects by third-party contractors; its ability to generate cash; the development risks, operational hazards, regulatory approvals applicable to the projects’ construction and operations activities; its anticipated competitive advantage; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; legislation and regulations relating to the LNG industry; negotiations for the project site lease and right-of-way options for the pipeline route; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2018 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.
Additionally, any development of the projects remains contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; securing all financing commitments and potential tax incentives; achieving other customary conditions; and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.