HOUSTON, Oct 26, 2006 (BUSINESS WIRE) -- Hanover Compressor Company (NYSE:HC), a global market leader in
full-service natural gas compression and a leading provider of
service, fabrication and equipment for oil and natural gas processing
and transportation applications, announced today that it has increased
the size of its Board of Directors to add two additional positions.
Peter H. Kamin and William C. Pate have been elected to fill the new
board positions. The actions will be effective January 1, 2007.
"Hanover is pleased to have Peter and Bill join our board," said
Gordon T. Hall, Chairman of Hanover's Board of Directors. "As
principals with Hanover's two largest stockholders, ValueAct Capital
and Equity Group Investments, LLC, these individuals have a strong
interest in Hanover's future success. Both Peter and Bill have
experience on a diversity of other company boards, extensive financial
expertise, and proven track records in capital markets."
John E. Jackson, President and Chief Executive Officer of Hanover,
commented, "We have formed a constructive relationship with ValueAct
and EGI, who, through their investment of capital and willingness to
serve on the board, have demonstrated their support of Hanover. We
look forward to benefiting from Peter and Bill's expertise as we
continue to build on our recent return to profitability, our progress
in improving Hanover's operating results and our commitment to growth
in expanding markets."
Mr. Kamin is a co-founder and Managing Partner of ValueAct
Capital, an investment partnership with more than $4.6 billion in
investments that was formed in 2000. ValueAct Capital and its
affiliates hold just under 11% of Hanover's common stock. Mr. Kamin is
also a director of Seitel Inc., a leading provider of seismic data to
the oil and gas industry, and Sirva, Inc., a global relocations
service provider. He has a B.A. from Tufts University and an M.B.A.
from Harvard Business School.
Mr. Pate is a Managing Director of EGI, a private investment firm,
and serves as a member of the board of directors of certain private
affiliates of EGI. EGI and its affiliates hold just under 10% of
Hanover's common stock. Mr. Pate also serves as a director of Adams
Respiratory Therapeutics, Inc., a specialty pharmaceutical company,
and Covanta Holding Corporation, a waste disposal and energy services
company. Mr. Pate received a J.D. from the University of Chicago Law
School and a B.A. from Harvard College.
SOURCE: Hanover Compressor Company
Hanover Compressor Company
Investor Relations Inquiries:
Stephen York, Vice President, Investor Relations and
Technology
832-554-4856
syork@hanover-co.com