Jim Glickenhaus, former head of the renowned Wall Street investment firm Glickenhaus & Company, has become shareholder and board member of American Ethane. Glickenhaus will also serve as trustee for a major block of shares of American Ethane.
American Ethane completed engineering on a 10 million ton per year Ethane Export Terminal. Last month in a ceremonial groundbreaking, American Ethane announced intentions to proceed with a construction phase of the terminal at the Martin Midstream LP facility in Beaumont, Texas. Three major companies in China, Nanshan Group, Ganergy Heavy Industry Group and Yangquan Coal Group have entered into contracts with American Ethane to supply 7.2 million tons a year of Ethane on 20 year take-or-pay basis. As part of the contracts, the Chinese companies have agreement to put up security outside of China to secure the agreements.
Said Glickenhaus “American Ethane is the leading pioneer responsible for opening up the Chinese Market to the US. This project is a win-win for the US and China. It will reduce the US/China trade deficit by more than 72 Billion dollars, will lead to billions of dollars of new investment linking China to a US gas supply, and will produce thousands of new jobs in the US and China. It will also significantly reduce air pollution in China as Ethane is much cleaner than the coal based feedstocks that it will replace.”
AEC also announces that Glickenhaus will serve as a US trustee for a US Trust holding the shareholder position of Konstantin Nikolaev in American Ethane. Said Glickenhaus “Americans should welcome, as I do, prominent oversees businessmen who are making investments that are advancing critical US interests. The placing of this interest in a US Trust is a voluntary act of good faith to emphasize that this interest is tied to US interest and control. “
John Houghtaling, co-founder and CEO of American Ethane stated, “We are thrilled to have Jim Glickenhaus as a shareholder and director. Jim’s family firm has been a prominent fixture on Wall Street since his father’s earliest years since before the Great Depression. Jim has encouraged and provided us guidance and advice since we founded the company. To have him now as a shareholder, board member, and as a trustee of our principal investor, provides a valuable resource as we move forward with the company.”
