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WESTMORELAND COAL COMPANY
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(Name of Registrant as Specified In Its Charter)
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<PAGE>
Westmoreland Stock To Be Traded On The American Stock Exchange
Colorado Springs, CO -- April 12, 1999 -- Westmoreland Coal Company (OTC
Bulletin Board: WMCL) announced today that its application to list its Common
Stock and Depositary Shares on the American Stock Exchange ("AMEX") has been
approved and trading is expected to begin on April 16, 1999. Common Stock will
trade under the symbol, WLB, and Depositary Shares will trade under the symbol,
WLB.pr. Until trading begins on the AMEX, Westmoreland shares will continue to
trade on the OTC Bulletin Board under the current symbols WMCL and WMCLP.
"We are extremely pleased that Westmoreland has quickly and successfully
relisted its stock on a major exchange and will now trade on the AMEX", said
Christopher K. Seglem, Chairman, President and CEO. "This represents yet another
significant step in our mission to restore and enhance Westmoreland's value to
its shareholders. We believe the AMEX's auction format is particularly well
suited for this purpose. We look forward to our shareholders enjoying all of the
benefits associated with listing on such a prominent market."
Westmoreland Coal Company, headquartered in Colorado Springs, Colorado, is
currently engaged in western coal mining through its 80% owned subsidiary
Westmoreland Resources, Inc. and independent power production through its
wholly-owned subsidiary Westmoreland Energy, Inc. The Company also holds a 20%
interest in Dominion Terminal Associates, a coal shipping and terminal facility
in Newport News, Virginia.
Certain information required by the Rules of the Securities and Exchange
Commission ("SEC")
Westmoreland Coal Company (the "Company") and the following Directors of the
Company may be deemed to be participants in the Company's solicitation of
proxies for its upcoming meeting of stockholders: Pemberton Hutchinson, William
R. Klaus, Thomas W. Ostrander, Christopher K. Seglem, Edwin E. Tuttle, Robert E.
Killen and James W. Sight. Employee participants may include Gregory M. Daniels
(Vice President Human Resources and President, Virginia Division of the Company)
Paul W. Durham (Assistant General Counsel and Assistant Secretary), Charles H.
Finkenstadt, Jr. (Corporate Secretary), R. Page Henley, Jr. (Senior Vice
President, Acquisitions and Development and Government Affairs, President
Westmoreland Coal Sales Company), Robert J. Jaeger (Senior Vice President of
Finance and Treasurer), Diane S. Jones (Manager, Business Development &
Corporate Relations), Larry W. Mikkola (Controller of the Company and Vice
President Westmoreland Resources), Christopher K. Seglem (Chairman of the Board,
President and Chief Executive Officer), and Theodore E. Worcester (Senior Vice
President of Law and Administration, General Counsel and Assistant Secretary).
Subsidiary Director participants may include Clyde Joseph Presley and Ronald W.
Stucki. Subsidiary employee participants may include Edward J. Demeter (Vice
President - Distribution, Westmoreland Coal Sales), W. Michael Lepchitz
(President and General Counsel, Westmoreland Energy, Inc.), David W. Simpson
(President, Westmoreland Resources, Inc.) and Gregory S. Woods (Executive Vice
President, Westmoreland Energy, Inc.). The above named individuals collectively
beneficially own approximately 1,536,078 shares, or approximately 21.0% of the
Company's outstanding common stock (excluding shares of common stock that may be
obtained upon conversion of the Company's Depositary Shares). Such individuals
also collectively beneficially own approximately 48,650 Depositary Shares, or
approximately 2.1% of the outstanding Depositary Shares, which are convertible
into 83,094 shares of the Company's common stock. For a description of certain
other interests of the foregoing individuals, please see the Company's
preliminary proxy statement for the upcoming stockholders meeting filed with the
Securities and Exchange Commission on April 1, 1999.
# # #
For further information contact Diane Jones (719) 442-2600
