Boy - this outfit couldn't get much better...
NEWS RELEASE
NEW PRESIDENT APPOINTED
August 8, 2012 DELTA, B.C. - Great Pacific International Inc. (“GPI”) (TSX.V: GPI) wishes to announce that Mr. Thal
S. Poonian has resigned from the Board of Directors and as President and CEO of the Company effective immediately.
Mr. Mike Robichaud, a current director of GPI and the Chairman of the Board has accepted the position of Interim President
and CEO of GPI and its subsidiary companies until such time as the Board secures a suitable candidate who has Oil and Gas
experience, a track record of success, and experience in facilitating financing.
On behalf of the Board, Mr. Robichaud wishes to assure the shareholders of GPI that the Company will continue to move
forward with its business initiatives under his leadership. The reorganization of the Company through the proposed name
change and share consolidation will not be affected by this change in leadership.
Mr. Poonian resigned after receiving an August 2, 2012 dated Temporary Order and Notice of Hearing from the BC Securities
Commission (“BCSC”). This document is publicly available on the BCSC website. While the allegations contained in the
Notice of Hearing are unproven, the Temporary Order required that Mr. Poonian resign any positions he held and prohibits
him from acting as an Officer or Director of any issuer. As a result, Mr. Poonian will not continue as an officer or director of
GPI or any of its’ subsidiary companies pending the outcome of the hearing.
The allegations relate to trading in the shares of another exchange listed company and have no connection to Great Pacific
International or its’ shares.
For further information please contact Mr. Ron Bobowski, Director at rbobowski@gpicanada.net
About Great Pacific International
Great Pacific International is a public company actively engaged in the exploration and development of crude oil and natural
gas. GPI currently owns over 32,000 gross acres of P&NG leases (over 30,000 net acres) in the Western Canadian Sedimentary
acquiring and developing petroleum and natural gas leases primarily in western Canada. Great Pacific currently has 47,478,432
shares outstanding which are listed on the TSX Venture Exchange under the symbol GPI.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press release, which has been prepared by management
here's the bcsc story:
August 2, 2012
BCSC Executive Director’s Bulletin: Securities regulator alleges $7 million market manipulation against five B.C. residents in notice of hearing and temporary order
Vancouver – The executive director of the British Columbia Securities Commission has issued a temporary order and notice of hearing alleging that five B.C. residents engaged in a market manipulation when their coordinated activities resulted in a misleading appearance of trading activity in, or an artificial price for, shares in a company that was listed on the TSX Venture Exchange.
The executive director issues temporary orders in situations where the length of time required to hold a hearing could be prejudicial to the public interest.
The notice alleges that Thalbinder Singh Poonian, Shailu Sharon Poonian, Robert Joseph Leyk, Manjit Singh Sihota and Perminder Sihota participated in a scheme to manipulate the share price of OSE Corp, an Ontario company whose shares traded on the TSX-V. OSE had its head office in Delta, B.C.
BCSC staff contends that the individuals named in the notice, as well as certain relatives, friends and associates of Thalbinder and Sharon Poonian, acquired a dominant share position in OSE through a private placement. By trading through brokerage accounts held by them, the group manipulated OSE’s share price to a high near $2.00 per share.
The group made approximately $7 million by selling shares to unsuspecting clients of Phoenix Credit Risk Management Consulting Inc, a company based in Richmond Hill, Ontario that provides debt management services.
These allegations have not been proven. Counsel for the executive director will apply to extend the temporary order on August 14, 2012 at 10:00 AM.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Thalbinder Singh Poonian, Shailu Sharon Poonian, Robert Joseph Leyk, Manjit Singh Sihota, Perminder Sihota, OSE Corp. or 2012 BCSECCOM 306 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators’ Disciplined Persons List for information relating to persons disciplined by provincial securities regulators, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
For media inquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public inquiries, call 604 899 6854 or 1 800 373 6393 (toll free).
Learn how to protect yourself and become a more informed investor at www.investright.org