TIEX RESTRUCTURES MANAGEMENT TEAM
Tiex Inc. has made the following management changes.
Terry Severs, a director of the company, has been appointed as interim president and chief executive officer. He succeeds Ken Faulkner, who was removed as president and CEO by the board of directors on Sept. 11, 2012. In addition, Tom Martin has been removed from his position as corporate secretary and chief financial officer. Diana Mark has been appointed to act as interim corporate secretary. Both Mr. Faulkner and Mr. Martin have decided to remain as directors. A resolution was passed, authorizing the audit committee to retain a party to audit the financial affairs of the company, including its 100-per-cent wholly owned subsidiary, Bullion Gold Corp., for the period from Jan. 1 to and including Sept. 10, 2012, the terms and scope of which audit are to be determined by the audit committee.
Furthermore, effective immediately, Mr. Faulkner and Mr. Martin have been removed as directors from Bullion Gold. Mr. Severs has replaced Mr. Faulkner as president and CEO of Bullion Gold.
Mr. Severs comments: "The process has begun to protect all shareholders. Exploration and debt reduction, not management and consulting fees, will be the main focus moving forward. We are putting together a new management team with a record of success to develop our extensive property portfolio. I believe everything is in place to turn this company around."