Whats next..... Cat fight!
Wildcat dissidents call meeting replace board
2007-01-18 18:42 ET - News Release
An anonymous director reports
SOL PRIZANT: SHAREHOLDERS' MEETING CALLED TO REPLACE BOARD OF DIRECTORS OF WILDCAT EXPLORATION LTD.Z
Yes Forex Inc. and Sol Prizant, in their capacities as holders of no less than 5 per cent of the issued and outstanding shares of Wildcat Exploration Ltd., have requisitioned the board of directors of the corporation to call a meeting of shareholders of the corporation for the purpose of removing all of the existing directors of the corporation and electing new directors in their place.
Mr. Prizant was removed as president and chief executive officer of the corporation by the current board of directors on Jan. 8, 2007. Mr. Prizant currently remains a director of the corporation. During his eight-month tenure as president and chief executive officer, the corporation, under his direction accomplished the following:
raised in excess of $4.7-million of equity financing;
experienced an increase in market capitalization of over $24-million as a result of the equity financing mentioned above and an increase of share price of more than double;
streamlined its operations and created a plan for the strategic exploitation of its resources;
through a focused exploration program, identified primary drill locations and commenced a 12-month drill program;
established a credible team of professional geologists and support staff resulting in a work environment that is both highly motivated and accountable;
expanded its landholdings in both the Saskatchewan Foster zone and the Bissett zone; and
positioned itself as a credible joint venture partner candidate for major exploration groups both in Canada and abroad.
Notwithstanding the corporation's significant accomplishments during this period and the introduction to the corporation of new shareholders who now represent over 25 per cent of the current issued and outstanding shares, the board of directors chose to terminate Mr. Prizant without cause as president and chief executive officer.
Mr. Prizant elaborated: "I am committed to doing what is necessary to ensure that the interests of all shareholders are protected and the corporation continues to be managed in a manner that will allow the maximization of shareholder value. Given that the current board may no longer have the support of a majority of shareholders, it is incumbent upon this board to call a meeting of shareholders as soon as possible so as to ensure that the board of directors is one which has received a clear mandate to represent the interests of the shareholders."
Pursuant to applicable corporate legislation, the board of directors of the corporation is now obligated to call a meeting of shareholders to transact the business stated in the requisition. In the event that the board of directors does not call a meeting within 21 days, the requisitioning shareholders intend to do so.
Yes Forex and Mr. Prizant reserve the right, depending upon their evaluation of recent developments relating to the current conduct of the corporation's board of directors and their evaluation of the corporation's business, prospects and financial condition, the market for its securities, general economic conditions and other factors, but subject to applicable legal requirements, to increase or decrease their shareholdings in the corporation.