RE: RE: 2006 tagish and yng plan info 2 5 BaggersThey had a good thing going until a month ago when along came someone who took the fun out of their board and this board
Strelioff is a wellknown activist shareholder and will rarbe known for change than intelligent posts.Check her track record as it speaks for itself
David Stein Last week
Gil Schneider Today but more to come
Ernest S. Peters 3 BOD but wont quit until CEO resigns
Robert Baldock delayed closed conference call to avoid her
“I have no problem driving to iroffice...what this will achieve I have no clue as I want a new management team.”
24 hours later she even wrote release
|
Kinetex Resources Corporation
TSX VENTURE: KTX
|
Aug 30,2010 13:41 ET
Kinetex Announces CFOResignation and Provides Audit Status Report
VANCOUVER, BRITISHCOLUMBIA--(Marketwire - Aug. 30, 2010) - Kinetex Resources Corporation(TSX VENTURE:KTX) ("Kinetex" and/or "Company") today announced that Company's Chief Financial Officer ("CFO"), Robert D. Ashauer, hasresigned from Company. Mr.Ashauer indicated that he has no disagreements with management.
The Company's intention is to identify a CFO who, in addition to havingsolid financial & operational experience, also possesses skills that arealigned with current needs ofKinetex. The company will conduct a global search for a suitable candidatewith exceptional caliber to fill CFO position.
The Board of Directors of Company thanks Mr. Ashauer for his contributions and dedicated service andwishes him well.
AUDIT STATUS REPORT
To assist with audit process,effective immediately, Companyhas engaged services of MeyersNorris Penny LLP ("MNP") as an internal independent consultant. Mr.Ashauer has also committed to be available to Company in a consulting capacity until audit is completed. The Company is working to complete this audit process,in cooperation with BDO Canada LLP ("BDO Canada"), Company's auditor, as expeditiously as possible.
"We are committed to finalizing this process as soon as possible,reporting on required financialreports, and implementing improvements in our internal controls," statedGil Schneider, President & Chief Executive Officer of Kinetex. "Wecontinue to make significant improvements in our business and look forward tosharing our vision and strategy with all stakeholders once we complete thisrequired course of action."
On July 22, 2010, BritishColumbia Securities Commission ("BCSC"), being Principal Regulator, issued a Temporary Cease Trade Order ("CTO") to Company for failure to file comparative auditedAnnual Financial Statements for year ended December 2009 and interim financial statements for period ended March 31, 2010 within prescribed time frame. As a result, effectiveJuly 23, 2010, trading in common shares of Company has been temporarily halted on TSX Venture Exchange.
On April 30, 2010, Companyannounced that it was not able to file its comparative audited Annual FinancialStatements, Management Discussion and Analysis and CEO and CFO Certificationsfor year ended December 31, 2009( "Annual Filings") onor before prescribed deadline ofApril 30, 2010.
On March 10, 2010, Company announced appointment of BDO as Company's new auditor, taking advantage of BDOCanada's worldwide experience as Company continues to expand its operations internationally. It was also notedin announcement that re were no reservations in former auditor's reports for twomost recently-completed fiscal years or for any period subsequent to most recently-completed period for which anaudit report was issued and preceding date of former auditor'sresignation. There were no reportable events (as defined in National Instrument51-102 (Section 4.11)) between Company and former auditor or between Company and BDO Canada.
OTHER MATTERS
Kinetex also announces that on August 25, 2010, Company filed an application for a partial revocation order ( "Partial Revocation Orders") with BCSC in connection with CTO issued by BSCS on July 22,2010 such that Company canproceed with a financing. Terms of a potential financing have not yet beendetermined and Company cannotconfirm that a financing will be successfully negotiated.
The issuance of PartialRevocation Orders does not guarantee issuance of a full revocation order in future.
About Kinetex
Kinetex is an oil, gas and mineral exploration services company withoffices in , ,, and . Through its subsidiaries,Kinetex provides data-rich high resolution subsurface images - essentially abrand-new exploration tool - to energy, metals and minerals exploration and development industries seeking togo beyond limitations oftraditional data acquisition methods.
The Company seeks safe harbour.
Neir TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for adequacy or accuracy of this release.