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2018-10-22 10:26 ET - News Release
Ms. Gillian Holcroft reports
MAG ONE ANNOUNCES REVOCATION OF CEASE TRADE ORDER
As a result of a review by the British Columbia Securities Commission, Mag One Products Inc.'s cease trade order issued by the commission on May 14, 2018, regarding the company's non-compliant financial reporting has now been lifted.
Mag One Products has also taken measures to ensure that these non-compliances will not reoccur. Although alluded to in Mag One Products' press release dated Aug. 22, 2018, along with the company's management discussion and analysis for Q3 2018 (issued on Aug. 29, 2018) for purposes of clarity, the following is a list of corrective and preventative measures that have been undertaken by Mag One Products:
- The board has appointed William Thomas, CPA, to be chief financial officer, corporate secretary and a director of Mag One Products. Mr. Thomas has over 40 years of experience in international finance and has been the chief financial officer for several publicly traded companies. For more information on Mr. Thomas's impressive credentials and record, please consult his biography contained herein.
- Given that Mag One Products' project activities are primarily based in Quebec, all of the company's bookkeeping is now being managed by the Montreal office.
- In September, 2018, Mag One Products' board of directors authorized McMillan LLP as the agent of the company to maintain and administer the records office of the company.
- Gillian Holcroft, president and a director of Mag One Products, has also assumed the role of chairman and chief executive officer. As Ms. Holcroft is based in Montreal, Que., she is well placed to assume the chief executive officer role and to ensure a rigorous management of Mag One Products' accounting and operations.
- Nelson Skalbania, co-founder and former chairman and chief executive officer of Mag One Products, has stepped down from a day-to-day role in the company, but remains on the board of directors.
- Dr. James Blencoe, co-founder, chief technology officer and a director of Mag One Products, has stepped down from the board and has resigned from the company.
Reinstatement of trading on the Canadian Securities Exchange remains subject to the approval of the CSE. Mag One Products will provide further updates on the anticipated timing of trading.
"With our project activities focused in Quebec, combined with a restructured board that brings with it new rigorous management practices, we now have the foundation to move the development of our game-changing suite of technologies to the next phase of their evolution. Over the past several months, the Quebec team has continued to advance the projects and will be reporting upon these exciting developments in the coming weeks," commented Ms. Holcroft.
"I would like to take this opportunity to thank Nelson for his drive and vision, and for his confidence in asking me to take over as chairman and CEO. I will do my utmost to serve our shareholders by bringing value to the company. I would also like to take this opportunity to thank Dr. Blencoe for his contributions. And finally, I would like to welcome Bill Thomas to the company. His experience and strategic approach will be critical in these coming months as we gear up to advance our high-purity magnesium oxide demonstration project and advance our magnesium metal process."
Biography for Mr. Thomas
Mr. Thomas has over 40 years of experience in international finance and management, mainly in the natural resource sector, technology, pharmaceutical and start-up organizations. He spent 20 years with Kerr McGee Corp., an independent public oil and gas company in the United States, ending in 2004, where he held various successive management positions in the company's China oil and gas operations based in Beijing, as well in the United Kingdom North Sea and Calgary locations. Since relocating to Vancouver in 2005, he has held senior management and board positions with several publicly traded start-up companies. Mr. Thomas attained his chartered professional accountant designation from the Canadian Institute of Chartered Accountants in 1977 after graduating from the University of Toronto with an honours bachelor of commerce degree specializing in economics. Previously, Mr. Thomas held financial positions with Algoma Steel, Denison Mines (1978 to 1980) and Norcen Energy (1980 to 1982). While working for Kerr McGee and residing in Beijing, China, as country manager and chief negotiator, Mr. Thomas received several awards, including the national foreign expert award in 1999 from the Chinese government, as well as the foreign model worker award in 2000 from Chinese National Offshore Oil Corp. for his efforts to forward Sino-international business relationships. Mr. Thomas is a business generalist with a developed network in the banking and finance arenas. Working at a senior level on two major international oil and gas projects that each added over $2-billion in value to shareholders has provided Mr. Thomas with a wealth of experience as a team builder, negotiator and entrepreneur.
We seek Safe Harbor.