RE: Facts
Addional comments for mheadroom. I applaud your diligence with Sedar but some of your info is a little out of date. NTC issued a press release, I believe it was on 22nd Jan 2002 where they restated some statements made in a ealier release. Unfortunately this new releasae has not been posted to the companys web site ( I wonder why) but another poster took the time to post relevant copy here on 23rd Jan 2002. I copy/paste it here for future discussion. Management arent pulling 28,000 a quarter, its now $ 26,000 a MONTH!!!!!
The Company has entered into two executive contracts, one with Holstein Holdings Ltd. (a private B.C. Company, controlled by Mr. Von Doehren the President and Chief Executive Officer), and one with Westpac Management Corp. (a private B.C. Company, all of the shares of which are owned by Mr. Stephen Leahy, the Executive Chairman), The monthly remuneration payable under these contracts aggregated $6,500.00/month to March 31, 2001. With effect from April 1, 2001
the remuneration payable under these contracts was increased to $26,000/month in recognition of the additional efforts of the executives in the Company reaching a production decision. These contracts contain clauses requiring termination payments aggregating up to $1,000,000 plus the value of any "in the money stock options". The Company has also approved the payment to directors of $500 for each director's meeting attended, annual minimum of $2,000, and a
payment of $250 for each committee meeting attended. The directors have agreed to defer the payment of their fees for 2001 until after December 31, 2001. In the event of a change in control of the Company, current directors ceasing to hold their office as a result of the control change will be paid $30,000 in recognition of the director's past service.
The Company also paid office rent, office supply fees, secretarial fees and accounting fees of $14,666 for the three-month to a company owned by a director and officer.
These costs related to labour and management expenses of $72,000 of which $52,500 was paid to a Company owned by a director and officer of the Company pursuant to an "Executive Contract" compared to $12,000 in the prior three month period.
Effective April 1, 2001 the compensation payable to the President & C.E.O and Executive Chairman were increased to $17,500/month and $8,500/month respectively.