CORP. / NTI Resources Update
NTI RESOURCES LIMITED
ASE SYMBOL: NTI
FEBRUARY 25, 1998
NTI Update
CALGARY, ALBERTA--NTI Resources Limited (NTI-ASE: the "Company")
announces that Messrs. James E. Allard and David E. Powell have
decided to leave the Board of Directors' of the Company. The
Company expresses gratitude for their valuable contributions and
wishes them all the best for their future endeavors.
In order to meet with residence requirement and to streamline the
board, Messrs. Chu-King Eng and Andreas Tjahjadi have also agreed
to resign. However, Mr. Eng will remain as President of the
Company. As a result of this reorganization, the Board now
comprises of the following six directors, namely: Messrs. Edward
S. Soeryadjaya as Chairman of the Board, Graham G. Baugh, Theodore
M. Hanlon, Tjoe-Pa Lim, Takala G.M. Hutasoit, and Kiem L. Thio.
NTI is currently in the process of raising funds to finance its
1998 capital commitments for its oil & gas properties in Mongolia
and Nigeria. The Company has appointed Traction Capital, a
Calgary - based merchant banker, as its advisor and agent. |
