Here is the news release (it certainly sounds like UIS is on the right track to finally getting the plant built, as well as bringing on board people that are sure to have the right connections in their target market):
UIS SILICA ANNOUNCES CORPORATE REORGANIZATION AND SENIOR MANAGEMENT APPOINTMENTS
EDMONTON, July 29 /CNW/ - Mr. Ben Christensen, CEO, and Chairman of the Board of UPS Silica is pleased to announce that an agreement has been executed today that allows 735125 Alberta Inc., a private company Controlled by Mr. J.K Norrie, the option to purchase 10 million common shares from Mr. Ben Christensen subject to the Company achieving a $6.5 million (CDN) financing.
This transaction is subject to the review and approval of The Alberta Stock Exchange. The agreement also calls for the appointment of J.K. (Jim) Norrie, CGA, to the position of President, Chief Executive Officer and Director effective immediately. Mr. Norrie brings to the Company several years of experience in leading public companies in the resource and oil and gas servicing sector. Mr. Christensen will retain his current position as Chairman of the Board.
Mr. Norrie is pleased to introduce the following new management and advisory team:
Mr. K.J. (Ken) Murdock, P. Eng., has resigned as President of the Company and will now become Senior Vice President. Mr. Murdock has held several senior positions with LaFarge Canada Inc. a major multi-national cement and building materials corporation. He will be responsible for plant operations and marketing to the cement industry.
Mr. D.R. (Doug) Ramsay, R.E.T., as Executive Vice President. Mr. Ramsay was formerly President of Canadian Fracmaster Ltd. an energy related engineering and well servicing Company listed on the TSE with annual sales in excess of $375.0 million (CDN). He will be responsible for corporate development and marketing to the oil and gas industry.
J.D. (John) Godfrey, P.Geol., Ph.D. serves as professional advisor to the Company. Dr. Godfrey was for many years a Professor of Geology at the University of Alberta and a Research Officer with the Alberta Research Council. Dr. Godfrey has a long history with the silica sand deposit which is to be placed into commercial production.
Mr. S.P. (Pat) Shouldice, P. Eng., serves as professional advisor to the Company. Mr. Shouldice was formerly President, CEO, Director and Chairman of Nowsco Well Servicing Ltd., an engineering and well servicing company.
Mr. R.E. (Robert) Linttell serves as professional advisor to the Company. Mr. Linttell is associated with The Roberts Group a business consultant specializing in finance, management and marketing.
Further senior management and additional Board appointments are to be announced at a later date.
Mr. Norrie and the new management team have recently completed a due diligence review and have been successful in obtaining a letter of intent from a Calgary securities dealer to provide a $6.5 million (CDN) financing to secure and install a suitable production plant. Terms and conditions of the financing are currently under discussion.
UIS Silica is an Alberta Stock Exchange listed Company which holds leases and permits for the development of a proven 48 million metric tonne silica sand deposit four miles north-east of Peace River, Alberta. The deposit is believed to be one of the largest and purest silica deposits of its kind in North America and may contain an additional 150 million metric tonnes.
The Company plans to commence commercial production with a plant capable of processing up to 1.0 million metric tonnes per year. Commercial production will include the sale of frac sand to the petroleum industry in Western Canada and the manufacture and sale of residual materials including foundry sand, silica flour and industrial feed stock. Plans also include the production and sale of sodium silicate enabling the Company to become a world class producer
of silica products for both domesticated international markets.
UIS SILICA
Per: (signed)
Ben Christensen, Chairman of the Board
The Alberta Stock Exchange has neither approved or disapproved the information contained herein. |
