Guess we'll have to wait and see whether this will ultimately prove to be beneficial. But right now, it LOOKS terrible. They are essentially admitting that their house has not been in order, which begs the question, "Why not?" And if it was not in order, why are they only now attempting to get it in order?
According to Alexander, "we have now positioned ourselves effectively and are poised to move forward aggressively with our projects without the outdated policies and practices of the past."
NOW they are going to start being aggressive? NOW?!?! They weren't before? They had "outdated" policies and practices...and they are admitting it? *sigh*
SCOTTSDALE, Ariz., Dec 06, 2005 (BUSINESS WIRE) -- EGPI Firecreek Inc. (OTCBB: EFCR) is very pleased to announce the reorganization of its corporate offices, several staff positions and the creation of certain committees which had been previously approved by the board of directors and are now in the process of being initiated.
The reorganization will allow the executive management to focus more precisely on operations with less bureaucracy and stifling bottlenecks to more effectively deal with critical timelines. The reorganization calls for the creation of specific related executive and finance committees, which will collectively streamline operations and allow pertinent business and finance matters to move through a more efficient and deliberative process for recommendation to the board of directors. Each committee will be comprised of a variety of specific talents with the expertise needed to effectively address certain oil and gas matters, as well as finance issues that require board approval.
Additionally, as part of the company's overall strategy of reducing drag and increasing productivity, several officer positions were either removed, including the chief executive officer position, or included into the reorganization (please refer to our Current Report on Form 8-K filed on Dec. 5, 2005, for additional information). It is anticipated that these changes will have a positive impact on the company's ability to effectuate its operations, give the company the ability to react in a precise and timely manner, and take advantage of certain opportunities which necessitate expeditious and decisive decisions on a fast-track basis.
EGPI Firecreek Inc. Chairman Dennis Alexander stated, "This is a vital change needed to modernize certain business procedures and revamp the corporate infrastructure in order to accommodate the anticipated growth of Firecreek domestically, internationally and specifically with our Eastern European operations. We have now positioned ourselves effectively and are poised to move forward aggressively with our projects without the outdated policies and practices of the past." |
