Here's the full news release....IMO, it couldn't hurt to get some new blood in senior management.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL THUNDERBIRD GAMING CORPORATIONTSE, VSE SYMBOL: INB
MAY 19, 1998International Thunderbird Gaming: Management Changes
VANCOUVER, BRITISH COLUMBIA--International Thunderbird Gaming
Corporation (TSE & VSE - INB) announces that on May 18, 1998, two
directors of the Company, Hari Varshney and Raj Chowdhry, tendered
their resignations as Directors, Co-Chairmen and employees of the
Company. In addition, Praveen Varshney, the Company's Vice
President of Finance, and Peeyush Varshney, the Company's
Corporate Secretary, also tendered their resignations as officers
and employees of the Company.
The decision was taken in discussion with the Company's President,
Jack Mitchell, and reflects the Company's strategic decision to
move all of its head office functions to its San Diego office and
pursue its applications for licensing in several jurisdictions in
the United States. In addition, the parties felt that the
Company's recent moves into the international markets justifies
the need to add some new experience to both the board of directors
and the management team.
The decision by Messrs. Varshney and Chowdhry to step down from
the board free up board positions to add new directors. An
Amended Information Circular is being mailed today for the
Company's annual general meeting scheduled for June 11, 1998 to
give shareholders a chance to consider, and if appropriate, elect
management's new nominees.
The decision by all four individuals to leave the employ of the
Company permits the President to construct a new management team,
which can focus on the new direction of the Company. Each of the
individuals will stay on until a suitable replacement is found.
The President of the Company has already implemented an internal
personnel reorganization process.
Management's nominees for the board will include Jack R. Mitchell
and David Dewitt, two of the current directors, and the following
two individuals:
Albert W. Atallah: BBA University of Michigan; JD University of
Detroit; LLM Taxation University of Detroit. Mr. Atallah has
acted as the Company's corporate counsel since July of 1997. In
that period, he has worked closely with Jack Mitchell, President
and CEO, as well as with all of the Company's division heads, in
all aspects of the Company's legal and business affairs. More
recently, Mr. Atallah was involved in the entire government
process concerning the Company's successful casino bid in Panama.
John Drake: L.L.B. (with honors) and B.A. from the University of
Western Ontario. President, Drake Goodwin Corporation, Merchant
Banker, London, Ontario, Canada. Formerly, Chairman of Wolverine
Holding Company, North Atlantic Trading Company and First London
Securities Company.
The President of the Company would like to thank the four retiring
principals for their contributions to the Company. These
individuals were instrumental in building the Company from an
initial concept four years ago to a multi-million dollar corporation.
On behalf of the Board of Directors Jack R. Mitchell, President and CEO |
