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Tracer Reports Corporate Changes
VANCOUVER, British Columbia, Jan. 15 /PRNewswire/ -- Tracer Petroleum Corporation (''Tracer'') (Nasdaq: TCXXF - news) reports that the Board of Directors has elected to move the Company's headquarters from Vancouver, Canada, to Calgary, Canada, effective March 31, 1999. Calgary is a major centre for the petroleum industry, both domestically and internationally. As Tracer has begun the process of expanding and diversifying into other international petroleum ventures, the Board believes that the Company could more readily access operational expertise, partners, and capital investment in Calgary.
Further to the change of headquarters, Mr. Ed Mowatt has decided to remain in Vancouver and accordingly has resigned as an officer and director of the Company effective January 16, 1999. He will remain on contract to the Company during the move to Calgary to ensure a smooth transition. The Board wishes to thank Mr. Mowatt for his many years of service to the Company, and wishes him well in his future endeavors.
David R. Robinson, of Calgary, Canada, has agreed to fill the vacancy on the Board of Directors. Mr. Robinson is currently president of a small, Calgary-based merchant banking firm and has previously been a senior officer of two Calgary-based international petroleum companies; Mr. Robinson was responsible for raising over US $150 million in new capital for these companies. Mr. Robinson previously was a director of Tracer for a short period in 1998, but was unable to continue due to personal reasons. Tracer is pleased that he is again available to join the Board.
In addition, David W. Harrison, also of Calgary, Canada, has agreed to become the Corporate Secretary of the Company, effective January 16, 1999. Mr. Harrison has 8 years of experience in working in publicly-traded companies, and was formerly the Chief Administrative Officer responsible for Corporate Governance and Investor Relations for two Calgary-based international petroleum companies.
Mr. Robinson and Mr. Harrison have been granted a total of 85,000 stock options exercisable into common shares of the Company at a price of US $1.00 per share, until January 13, 2002. In conjunction with this new issue, a further distribution of 53,000 options with the same terms has been made to certain directors and employees, and the exercise price of all of the Company's existing options has been re-priced to US $1.00 per share.
This release contains ''forward looking statements'' as per Section 21E of the US Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Management is currently reviewing many options and there is no assurance that they will not make decisions other than those now contemplated. The Company is subject to political risks and operational risks identified in documents filed with the Securities and Exchange Commission, including changing and depressed oil prices, unsuccessful drilling results, change of government and political unrest in its main area of operations.
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