From the web site:
February 16, 1999
LETTER TO THE SHAREHOLDERS
On behalf of the Board of Directors for Parkcrest Explorations Ltd., I would personally like to thank you for your support and patience over the past few months and provide you with an update of the business accomplished during this time and the corporate direction we will be embarking on in the near future.
As stated in our news release of November 23, 1998, the company reached a purchase agreement with Harken Energy Corporation of Dallas, Texas, to sell our interest in the Alcaravan and Miradores Associations contract area located in the Lianos Basin of Colombia. Shareholder approval for this transaction was obtained at an Extraordinary Shareholders Meeting on December 30, 1998 and the completion was consummated the following day, December 31, 1998. Harken Energy Corporation issued 1,350,000 shares currently trading at $1.75.
As announced in our news release of February 4, 1999, Mr. Donald Nicholson has agreed to join our Board of Directors effective immediately. Mr. Nicholson has an extensive background in Engineering & Business Management. He previously held the positions of President and CEO of Yarrows Ltd. between 1991 and 1988. As we move forward into new ventures we will be relying on Mr. Nicholson's expertise and strategic capabilities to help us achieve success over the next year.
The Company also announced on February 4, 1999 its intention to complete a Private Placement consisting of 1,000,000 units at $0.25 per unit, each unit consisting of one common share and one share purchase warrant. Each purchase warrant shall be exercisable in the first year at $0.27, and in the second year at $0.30. The company also granted Mr. Nicholson stock options of up to 425,000 common shares at an exercise price of $0.25 per share, exercisable over a five year period.
Finally, I would like to briefly touch upon the company's immediate and medium term plans as we near the new millenium. After extensive research into various market sectors, we have concluded that, at this time, oil and gas and mining are not as favourable as other more prominent business sectors available to the company and you, the investor. Under my direction Parkcrest Explorations Ltd., with a positive balance sheet and valuable input from all board members, will become more of a venture capital company investing in high growth, well managed businesses. We plan on taking a very pro-active role in any and all investments that the Board deems viable for our investment portfolio.
In closing, I again would like to thank you for remaining a shareholder with Parkcrest Explorations Ltd. I sincerely believe in the future success of our company as we move into this new and exciting business plan and hope that you, the shareholder, will be as optimistic toward our goals as we are at this time.
Sincerely,
Robert R. Lipsett
President & CEO
Is Lipsett staying and bowing to internal pressure, or trying to give the impression he's in control? |
