Monarch Energy Announces Appointment of CEO and Update to Shareholders With Respect to Acquisition of ChroMedX Ltd.
June 26, 2014
Monarch Energy Limited ("Monarch" or the "Company") (TSX VENTURE:MNL) announces the resignation of George Langdon as CEO, President and Director and appointment of Gerard Edwards as CEO and President.
The board wishes to thank Mr. Langdon for his service since being appointed in February 2009, and is pleased to have Mr. Edwards accept the CEO and President positions. Mr. Edwards has been a Director since April 2010.
Further, the Company announces that it intends to delist its common shares from the TSX Venture Exchange (the "TSXV") (the "Delisting") prior to completing the acquisition of ChroMedX Ltd. (the "Acquisition") (as previously described in the Company's press releases on May 26, 2014 and December 20, 2013) in order to allow for completion of the Acquisition and subsequent listing of its common shares on the facilities of the Canadian Securities Exchange (the "CSE"). The TSXV has requested the majority of the minority shareholder approval to approve the Delisting and the Company expects to provide such approval shortly. Following the Delisting, and as a condition of the Acquisition, the Company will consolidate its shares on a 1:20 basis and proceed to close the Acquisition.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV and the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
Monarch Energy Limited