VANCOUVER, Jan. 22, 2016 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that
Rod McKeen has been appointed as an
additional independent director of AER. Mr. McKeen is a lawyer and
has over 30 years of experience acting for Canadian public
companies with an international focus, primarily in the natural
resources sector. He is a partner in Axium Law Corporation.
In the course of the ongoing litigation between AER and Jaguar
Financial Corporation ("Jaguar"), Jaguar has made serious
allegations that certain directors of AER are conflicted with
respect to (1) AER's defense in the ongoing litigation, and (2)
AER's efforts to prevent Jaguar from taking control of AER's
Board.
While Jaguar's allegations of conflict on the part of AER's
directors are entirely without merit, the current directors have
resolved that it is in the best interests of AER to ensure that its
future conduct cannot be challenged on the basis of such
allegations.
To that end, a special committee has been formed with a mandate
to exclusively represent the interests of AER in connection with:
(i) retaining and instruction separate legal counsel to defend AER
in the legal proceedings brought by Jaguar; and (ii) to convene an
annual and special general meeting of the shareholders of AER and
to manage the process for the meeting. Mr. McKeen is the sole
member of the special committee.
A continuation of the hearing before the BC Supreme Court of the
Second Petition filed by Jaguar will resume on Monday January 25, 2016. AER shall vigorously
oppose the relief sought by Jaguar. Refer to the News Release dated
January 7, 2016 for details of the
Second Petition.
Forward Looking Statements: This news release contains
forward looking statements that are subject to a number of known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those anticipated in our
forward looking statements. Forward-looking statements in this
release include statements regarding the outcome of the legal
proceedings.
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.
SOURCE Alternative Earth Resources Inc.