PEACHLAND, BC, March 22, 2018 /CNW/ - Adam Travis (the
"Concerned Shareholder" or "Mr. Travis"), a director,
shareholder and former President and CEO of Colorado Resources Ltd.
(TSXV:CXO) ("Colorado" or
the "Corporation") informs shareholders of the Corporation
(the "Shareholders") that independent director, Carl Hering, has stepped down from the board of
Colorado (the "Board").
Mr. Hering's reasons highlight the lack of regard for proper
corporate governance by the conflicted directors Lawrence Nagy, William
Lindqvist and Terese
Gieselman (the "Conflicted Directors"). This latest
news only reinforces the need for change. Shareholders are
encouraged to stand up and take back the Corporation by voting the
YELLOW proxy FOR the Concerned Shareholder's proposed board
nominees at the April 17, 2018 annual
general meeting of shareholders (the "Meeting").
Independent Director's Resignation
Mr. Hering has been a dedicated director since Colorado was formed in 2009 and served
shareholders well. In his resignation letter to the Board, Mr.
Hering voices his disappointment and describes the "behaviour of
the Chairman [Mr. Nagy] to be unacceptable" and that he "can
no longer remain on the Board under these circumstances."
Additionally, among the many reasons why the grounds for Mr.
Hering's resignation should greatly concern Shareholders is that
there was no valid directors' resolution (if any) authorizing the
commencement of the civil claim brought by the Corporation against
the Concerned Shareholder because Mr. Hering was not involved in
the Board's deliberations. If he was involved, clearly Mr. Hering
would have objected because his resignation letter states that he
"strongly disagree[s]" with the allegations. This is yet
another example of the Conflicted Directors being dismissive of
proper corporate governance and why they must be replaced by the
Shareholder Nominees.
Conflicted Directors Continue Their Trend of Not Being
Transparent with Shareholders
- Withholding Material Information. Why has there been no
announcement of Mr. Hering's resignation from the Board? This is
important and material information that the Corporation is required
to disclose to its Shareholders. Similar to when Mr. Travis was
terminated, Shareholders were informed days late.
- False Claims. The management circular falsely claims
that the content and the sending of the circular has been approved
by Colorado's board of directors.
Mr. Hering did not approve the content of the management circular
and states in his resignation letter that he "strongly
disagree[s]" with its content.
- Conflicted Special Committee. The Conflicted Directors
have not disclosed the fact that they formed a special committee to
make decisions on all matters related to the contested Meeting.
Although this is customary, it is questionable if the special
committee will act independently and in the best interests of
shareholders because the two person committee consists of Messrs
Nagy and Lindqvist - two of the Conflicted Directors. Therefore,
given the many alarming actions taken to date by the Conflicted
Directors, will they really place the interests of shareholders
above their own now?
To stop the Conflicted Directors from destroying Colorado even further, Shareholders are urged
to vote the YELLOW proxy FOR the Shareholder Nominees. They
will act independently, in favour of Colorado and its Shareholders. Vote
YELLOW FOR:
- Adam Travis
- Patrick Soares
- Bryan Wilson
- Christian Kargl-Simard
- Michael Cathro
For More Information and Shareholder Questions
VOTE YOUR YELLOW PROXY PRIOR TO 8:00
A.M. (PACIFIC TIME) ON FRIDAY, APRIL 13, 2018.
Shareholders are urged to vote online by following the instructions
found on the YELLOW Proxy or Voting Instruction Form to
ensure votes are received in a timely manner.
Shareholders who have questions or require assistance with
voting may contact the Concerned Shareholder's Proxy Solicitation
Agent at:
Laurel Hill Advisory Group
Toll free in North America : 1 (877) 452-7184
(1 (416) 304-0211 outside North
America)
Email: assistance@laurelhill.com
Shareholders are also invited to contact the Concerned
Shareholder directly at:
Adam Travis
Telephone:
1-250-878-7554
Email: adamroberttravis@gmail.com
Visit www.laurelhill.ca/a-better-coloradoresources for more
information.
Forward-looking statements
Except for the historical information contained herein, the
matters addressed in these materials are forward-looking statements
that involve certain risks and uncertainties. You should be aware
that actual results could differ materially from those contained in
the forward-looking statements. The Concerned Shareholder does not
assume any obligation to update the forward-looking
information.
SOURCE Adam Travis
