Business
High Arctic Energy Services - Executive Changes
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FA...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, Dec. 16 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") announced that Jed Wood has resigned his\noffice as President and Chief Executive Officer ("CEO") of the Corporation\neffective immediately in order to focus his efforts on working with an\ninvestor group on a possible "going private" transaction to acquire control of\nHigh Arctic. His stepping down as President and CEO will help minimize any\nconflicts of interest. Mr. Wood will retain his position as Chairman of\nOptimal Pressure Drilling Services Inc. ("Optimal") where he will continue to\nwork to maximize the value of High Arctic's investment in Optimal. Mr. Wood\nhas also resigned as a director of High Arctic.\n\n\nDennis Sykora has been appointed as Chief Restructuring Officer ("CRO").\nMr. Sykora has been with High Arctic since April 2007, most recently as\nExecutive Vice President and General Counsel. His primary responsibilities\nwill be related to the financial restructuring activities. The title of CRO\nconveys the importance placed on maintaining strong financial discipline\nwithin the organization and the emphasis to be placed on strengthening our\nbalance sheet and restoring the confidence of our shareholders. Mr. Sykora\nwill continue to report to the Board of Directors.\n\n\nWe are pleased to announce that Bruce Thiessen, currently the Vice\nPresident of Marketing, has accepted the position of Interim CEO. His long\ninvolvement with High Arctic will ensure the continuity of leadership and the\ndirection of our business. His primary responsibility will be to lead the\nCanadian business division during this transition.\n\n\nHigh Arctic has developed and retained a team of experienced managers.\nSubject to the approval of the Toronto Stock Exchange, the Board of Directors\nhas authorized a shares for debt private placement in order to satisfy up to\n$600,000 in 2008 bonuses which are currently payable by the Corporation.\nPursuant to this private placement, up to 3,000,000 common shares will be\nissued at a price of $0.20 per share (being the 5 day v...