Shares outstanding: 36,515,615
TORONTO, May 2 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) today announced that PricewaterhouseCoopers LLP will not be standing for reappointment as independent auditors of Augen for the 2008 fiscal period. Augen has proposed to change its auditor to Smith Nixon LLP effective as of the close of the Annual and Special Meeting of Shareholders of Augen to be held on May 29, 2008.
There were no reservations in PWC's reports for the audits of Augen's two most recently completed fiscal years, nor for any period subsequent. There are no reportable events between Augen and PWC. Each of PWC and Smith Nixon have issued letters stating that they agree with the information contained in Augen's notice of change of auditors.
Board Appointment
On April 29, 2008, Tony Busseri was appointed to the Board of Directors Augen. Mr. Busseri will serve as the Chair of the Company's Audit Committee through to the Annual and Special Meeting. Mr. Busseri is a Certified Management Accountant and has previously served in the capacities of Chief Financial Officer and audit committee member for other issuers.
The Audit Committee for Augen is currently comprised of Tony Busseri, Hugh Squair and Daniel Mason.
About Augen Capital
Augen Capital Corp. (TSX-V: AUG) ("Augen") is a Toronto-based public merchant bank specializing in the financing of and investment in emerging resource companies. Augen manages a merchant banking hard dollar portfolio of emerging resource stocks including private companies and is an industry performance leader in tax-advantaged flow-through investments in Canada's resource sector having raised over $58 million in flow-through limited partnership assets since inception. Augen currently has $47 million in flow-through investment consulting assets, including $28 million raised in 2007 by Augen and its sales and distribution partner. Augen holds over one hundred gold, base metals and uranium exploration and development public and private companies with direct holdings in its merchant banking portfolio and consulting assets in flow-through limited partnerships.
For more information on Augen Capital, visit our website at
www.augencc.com
The company's public documents may be accessed at www.sedar.com
The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
This news release contains forward-looking statements. These statements are based on certain factors and assumptions as set forth in this new release including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to results of exploration, project development, reclamation and capital costs of the companies in the merchant banking portfolios ("investee companies"), and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the investee companies expect to produce; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company's and investee companies. Additional risks and uncertainties can be found in our 2006 Management's Discussion and Analysis and in filings with the Canadian provincial securities commissions. Forward-looking statements are given only as at the date of this news release and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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