McLaren Resources Inc. Announces Divided Board
Toronto, Ontario CANADA, January 13, 2009 /FSC/ - McLaren Resources Inc. (MCL - CNQ, 3ML - FWB), (CNSX: MCL) (the "Company") announces that the Board of Directors of the Company is at odds as to the future direction of the Company. Positions are evenly divided between the four directors.
A dissident shareholders meeting has been called for February 26, 2009 to elect a new Board of Directors. A legal proceeding has been commenced before the Ontario Superior Court of Justice in which allegations of oppressive conduct are being asserted by Vic Childs and John Holko against Greg Liddy, Brian Berner and the Company. Greg Liddy and Brian Berner have advised the Company and the Court that in the context of that proceeding, a counter application for oppressive conduct will be brought against Vic Childs and John Holko. In this lawsuit, the Court will be asked to rule on the validity and propriety of the February 26, 2009 shareholders meeting and the payment by the Company of its normal course obligations until the shareholders meeting can be held. The court hearing to determine these issues has been scheduled to be held in early February.
Pending resolution of these matters, the ability of the Company to carry on in the normal course of business is limited.
For further information, please contact Mr. Greg Liddy, President of McLaren, at 416-203-6784 x301 or Mr. John Holko at 416-904-3181. Additional information about McLaren can be found at the Company's website at www.mclarenresources.com.
The Canadian National Stock Exchange has neither approved nor disapproved of the contents of this press release.
McLaren Resources Inc.(MCLN - CNQ) www.mclarenresources.com
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