CALGARY, Sept. 16 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) is pleased to announce that Mr. James H. Ross has agreed to join the Board of Directors of Unitech, subject to the approval of the TSX Venture Exchange. Mr. Ross is the President, CEO & Founder of Dalriada Capital Corp., a private corporation engaged in a variety of investment activities, including Private Equity, Venture Capital, Asset Backed Lending, Leasing, etc. Mr. Ross received a Bachelor of Science (Honours) degree in Geography in 1978 from McMaster University as well as Diploma of Business Administration in 1979 from Wilfred Laurier University. Mr. Ross has 29 years of investment industry experience. Prior to establishing Dalriada Capital Corp., Mr. Ross was a Senior Managing Director of Jennings Capital Inc., a Calgary based national investment dealer providing capital markets services to corporations, institutional investors and high net-worth individuals. Mr. Ross also is a member of the Board of Directors of Platinum Communications Corporation, a TSX Venture listed company providing fixed and wireless internet service throughout Alberta.
Pursuant to its stock option plan, Unitech has granted 100,000 common share purchase options to Mr. Ross at an exercise price of $0.10 per share for a five year term expiring on September 16, 2013. On September 12, 2008, the last day that Unitech's common shares traded prior to the granting of the stock options, the closing price of Unitech's common shares on the TSX Venture Exchange was $0.04 per share. The options, and any common shares issued upon exercise of the options, are subject to a four month hold period expiring January 17, 2009
About Unitech Energy Resources Inc.
Unitech uses its proprietary image analysis and pattern recognition system, called Leadscan, for a 'first look advantage' that drives Unitech's exploration strategy. Please visit Unitech's website at www.leadscan.ca. Shares of Unitech are listed for trading on the TSX Venture Exchange under the symbol URX.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the oil and gas industry, regulatory and economic risks, and risks associated with the company's ability to implement its business plan. The company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
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