TSX-V Trade Symbol: WEL
WINNIPEG, Feb. 13 /CNW/ - Wildcat Exploration Ltd. announced today that it will appoint a new auditor following the receipt of a letter of resignation from its current auditor, PricewaterhouseCoopers ("PWC"). The Company's auditor, Staley, Okada & Partners, Chartered Accountants, merged its practice with PWC in 2006.
On January 29, 2007, the Company, with the approval of PWC, issued a press release re-confirming the appointment of PWC as auditor. However, in a letter dated February 7, 2006, PWC advised the Company of its resignation as auditor without providing reasons.
As previously disclosed by Wildcat, the former President and CEO of the Company, Shlomo (Sol) Prizant, executed and caused to be filed on SEDAR on October 27, 2006 a Notice of Change of Auditors purporting to change the auditor of the Company from PWC to Danziger & Hochman, Chartered Accountants.
The purported change of auditor lacked the authority of the board of directors of the Company and was therefore ineffective. The board of directors passed a resolution on December 6, 2006 confirming the appointment of PWC.
Following discussions with PWC, in which PWC indicated its ability to act as auditor of the Company, the Company's Audit Committee passed resolutions on January 26, 2007 confirming the continued appointment of PWC.
The board of directors relieved Mr. Prizant of his duties as President and CEO on January 8, 2007 and terminated his consulting agreement for cause on January 26, 2007.
The Company is currently in discussions with potential auditors and will announce confirmation of the appointment at the appropriate time.
On February 9, 2007, the Company was served with a Statement of Claim, which has been filed in the Ontario Superior Court of Justice by Mr. Prizant, claiming, among other allegations, breach of the consulting agreement. The Company will vigorously defend itself in this claim.
About Wildcat Exploration Ltd.
Wildcat is a Winnipeg-based mineral exploration company actively exploring for gold and base metals in Canada. For further information on the company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
On Behalf of the Board
"Jerrold Siemens"
Interim President and CEO
%SEDAR: 00014885E