PrimeGen Energy announced the appointment of Vladamir Y. Protskiv to the Board of Directors and as the new CEO and President of the Company with immediate effect. Robert Charlton, the former President, will remain on the Board and continue his role as a Director of the Company.
Vladamir Y. Protskiv, 62, is one of the founding shareholders of PrimeGen Energy. He holds a degree in Economics and an MBA and has a background in venture capital, direct investment management in Russia and Europe. During the period 2006 to 2008, Mr. Protskiv was involved with certain M & A activities of PrimeGen. Mr. Protskiv has also followed closely the development of PrimeGen and has shown a keen understanding and interest in the challenges that the Company now faces.
As stated in the March 19th Press Release, the Company continues to work on its long-term strategy and intends to operate the remaining assets of the Company after completion of the previously announced Timan-Pechora ("TP") transaction announced August 28, 2009. The closing of the TP deal is dependent on third party approvals. While management anticipates these third party approvals in the coming weeks, the Company's attorneys are also examining whether the 2009 annual reports could be published and the trading of the Company's shares on OTC Markets could be resumed as "Current Information" ahead of completion of the TP transaction.
Mr. Protskiv, CEO of PrimeGen, commented, "I recognize the challenges that the Company is facing in its present situation due to the negligence by outside parties and am confident that, by taking a economical and commercial approach, the Board will succeed in bringing PrimeGen to the next level. I believe that currently the company needs to return to basics, finalize the imminent TP deal, optimize existing operations, restructure its other existing obligations and cautiously explore emerging growth opportunities. In addition, we are aware of the concerns of the shareholders and are planning to address these within the shortest period of time. I would like to thank Mr. Charlton and the Board for their support."
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