07:48:30 EDT Tue 23 Apr 2024
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Passport Potash Inc
Symbol PPI
Shares Issued 211,302,314
Close 2014-03-03 C$ 0.065
Market Cap C$ 13,734,650
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Passport Potash's four directors resign

2014-03-04 12:11 ET - News Release

Mr. Joshua Bleak reports

PASSPORT POTASH ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS AND OFFICERS

Passport Potash Inc.'s board of directors has unanimously voted to decrease the size of the board to five members. Pursuant to that announcement the company has accepted resignations from Dennis Ickes, Jerry Aiken, Laara Shaffer and Bill Allred. Mr. Ickes, Mr. Aiken and Ms. Shaffer will join the company's advisory board.

"We would like to thank Dennis, Jerry, Laara and Bill for their service as directors of Passport," said Passport president and chief executive officer, Joshua Bleak. "Their unique skills and experience have been a real benefit to the company. We are delighted that they are all interested in continuing their relationship with Passport. Based upon the challenges inherent in today's resource market, the board felt that a smaller board would best serve the needs of the company and its shareholders."

The company is also pleased to announce the addition of Frank Hogel as an independent director to the company's board of directors, effective immediately. Mr. Hogel will serve as vice-chairman of the board, and on the audit and compensation committees. He brings a wealth of financial expertise to the board from his 15 years of experience in the financial sector.

Mr. Hogel currently serves as CEO of Peter Beck Performance Fonds, and sits on the advisory board of Concept Capital Management, an asset management company focused on evaluating and investing in Canadian resource companies through equity investments and convertible bonds in the gold, silver, rare earth, and potash spectrum. Mr. Hogel has a master of business administration degree from the University of Nurtingen, Germany, with a focus on financial management, banking, and international business and management.

"Mr. Hogel has been a great supporter of Passport and we are thrilled to have his expertise on the board," commented Mr. Bleak.

The company also announces that Ms. Shaffer has resigned as chief financial officer and corporate secretary. Taking Ms. Shaffer's place as CFO will be former director Mr. Allred.

Following these changes the officers of the company will be:

  • Joshua Bleak, president and CEO;
  • Michael Schlumpberger, chief operating officer;
  • Bill Allred, CFO;
  • John Eckersley, executive vice-president.

The directors for Passport are: David Salisbury, Frank Hogel, Joshua Bleak, John Eckersley and Ali Rahimtula.

We seek Safe Harbor.

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