Kinetex Resources Corporation
TSX VENTURE : KTX

Kinetex Resources Corporation

March 10, 2010 13:53 ET

Kinetex Announces Change of Auditor

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2010) - Kinetex Resources Corporation ("Kinetex" or the "Company") (TSX VENTURE:KTX) announced today that its Board of Directors have appointed BDO Canada LLP (formerly, BDO Dunwoody LLP) ("BDO" or the "Successor Auditors") as the Company's new auditor, replacing Meyers Norris Penny LLP ("MNP" or the "Former Auditors").

At the request of Kinetex, MNP has resigned as auditor of the Company effective February 16, 2010. The Audit Committee and Board of Directors of the Company have approved and appointed BDO as Successor Auditor in their place effective February 16, 2010. BDO is a full service, international accounting firm with offices worldwide.

Kinetex would like to thank MNP for their services in the past.

There were no reservations in the Former Auditor's reports for the two most recently-completed fiscal years or for any period subsequent to the most recently-completed period for which an audit report was issued and preceding the date of the Former Auditor's resignation. There were no reportable events (as defined in National Instrument 51-102 (Section 4.11)) between the Company and MNP or between the Company and BDO.

"The Management and Board of Directors look forward to taking advantage of BDO's worldwide experience as we continue to expand our operations internationally," said Robert Ashauer, the Company's newly appointed CFO.

In accordance with regulatory requirements, Kinetex has filed a Notice of Change of Auditor ("Notice") and has received a response letter from the Former Auditor confirming their agreement with the information provided in the Notice. The Company has also received a response from the Successor Auditor confirming their agreement with the information provided in the Notice. The Notice and response letters have been filed on SEDAR.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

The Company seeks safe harbour.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Based on current available information, the Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that those expectations will prove to be correct. The forward-looking statements in this news release are expressly qualified by this statement, and readers are advised not to place undue reliance on the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Kinetex Resources Corporation
    Gil Schneider
    Chief Executive Officer
    604-484-5761 or Toll-Free: 1-888-484-5761
    604-484-5760 (FAX)
    gil@kinetex.ca
    www.kinetex.ca