Willowstar Capital Inc.

May 25, 2009 18:35 ET

Willowstar Announces New Directors, New President/CEO

TORONTO, ONTARIO--(Marketwire - May 25, 2009) - WILLOWSTAR CAPITAL INC. ("Willowstar" or the "Corporation") (TSX VENTURE:WWM.P) is pleased to announce the appointment of Mr. Mark Raguz and Mr. Stephen Dunn as directors of the Corporation. Mr. Raguz has also been appointed President and Chief Executive Officer of the Corporation. Mr. William McLucas has resigned his positions as President and Chief Executive Officer and a director of the Corporation.

Mark Raguz is the President of New Texmont Explorations Ltd., a private company involved in mineral exploration. Mr. Raguz is a graduate of the Lassonde Mineral Engineering Program at the University of Toronto and also serves as a director of Gowest Amalgamated Resources Ltd., a TSX Venture Exchange listed company.

Stephen Dunn is currently the President, Chief Executive Officer and Director of Crown Minerals Inc, a mineral exploration company listed on the TSX Venture Exchange and also a Vice-President of Fletcher Nickel Inc, a TSX listed company. He has extensive experience in the capital markets, having worked with a large Canadian Insurance company, a Canadian Schedule A bank, and 2 Canadian investment dealers over 30 years. Mr. Dunn earned his BA and his MBA from the University of Western Ontario.

In connection with these appointments, Mr. Raguz has agreed to acquire all of the common in the capital of Willowstar that are owned or controlled by Mr. McLucas, being an aggregate of 666,667 common shares. Mr. Dunn has agreed to acquire an aggregate of 66,667 common shares from Mr. Gino Cozza, a director and the Chief Financial Officer of the Corporation. All of the foregoing shares are subject to an escrow agreement dated July 31, 2006 among the Corporation, Equity Transfer & Trust Company and certain securityholders of the Corporation. Each of Messrs. Raguz and Dunn have agreed to be bound by this escrow agreement and the TSX Venture Exchange has approved the transfer within escrow of these shares. Final documentation for the purposes of giving effect to such transfers has been submitted to the escrow agent.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. 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 projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on 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 the release.

Contact Information

  • Willowstar Capital Inc.
    Mark Raguz
    President and CEO
    (416) 200-3847
    (416) 447-1381 (FAX)
    Willowstar Capital Inc.
    Gino Cozza
    CFO and Corporate Secretary
    (416) 737-3314
    (905) 738-4750 (FAX)