SOURCE: Petroleum Consolidators of America, Inc.

March 10, 2010 18:15 ET

Petroleum Consolidators of America Announces Resignation of David Cohen as Chief Executive Officer and President; Appoints Clifford M. Rhee as New Chief Executive Officer and President

PALM BEACH GARDENS, FL--(Marketwire - March 10, 2010) -  Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a mobile telecommunications technology company, today announced that it has appointed Clifford Rhee as Chief Executive Officer, President and Secretary effective March 10, 2010. Mr. Rhee replaces David Cohen, who is stepping down as Chief Executive Officer, President and Secretary. Mr. Rhee will continue as Chief Operating Officer of the company.

Mr. Rhee, age 45, has been Chief Operating Officer of the Petroleum Consolidators since the date of the reverse acquisition of the company by CTX Technologies, Inc., on February 17, 2010. From June, 2008 Mr. Rhee has been President and CEO of Oncidium Health Group, a Canadian medical technologies company. From June 2006 to June 2008, Mr. Rhee has been President and CEO of Tcomt, Inc., a high technology company involved in the design and manufacture of wireless telecommunications devices and satellite navigational systems, based in Seoul, Korea. From November 2004 to 2006, Mr. Rhee was President of Thomas Equipment, Inc., a public company engaged in the business of manufacturing earth moving equipment. From 1994 to 2004, Mr. Rhee was President and CEO of Pneutech Rousseau Group, a leading fluid power company. From 1987 to 1994, Mr. Rhee held several positions with Honeywell Corporation (formerly AlliedSignal Aerospace Corporation), including General Manager, Atlantic Support Division. Mr. Rhee received a Bachelor of Sciences degree in Mechanical Engineering from McGill University in 1986 and his Certified Management Accounting degree from McGill in 1988. He is a member of the Canadian Professional Engineers and sits on the boards of directors of several companies, including ABEX Corporation, Samsung Industry Co. Ltd., MS Provider Corp., and Vermeer Korea Ltd.

Mr. Cohen will continue to serve on the board of directors of the company and is taking on a new assignment as a consultant. Also, he was appointed as Chairman of the board of directors.

About Petroleum Consolidators of America

Petroleum Consolidators of America, Inc., based in Palm Beach Gardens, through its subsidiaries and affiliates is a virtual telecommunications technology company with operations in Mississauga, Ontario, Canada, China and Korea. For more information about Petroleum Consolidators and its subsidiaries, please visit the company's web site at http://www.ctxtechnologies.com/.

Forward-Looking Statements

The statements made in this press release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Petroleum Consolidators' expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Petroleum Consolidators' currently operates, but because of the factors herein listed, as well as other factors beyond its control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, integrating the operations of the new companies, uncertainties related to any future acquisitions, regulatory requirements applicable to public companies, and other uncertainties.

Contact Information

  • For further information, contact:
    David Cohen
    Petroleum Consolidators of America, Inc.
    Tel: (561) 483-4440