CALGARY, ALBERTA--(Marketwire - Jan. 10, 2013) - Platino Energy Corp. ("Platino" or the "Company")(TSX VENTURE:PZE) is pleased to announce that it has confirmed arrangements with members of its senior management team to lead Platino as it commences operations as an independent oil exploration company operating in Colombia.
Tomas Villamil, a director of the Company and consultant to management, and formerly the Executive Vice President, Exploration of C&C Energia Ltd. ("C&C"), will be appointed as President and Chief Executive Officer of the Company. He will assume the position following the retirement of Randy McLeod, currently the President and Chief Executive Officer of Platino and the former President and Chief Executive Officer of C&C, at the end of February 2013.
Mr. McLeod has advised the board of directors of the Company that he will continue to serve in his current role to assist Platino as it commences operations and establishes itself as a public reporting company. Messrs. McLeod and Villamil will work closely together over the next six weeks to ensure a smooth transition and successful launch of the Company's operations.
Kenneth Hillier, the Chief Financial Officer of Platino (and the former Chief Financial Officer of C&C) has informed the board of directors of the Company of his decision to retire from the Company. Mr. Hillier will remain with Platino for approximately three to four months to ensure a smooth and orderly transition. The Company's board of directors intends to commence a search for a successor to Mr. Hillier.
Cesar Vasquez, formerly an exploration consultant with C&C, has been appointed as the Vice President, Exploration of the Company. Tyler Rimbey, formerly the Vice President, Business Development of the C&C, will serve in the equivalent position with Platino. All executive appointments are subject to acceptance by the TSX Venture Exchange (the "TSX-V").
Carl J. Tricoli, a director of the Company and formerly the Chairman of the Board of C&C, has been appointed by the board of directors of the Company as Chairman of the Company. Mr. Tricoli said "Tomas is the perfect leader for the Platino team as it returns to its exploration roots. We also want to thank Randy for growing C&C into the successful operation it is today, as well as for his help during the transition."
Platino also announces that pursuant to the provisions of its stock option plan, it has granted an aggregate of 3,402,000 options to directors, officers, employees and consultants. The options have an exercise price of $1.33 per share. The options granted vest as to one third on the first anniversary of the date of grant, one third on the second anniversary of the date of grant and the balance on the third anniversary of the date of grant. The options will expire on January 10, 2018. All stock option grants of Platino are subject to the receipt of the necessary regulatory approvals.
About Platino Energy
Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.
Advisory Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "intends" and similar expressions is intended to identify forward-looking information concerning: the expected retirement of the current President and Chief Executive Officer and Chief Financial Officer and appointment of a new President and Chief Executive Officer and Chief Financial Officer, the future prospects of the Company, the transition process for the Company and the potential for a successful launch of the Company's operations.
The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino, including assumptions as to: the submission, in a timely manner, of regulatory and third party applications; the receipt in a timely manner, of regulatory and third party approvals; the timing and progress of work relating to Platino's assets; Platino's geological and engineering estimates; future production levels; the regulatory framework with respect to royalties, taxes, environmental matters, resource recovery and securities matters in the jurisdiction in which Platino will conduct its business; the geography of the areas in which Platino will conduct exploration and development activities; the sufficiency of budgeted capital expenditures in carrying out planned activities; the accuracy of testing results and seismic data; and the accuracy of resource estimates and the general continuance of current or, where applicable, assumed operational, regulatory and industry condition. Although Platino believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Platino can give no assurance that it will prove to be correct.
The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others: the inability to secure necessary regulatory or other third party approvals; the early stage of development of Platino and its assets and the nature of the exploration and development activities on such assets; difficulties encountered during the exploration for, delineation, development and production of oil. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Platino are included in the Listing Application (Form 2B) of Platino filed with the TSX-V, which has been filed with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com.
The forward-looking information contained in this news release is made as of the date hereof and Platino undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER THE 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