SOURCE: Trophy Resources, Inc.

November 13, 2008 18:50 ET

Trophy Resources Will Explore New Options

ALPHARETTA, GA--(Marketwire - November 13, 2008) - Trophy Resources (PINKSHEETS: TRSI) The Company announced today the results of a lengthy due diligence process.

"As we had previously stated, upon our appointment as new officers, we began the task of evaluating the history and condition of Trophy Resources, Inc.," said CEO John Rose. "Approximately thirty days ago we completed gathering enough information to evaluate the company's status and viability as related to our intended reasons for coming on board. However, it appears not to be compatible with these plans so we will be opting out of our option to acquire the control block of shares and returning them to Trophy's previous CEO, Joseph Canouse."

"Mr. Canouse has expressed a great deal of interest in exploring new options he has been made aware of," stated Mr. Rose. "So, it is with sadness that we were not able to move forward as we had planned, but are glad that Mr. Canouse has expressed such interest in moving forward with exploring new options for TRSI and its shareholders."

Mr. Mark Davis and Mr. John Rose have submitted their resignations from the board and their executive positions effective immediately and returned the control block of TRSI shares back to former CEO, Joseph Canouse, simultaneously appointing him as a director and CEO.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Trophy Resources, Inc. is an exploration company with limited experience in the oil and gas industry. At the time of this release Trophy Resources lacks the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Trophy would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider are that this list is limited and additional risk not mentioned may apply: failure to meet Trophy's financial and contractual obligations, Trophy's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.

Contact Information

  • Contact:
    Mark Davis