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PacificOre dissidents occupy former company office

 

PacificOre dissidents occupy former company office

 

2013-07-10 14:50 ET – News Release

Mr. Adriaan Bakker, concerned shareholder, reports

PACIFICORE ABANDONS COMPANY RECORDS

The concerned shareholders recently took possession of the offices that PacificOre Mining Corp. previously leased in South Surrey, B.C. Left abandoned in these offices by PacificOre management were over 100 bankers boxes containing company documents, data, maps and equipment. When alerted by the property management company that PacificOre was many months in arrears with its rent, Don Wilson, an unelected director and chief executive officer of PacificOre (appointed by the elected board of directors; all the elected directors, with the exception of Christian Derosier, have resigned), informed it first that the signing officer on the company’s bank account had been terminated, and they had to wait for a new signing officer that had yet to be appointed, then later stated that the company was terminating its lease. When asked whether the company could at least remove the 100 bankers boxes of company documents, rolled maps, equipment and furniture still on the premises, Mr. Wilson refused. When W. Adriaan Bakker was notified by property management of the situation, he successfully negotiated a new rental agreement and took possession of all the abandoned corporate material.

As current management does not see the need to protect company assets, the concerned shareholders felt it incumbent to protect company assets, negotiate a new rental agreement and take possession of all the abandoned corporate material. The concerned shareholders will now hold the documents on behalf of the company and for the future benefit of shareholders. These extensive records include geological, accounting and legal records spanning the years 1990 to 2012. The concerned shareholders will continue to use this office in anticipation of taking control of the company at the annual general meeting. The rental of this office represents only a fraction of the cost of rent the company’s former office, the entire 16th floor of the Bower Building, 543 Granville St., Vancouver, B.C., still listed on the company’s website.

The concerned shareholders acknowledge that the existing board has given the appearance of complying with the shareholder “requisition for special meeting,” by choosing the last possible day permitted. This Sept. 17 date is a fixed date such that the board can no longer stall and delay in an effort to entrench themselves. The company remains in a state of flux without any apparent real leadership and an acting CEO not available for comment to shareholders. The board’s recent choice in selecting the latest possible date for an AGM, failure to disclose material news such as appointing an acting CEO, mining claims being allowed to lapse, and abandoning a substantial amount of the company’s legal, accounting and geological records are glaring betrayals to shareholders, especially so after Mr. Derosier publicly stated on May 10 that the company intends to call a “meeting as soon as it can.”

The concerned shareholders are extremely gratified with the positive reaction they have received from many of PacificOre shareholders, and wish to advise all shareholders that they will continue to work in their best interests including unseating this current board and management team that have failed to look out for their interests. The concerned shareholders are looking forward to demonstrating the ability to create significant value and to establish the company as a dominant player in the vanadium/titanium/iron-ore sector.

The concerned shareholders remain hopeful that the board will reconsider their efforts to delay and stall for a change of management. The concerned shareholders are ready, willing and able to begin moving the company forward on a path to near-term production. This will happen once the wishes of PacificOre shareholders are met at the AGM or the board agrees willingly to an orderly transition sooner. The phone number for the concerned shareholders at their new office is 1-604-385-4485

 

 

 

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More information on company activities and vanadium redox batteries, including global installations, can be found on the company’s website at www.vanadiumcorp.com

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