From Junex Inc., a Canadian company with significant Utica shale holdings in Quebec:
MAY 7, 2013- Junex Inc. (TSX VENTURE:JNX) ("Junex" or the "Company") announces that the Chairman of the Board and co-founder of Junex, Mr. Jacques Aubert, has decided to not renew his mandate as Chairman and member of the Board of Directors. In the perspective of continuity, a proposal will be made at the next Annual General and Special Meeting of Shareholders whereby Mr. Jean-Yves Lavoie, the other cofounder of the company, will replace Mr. Aubert as Junex’s Chaiman of the Board. At the same time, the Board of Directors, if re-elected by the shareholders, foresee that Mr. Lavoie would leave his position as Chief Executive Officer and be replaced by Mr. Peter Dorrins.Mr. Lavoie would then also remain as Advisor to the company’s management, which will ensure a seamless transition towards new management.
“Over the last ten years, we have built a strong team of managers and professionals whose expertise is recognized by its peers in the industry. All of these changes form part of a succession plan which has been developed over the past few years and for which, we are convinced, will allow for an efficient and productive transition for the future conduct of the company’s business. Furthermore, Mr. Dorrins, who was already the President and COO of the company and who has more than 30 years of experience in the oil and gas industry, is very well prepared to take charge of the company’s management” declared Mr. Jean-Yves Lavoie.
Mr. Lavoie also wanted to highlight Mr. Aubert’s contribution:“As co-founder, then later as Chief Executive Officer and Chairman of the Board, Mr. Aubert has been a catalyst in the development of our company since its creation in 1999. His passion and determination inspired his colleagues throughout these years and we sincerely thank him for his work and efforts that we will all miss. We wish him a happy and active retirement.”
The Annual General and Special Meeting of Shareholders will be held on June 11th at the St. James Club in Montreal. Apart from Mr. Aubert, all of the current Board members (Mr. André Caillé, Mr. Daniel Courteau, Mr. Jean-Yves Lavoie, Mr. Laurent Lemaire, Mr. Gérald Riverin and Ms. Guylaine Saucier) will ask for a renewal of their mandate as Directors. At the same time, a proposal will be made that Mr. Peter Dorrins would become a Director of the company.
Junex is a junior oil and gas exploration company that holds exploration rights on approximately 5.2 million acres of land located in the Appalachian basin in the Province of Quebec. The company is in the heart of the Utica Shale gas discovery located in the St. Lawrence Lowlands and holds a significant land-package on the Anticosti Island where an independent report has provided their Best Estimate of the undiscovered shale oil initially-in-place ("OIIP") volume for the Macasty Shale on all five of Junex's permits on Anticosti Island at 12.2 billion barrels. As of December 31, 2012, Junex has a working capital of more than 16.2 million dollars. In parallel to its exploration efforts in Quebec and expansion of its exploration activities elsewhere, Junex's goal is to achieve positive cash flows from its natural brine and drilling services operations.
Forward Looking Statements
This news release contains certain forward-looking statements.These statements relate to future events or future economic performance of Junex and carry risks, uncertainties and other factors - both known and unknown - that may appreciably affect their respective results, economic performance or accomplishments when considered in light of the content or implications of statements made by Junex. Actual events or results could be significantly different.Accordingly, investors should not place undue reliance on forward-looking statements. Junex do not intend and undertake no obligation, to update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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