Tiex Restructures Management Team
TIEX INC.
#307 – 1500 Hardy Street Kelowna, BC V1Y 8H2 Telephone: (250) 869-1607
FOR IMMEDIATE RELEASE TSX-V: TIX www.tiexinc.com September 13, 2012 TIEX RESTRUCTURES MANAGEMENT TEAM
Tiex Inc. (TSX-V: TIX) (“Tiex or the “Company”) is pleased to announce the following management changes:
Terry Severs, a director of the Company, has been appointed as Interim President and CEO. He succeeds Ken Faulkner, who was removed as President and CEO by the Board of Directors on September 11, 2012. In addition, Tom Martin has been removed from his position as Corporate Secretary and CFO. Diana Mark has been appointed to act as Interim Corporate Secretary. Both Mr. Faulkner and Mr. Martin have decided to remain as directors. A resolution was passed authorizing the Audit Committee to retain a party to audit the financial affairs of the Company, including its 100% wholly owned subsidiary, Bullion Gold Corp., for the period from January 1st to and including September 10th, 2012, the terms and scope of which audit is to be determined by the Audit Committee.
Furthermore, effective immediately, Mr. Faulkner and Mr. Martin have been removed as directors from Bullion Gold Corp. Mr. Severs has replaced Mr. Faulkner as President and CEO of Bullion Gold Corp.
Mr. Severs comments: “The process has begun to protect all shareholders. Exploration and debt reduction, not management and consulting fees, will be the main focus moving forward. We are putting together a new management team with a record of success to develop our extensive property portfolio. I believe everything is in place to turn this Company around.”
About Tiex Inc.:
Tiex Inc. is a TSX Venture listed mineral exploration company focused on the exploration of its 95,559 ha properties in the Caribou Region, including the 16,180 ha Bullion Property which is under an earn-in option/joint venture agreement with Newmont Canada Corporation. The properties are located in the prolific Quesnel Terrane of central British Columbia, Canada and are accessible by highway and logging roads year round. For more information, you can visit the company's website at: www.tiexinc.com.
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.
For information contact: Terry D. Severs, President & CEO Telephone: (604) 763-4848 Facsimile: (604) 683-6350 Email: terry@tiexinc.com