Altair announces board and management changes
VANCOUVER, BRITISH COLUMBIA – September 22nd 2020: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX: Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Jeffrey Steiner on behalf of the board of the Company announces changes to the board composition, management changes and other appointments.
Altair, like many other companies has been dealing with the impact of COVID-19 and also has experienced some additional challenges, such as the passing of its long-time Chair and President & CEO, Roy Shipes as previously reported last month. On Friday, September 18, 2020 the company was subject to a bulk Cease Trade Order (the “CTO”) as it failed to file reports on a timely basis, plus received the resignation just prior to the CTO of Bruce Reid, a director and Altair’s interim CEO. The board of directors has now taken specific actions and Jeffrey Steiner has stepped in to lead the Company as its Interim President & CEO, its Interim CFO and also assume the role as Chair of the board.
Joining the board to fill a vacancy is Mr. John G. Booth, an experienced executive and lawyer who will be an independent director and Chair of the Audit Committee. The board has also appointed Mr. A. Vincent Spinelli to its Advisory Board, enhancing its business development and ESG capacity, especially for geographical areas of Eastern Europe and the Caucuses. Biographical notes on the two new members of the Altair team follow below.
“Altair will up its game in compliance and good governance,” noted Mr. Steiner. “The board has asked its new independent member, John G. Booth, to prepare a report with an examination of skill-sets for future board appointments, an HR review and financial structuring recommendations’, Steiner added. The Company will also seek out the appointment of a CFO following resolution of the CTO.
ON BEHALF OF THE BOARD,
"Jeffrey Steiner"
Jeffrey Steiner, Board Chair and Interim President & CEO
Neither 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.
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Biographical Notes
John G. Booth, BSc (Hons), LLB, JD, LLM
| multiple TSX, | |
| TSXV and CSE companies. He has served as a nominee director for the EBRD and is a guest lecturer | |
| in the graduate business school at the University of London on ESG. He has held increasingly senior | |
| executive positions over his career as a lawyer, investment banker, strategy consultant, fund manager, | |
| chief executive officer and has co-founded three businesses in financial services, the most recent listed | |
| in 2013. Fluent in French and English, John is a member of the Law Society of Ontario and the State | |
| bar associations of New York and Washington. DC. He joins Altair as an independent director and | |
| Chair of the board’s audit committee. |
Mr. A. Vincent Spinelli, B.ASc (Mechanical Engineering)
Mr. Spinelli is an Oil & Gas industry executive with 30 years of broad international experience managing significant companies in rapidly changing and emerging markets. He has a proven track record in operational turnarounds, HSE & cultural transformations, M&A, divestments and IPO preparation. Since 2014 he serves as Managing Director ESG of Kazmunaigas, headquartered in Astana, Kazakhstan where he has been recognized with an award of the President of Kazakhstan for outstanding contributions to the Oil & gas industry. A Canadian citizen, Vincent is also fluent in Russian and Italian. He joins Altair as a member of its Advisory Board.