Power Group Announces Change of Management and Delay in Filing Annual Financials Caused by COVID-19
Power Group Announces Change of Management and Delay
in Filing Annual Financials Caused by COVID-19
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA
Toronto, ON., April 23, 2020 – Power Group Projects Corp. (“ Power Group ” or the
“Company”) (TSXV: PGP) is pleased to announce the appointment of new directors to the board
and the appointment of a new executive management team for the Company. The new team is
comprised of Aleem Nathwani , Chief Executive Officer, Chairman and Direc tor, Yana
Bobrovskaya, Director and David Kwok, Chief Financial Officer and Director.
In connection with the foregoing, the Company announces the resignation of John Dyer as
President, Chief Executive Officer and Director of the Company, Randy Koroll as Chief Financial
Officer and Directors and the resignation of Brian Stecyk as a Director of the Company. The Board
of Directors and management would like to thank Messrs. Dyer, Koroll and Stecyk for their
contributions to the Company and wish them every success in their future endeavours.
About the New Management Team and Directors
Brief biographies of the members of the newly appointed Board of Directors and management
team of the Company are as follows:
Aleem Nathwani, Chief Executive Officer, Chairman , and Director - Mr. Nathwani has over
sixteen years of experience working with and advising startups, from inception through to
acquisition or public offering. He was one of the earliest team members at Nutanix (NASDAQ:
NTNX, $6B+ MCAP), pioneers in the hybrid -cloud space, where he played key roles in driving
business development. He also held strategic leadership roles within Telus Communications,
incubating technology infrastructure and outsourcing deals for large enterprise customers, helping
grow their portfolio to $100M+. Mr. Nathwani has also held advisor and board positions with a
number of public and private companies.
Yana Bobrovskaya, Director - Ms. Bobrovskaya h as over 15 years of international business
experience and has sat on the board of several public companies. A dedicated and highly motivated
with considerable experience with comprehensive communications and business development.
Works well with people fro m a variety of backgrounds, internationally and under pressure, to
ensure results are achieved in accordance with expectations and requirements. Skilled in managing
projects and overseeing progress, she excels in producing documentation in accordance with
regulatory requirements. Yana possesses considerable interpersonal and communication skills
with a confident and articulate manner, and fluency in both English and Russian.
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David Kwok, Chief Financial Officer and Director - David Kwok (CPA, CGA) has over 15 years
of experience working for public companies in various management roles. He has held the
positions of Operations Controller & Business Administration Manager for Capstone Mining
Corp., and Divisional Controller for Xstrata PLC and subsequently for Glencore PLC after the two
companies merged. Recently, he provided financial & business consulting services for the publicly
traded blockchain companies BTL Group Ltd., Victory Square Technologies and a private internet
infrastructure company.
In addition, the Company announces the postponement of filing its audited annual financial
statements for the year end December 31, 2019 due to logistics and delays caused by COVID-19.
The Company will invoke the British Columbia Se curities Commission (the “ BCSC”) BC
Instrument 51 -525 (“ BCI 51 -525”) for temporary exemption from certain corporate finance
requirements.
Pursuant to BCI 51 -525, the Company is relying on the relief therein for its audited financial
statements required by Section 4.2 of National Instrument 51 -102 and its MD&A required by
section 5.1(2) of National Instrument 51-102.
The Company estimates that the required disclosure will be filed no later than June 1, 2020
Until the Company has filed and announced the required Financial Statements and MD&A, all
management and other insiders are subject to the Company’s share trading and black -out policy
that reflects the principals in section 9 of National Policy 11 -207 Failure -to-File Cease Trade
Orders and Revocations in Multiple Jurisdictions.
There have been no material business developments since the date of the interim financial states
for the nine-month period ended September 30, 2019 that were filed on December 30, 2019.
ON BEHALF OF THE BOARD OF DIRECTORS
Aleem Nathwani
Chief Executive Officer and Chairman
(604) 290-7073
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT:
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation.
Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and
estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not statements of historical fact and may be "forward -looking
statements.
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Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ
from those reflected in the forward -looking statements, including, without limitation: risks related to failure to obtain a dequate
financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks
associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental
regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the
uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of
mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs
and expenses; results of prefeasibility and feasibility studies, and the possibilit y that future exploration, development or mining
results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations;
and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's
disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against
attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results
could differ materially from the Company's expectations or projections.