Candax Energy Inc. Announces Reorganization of its Management Team
TORONTO, ONTARIO--(Marketwired - Sept. 29, 2015) - Candax Energy Inc. ("Candax" or the "Company") (TSX:CAX), a company focused on mature oil field development in Tunisia, today announced the resignation of Pierre-Henri Boutant from his role of CFO and Interim CEO, effective September 30, 2015. Philip Maxwell, Director of the Company will also resign from the Board of Directors effective September 30, 2015, to replace Mr Boutant.
This change will ensure continuity of management under the Arrangement Agreement signed on September 17, 2015, pursuant to which, upon acceptance by the minority shareholders, the Company will be taken private.
Philip Maxwell is an International E&P consultant with a 40 years' experience in managing international exploration, development and production projects.
"I am pleased and confident to let the Company onto the experienced hands of Philip Maxwell to face the continuous challenges in a tough environment for Candax. I want to thank the Board of Directors of Candax as well as the whole Tunisian team for their support and dedication during our past three and a half year of collaboration" said Pierre-Henri Boutant.
Philip Maxwell's appointment will be effective September 30, 2015. The Special committee constituted of two independent directors, M'hamed Ali Bouleymen and Jean-Claude Boubée will continue to have an oversight of the Plan of Arrangement until closing.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements.
Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; risks associated with delisting review of the Toronto Stock Exchange; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax to fund the capital and operating expenses necessary to achieve the business objectives of Candax, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax should not place undue reliance on these forward-looking statements. Statements in relation to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
Candax is an international energy company with offices in Toronto and Tunis. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds a royalty interest in an exploration permit in Madagascar.
(September 29, 2015 - 5:00 PM EDT)
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