VANCOUVER, Jan. 22, 2016 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that Rod McKeen has been appointed as an additional independent director of AER. Mr. McKeen is a lawyer and has over 30 years of experience acting for Canadian public companies with an international focus, primarily in the natural resources sector. He is a partner in Axium Law Corporation.
In the course of the ongoing litigation between AER and Jaguar Financial Corporation ("Jaguar"), Jaguar has made serious allegations that certain directors of AER are conflicted with respect to (1) AER's defense in the ongoing litigation, and (2) AER's efforts to prevent Jaguar from taking control of AER's Board.
While Jaguar's allegations of conflict on the part of AER's directors are entirely without merit, the current directors have resolved that it is in the best interests of AER to ensure that its future conduct cannot be challenged on the basis of such allegations.
To that end, a special committee has been formed with a mandate to exclusively represent the interests of AER in connection with: (i) retaining and instruction separate legal counsel to defend AER in the legal proceedings brought by Jaguar; and (ii) to convene an annual and special general meeting of the shareholders of AER and to manage the process for the meeting. Mr. McKeen is the sole member of the special committee.
A continuation of the hearing before the BC Supreme Court of the Second Petition filed by Jaguar will resume on Monday January 25, 2016. AER shall vigorously oppose the relief sought by Jaguar. Refer to the News Release dated January 7, 2016 for details of the Second Petition.
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the outcome of the legal proceedings.
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.
SOURCE Alternative Earth Resources Inc.
For further information: Information Contact: Brian D. Fairbank, P. Eng. President & CEO, http://www.alternative-earth.com, Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: email@example.com; AER Investor Inquiries: Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: firstname.lastname@example.org