CALGARY, Jan. 4, 2016 /CNW/ - NewNorth Projects Ltd. ("NewNorth" or the "Corporation") (TSX VENTURE: NNP) announced today that NewNorth and Greg Herndier, the President and Chief Executive Officer, have terminated their former employment arrangement and have entered into a consulting agreement, whereby Mr. Herndier will maintain the title of Chief Executive Officer and provide services to the Corporation in a reduced capacity. Given the Corporation's previously disclosed evaluation of current opportunities, as well as its ongoing efforts to manage costs, the decision was made to reduce Mr. Herndier's prior role in order to ensure NewNorth is managed in an efficient and effective manner going forward. Mr. Herndier will continue to guide the management of NewNorth by providing a minimum of 15 hours of work per week and such other time as may be required to fulfil his duties as Chief Executive Officer, and will remain a director of the Corporation.
"We have appreciated the work Greg has done over the many years with NewNorth and look forward to his continued support," stated Jack Walker, Chairman of the board of directors of NewNorth. "We believe this revised working arrangement with Greg will allow the Corporation to manage its expenses while continuing to efficiently operate going forward."
NewNorth is an integrated land and building development corporation operating in the province of Alberta.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may contain forward-looking information. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Corporation. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The Corporation does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
SOURCE NewNorth Projects Ltd.
For further information: Mr. Greg N. Herndier, Chief Executive Officer or Mrs. Shannon Cook, Controller at (403) 531-0280.