T. Douglas Willock files application with Ontario Superior Court of Justice, updates Polar Star shareholders



    TORONTO, Feb. 4 /CNW/ - T. Douglas Willock today released the following
statement:
    "It has now been 10 days since I requisitioned a shareholders' meeting of
Polar Star Mining Corporation. I sincerely regret to inform you that, despite
my assertion to the board of Polar Star that my requisition is backed by a
clear majority of the shareholders of the Company and before any
recommendation was made by the special committee formed by the board to review
my requisition, the Board, and in particular, the Executive Chairman, Stephen
Roman, has (a) terminated me as President and CEO of the Company, (b) made
plans to move the corporate office of the Company to premises under Stephen
Roman's control, and (c) entered into a new financing arrangement that is
designed to entrench the current Board by diluting the equity of the current
shareholders. The Company has, regretfully, still not acted on my requisition
and no meeting has yet been called.
    As a result of the Board's clear strategy to entrench itself against the
will of a majority of the shareholders of the Company, I have been called upon
by many of you to take action. Yesterday evening, I instructed counsel to file
an Application with the Ontario Superior Court of Justice. The Application
seeks measures to protect the interests of the legitimate shareholders of this
Company, including laying ground rules for Stephen Roman and the Board on the
conduct of the Company during this period, arranging for a date for the
shareholders' meeting I have requisitioned on your behalf, and seeking my
reinstatement as President and CEO of the Company. I have included as an
appendix to my affidavit letters of support from shareholders representing
over 50% of the issued and outstanding shares of the Company.
    I have also instructed counsel to seek all regulatory avenues available
to the legitimate shareholders of the Company to ensure that actions
undertaken by the Board and Stephen Roman to entrench themselves despite the
clear and unequivocal pronouncement of the shareholders of the Company are not
approved and do not proceed.
    I am pleased to report to the shareholders of Polar Star that I am
continuing in my fight to restore shareholder and stakeholder confidence in
Polar Star. I continue to be sincerely humbled by the daily and overwhelming
support I am receiving from shareholders and stakeholders. I continue to seek
your input, advice and help through this process to give you back your
company. I look forward to keeping you informed of my progress on your
behalf."




For further information:

For further information: Wes Hall, CEO, Kingsdale Shareholder Services
Inc. at (416) 867-2342

Organization Profile

DOUGLAS WILLOCK

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890