OPE Holdings Announces Management Changes and Filing of Annual Financial Statements

    HOUSTON, TX, April 29 /CNW/ - OPE Holdings Ltd. (the "Corporation")
announces that it has filed its audited financial statements for the year
ended December 31, 2008 along with the Management's Discussion and Analysis
relating thereto. The Corporation's financial statements and accompanying
disclosure documents are available online at www.sedar.com. Effective April 1,
2009, the Corporation sold its subsea engineering operations in Houston, Texas
and Trinidad & Tobago and the Corporation is now primarily focused on the
continuing development and commercialization of the Corporation's proprietary
SSP(R) floating platform technology. The Corporation is also currently
undertaking steps to finalize the change in corporate name to "SSP Offshore
Inc." as previously disclosed in the near future.
    The Corporation further announces that Gary Quenan has resigned as
President and CEO of the Corporation in order to focus on his obligations to
provide transitional support services to the acquirer of the subsea
engineering business. As previously disclosed, Mr. Quenan is obligated under
the agreement with the purchaser of the engineering assets to provide
transitional management services for a minimum of one year. Mr. Quenan will
remain as a Director and non-executive Chairman of the Corporation. The Board
of Directors will undertake a search to fill the President and Chief Executive
Officer positions at the earliest practical time. Until such positions are
filled, L. Daniel Wilson, the Executive Vice President and Corporate Secretary
of the Corporation, will serve as Acting Chief Executive Officer.

    The TSXV has neither approved nor disapproved of this press release.

    Certain information in this press release may contain forward-looking
statements. This information is based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict. Actual
results might differ materially from results suggested in any forward-looking
statements. The risks going forward include, inter alia, the significant risks
associated with commercializing a new floating platform technology, financing
risks and fabrication risks. OPE is also subject to the general economic
conditions in the domestic and international markets it operates in. OPE
assumes no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in the
forward-looking statements, unless and until required by applicable securities

For further information:

For further information: L. Daniel Wilson, Acting CEO & Executive Vice
President, at (403) 358-1110 (phone); (403) 887-7666 (fax); or

Organization Profile


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