Chester Holdings, Ltd. Appoints New Board Members.Business Editors SIMPSONVILLE, S.C.--(BUSINESS WIRE)--March 18, 2002 Chester Holdings, Ltd. (Pink Sheets: CHES) today announced that it has appointed three new members to its Board of Directors as part of the recently announced acquisition of Red Mountain Energy, Inc. of Scottsdale, AZ. Michael O'Shea
Michael O'Shea (born September 21, 1970 in North Bay, Ontario) is a Canadian Football League linebacker. He currently plays for the Toronto Argonauts. , President of Chester, commented, "I am pleased to announce the addition of the new Board Members and look forward to working with them in the development of a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. for the Company. All three new members have extensive experience in their respective fields and are committed to helping the Company achieve its new business plan." The new Board members are: Stephen L. Thomas - Stephen has been Managing Director of Red Mountain Energy, Inc. since January 2000. Since 1978 Stephen has held positions as Senior Geologist, Exploration Manager and Managing Director of numerous public and private exploration companies including Austin Oil N.L., Phoenix Oil & Gas, Australian Mineral Sands and Marvel Petroleum. He holds degrees in Geophysics and Geology from University College Cardiff South Wales South Wales south n → sud m du Pays de Galles . Edward Zulaica - Ed holds a degree in Finance from the University of Southern California The U.S. News & World Report ranked USC 27th among all universities in the United States in its 2008 ranking of "America's Best Colleges", also designating it as one of the "most selective universities" for admitting 8,634 of the almost 34,000 who applied for freshman admission and a degree in Finance and Accounting from the American Graduate School for International Management. He has extensive experience in international finance, business development and securities. Ed has held senior management positions with Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. Capital Markets, Republic National Bank - Singapore, and Shearson Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. - Singapore. William Wieringa - Bill resides in Australia where he has had more than 40 years experience in the Asia Pacific region. He has held senior positions with some of the largest insurance companies in Australia and was responsible for numerous business development projects in the region. Bill has years of in depth experience in the development and operation of business which will be of tremendous value to Chester/Red Mountain as the companies begin their reorganization plan. Stephen Thomas said, "I am delighted to join the Board of Directors and I look forward to working with the other members to reorganize Chester and begin working on some very promising projects that Red Mountain will announce shortly in the US and Australia." As recently announced, Chester Holdings has filed a Chapter 11 Bankruptcy as part of a plan to reorganize the structure of the Company. A First Meeting of Creditors One of the first steps in federal Bankruptcy proceedings whereby the creditors of a debtor meet in court to present their claims against him or her and a trustee is named to handle the application of the debtor's assets to pay his or her debts. has been set for April 5, 2002 and it is anticipated that a hearing to confirm the Plan could occur within 30 days of that meeting. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995; to the extent that this press release makes statements about the future, such statements are forward looking and subject to a number of risks and uncertainties. These risks could effect the ability of the Company to successfully reorganize and resume operations as stated in any forward looking statements by, or on behalf of the Company. There is no assurance that the Company will be able to achieve any of its intended objectives. --30---PS/ch*
CONTACT: Chester Holdings
Michael O'Shea, 864/962-8638
KEYWORD: SOUTH CAROLINA
INDUSTRY KEYWORD: ENERGY OIL/GAS MANAGEMENT CHANGES
SOURCE: Chester Holdings Ltd.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion