RENO, NEVADA -- (Marketwire) -- 08/25/11 -- Litewave Corp. (OTCBB: LTWV) is pleased to announce the nomination of new directors and officers to supplement its Board. The Company would also like to provide a corporate update to its shareholders.
New Management
Effective immediately, Mr. David Grand will be replacing Mr. Frank Dumas in his duties as President and Chief Executive Officer. Mr. Mark Billings, Chief Financial Officer, will be replaced by Mr. Denis Petke. Messrs. Dumas and Billings, who have been with the company since 2009, will remain with the Company as directors of the board with Mr. Dumas becoming the Chairman of the Board of Directors.
Litewave Corp. is convinced that its new committed and experienced team will be successful in bringing the company up to date.
The Board and Management team will now comprise of:
David Grand, President and CEO
Dennis Petke, Director and CFO
Mario Bourque, Director
Mark Billings, Director
Francois Dumas, Director, Chairman of the Board
David Grand has an extensive knowledge of the financial industry, and has worked with numerous well established firms. Mr. Grand occupied the position of vice-president at TD Evergreen in the mid-90s. He also worked for BMO Nesbitt Burns in the 90's and worked at Desjardins Securities in 2002 as Regional Sales Manager. In 2005 he took over Octagon Securities' Retail Division and joined Union Securities in April 2010. Mr. Grand is currently a Director on the Board of St-Georges Platinum and Base Metals Ltd. (CNSX: SX) and of Celtic Metals.
Mr. Petke is a member of the Institute of Chartered Accountants of British Columbia (1995). Over the past 10 years Mr. Petke has advised both private and public companies accumulating extensive experience in the area of corporate finance, including negotiating and implementing private and public company mergers, as well as facilitating private placement, preference share, convertible debenture, special warrant and debt financings. Mr. Petke specializes in working with early stage companies.
Current Corporate Situation
The Company is currently late and in default in regards to its Quarterly and Annual Financial reporting obligations under US Laws since the first Quarter of 2010. Litewave is also in default under BC Instrument 51-509 regarding the same reporting obligations in Canada, a Cease Trade Order was issued on May 25 2011 by the British-Colombia Securities Commission (BCSC) and is still in effect.
The management of the Company has directed most of its action toward the resolution of that situation. The management expect to be able to correct the situation and make the financial reports available by this year's end.
Oil & Gas Assets
The Company has no more interest in Oil & Gas property.
Mining Assets
North-Shore Constellation 50% earn-in Option
In the Second quarter of 2011 the Company received notification of being in default from St-Georges Platinum and Base Metals Ltd. ("St-Georges") regarding its 50% earn-in option on the North Shore Constellation group of mining exploration properties. Due to its current corporate and financial situation, Litewave could not make the cash payments and was not able to conduct any equity financing in order to meet the minimum work commitments required by the option agreement with St-Georges. The option agreement is now terminated and Litewave is negotiating with St-Georges to enter into a revised option agreement on some of the properties included in the Constellation group of properties.
Villebon Property 50% Option
In the second quarter of 2011, the Company received a default notification in regards to its 50% option in the Villebon Property located in the Abitibi region of Quebec. St-Georges assumed Litewave's obligation in accordance with the acquisition agreement and acquired 100% of the property. In effect St-Georges is now the sole owner of the Villebon Property. The two Companies are currently negotiating the details of a new option agreement that would enable Litewave to acquire, under certain conditions, to be divulged in a subsequent press release, an interest of up to 40%.
Other Related Matter
In the second quarter of 2010, Litewave issued a debenture in the amount of 100,000$ to St-Georges. The bulk of this amount was used by Litewave to pay its accountant, lawyers and auditors in order to fulfill the Company's reporting obligations. The debenture was to be repaid by the end of the second quarter of 2011. Litewave did not receive a written notification default or a request of payment from St-Georges. However, this debenture now bears an 18% annual interest since its due date.
Forward-looking Statement:
This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.
Contacts:
David Grand, President and CEO
416.561.1007
david.grand7@gmail.com
