VANCOUVER, British Columbia, April 23, 2021 (GLOBE NEWSWIRE) -- via InvestorWIre -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371XXX) ("Hunter" or the "Company") announces the resignation of Andrew Hromyk as Director of the Company.
As CEO of Hunter Technology's predecessor business, Hunter Oil Corp., Mr. Hromyk drove the reorganization of the Company's Permian oil and gas assets from 2015 through to monetization in 2018, when Hunter disposed of its oil and gas assets for total consideration of approximately $43,000,000 consisting of $28,000,000 in cash and $15,000,000 in assumed liabilities, of which approximately $21,500,000 was paid to shareholders as a capital dividend.
During his tenure, Mr. Hromyk was instrumental in restoring the Company's capital structure, raising in excess of $5 million in working capital which was then deployed to reconstitute the Company's oil and gas assets, significantly increasing shareholder value. The successful decision to monetize the Company's oil and gas assets in 2018, just prior to the downturn in the sector, followed by the return of the bulk of the sale proceeds to the Company's shareholders by way of tax-free capital dividend, underlines Mr. Hromyk's determination to both create and to distribute shareholder value.
Mr. Hromyk is leaving the Company to focus his attention on his private capital management firm, First Finance Limited. A development stage investor, First Finance provides capital resources and strategic guidance to highly prospective investment opportunities with established management teams and a clear pathway to monetization.
Hunter is deeply indebted to Mr. Hromyk and wishes him well in all of his future endeavours.
ON BEHALF OF THE BOARD OF DIRECTORS
Florian M Spiegl
Chief Executive Officer
(888) 977-0970
For further information, visit our website at www.huntertechnology.com.
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