Trophy Resources Will Explore New Options
November 13 2008 - 5:49PM
Marketwired
Trophy Resources (PINKSHEETS: TRSI) The Company announced today the
results of a lengthy due diligence process.
"As we had previously stated, upon our appointment as new
officers, we began the task of evaluating the history and condition
of Trophy Resources, Inc.," said CEO John Rose. "Approximately
thirty days ago we completed gathering enough information to
evaluate the company's status and viability as related to our
intended reasons for coming on board. However, it appears not to be
compatible with these plans so we will be opting out of our option
to acquire the control block of shares and returning them to
Trophy's previous CEO, Joseph Canouse."
"Mr. Canouse has expressed a great deal of interest in exploring
new options he has been made aware of," stated Mr. Rose. "So, it is
with sadness that we were not able to move forward as we had
planned, but are glad that Mr. Canouse has expressed such interest
in moving forward with exploring new options for TRSI and its
shareholders."
Mr. Mark Davis and Mr. John Rose have submitted their
resignations from the board and their executive positions effective
immediately and returned the control block of TRSI shares back to
former CEO, Joseph Canouse, simultaneously appointing him as a
director and CEO.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks. Trophy
Resources, Inc. is an exploration company with limited experience
in the oil and gas industry. At the time of this release Trophy
Resources lacks the financial capabilities to meet its financial
obligations and its management expects to dilute the company's
shares to raise the necessary operating capital. Based upon
industry standards Trophy would be considered highly speculative
and lacks any competitive advantage over its competition.
Additional risks you should consider are that this list is limited
and additional risk not mentioned may apply: failure to meet
Trophy's financial and contractual obligations, Trophy's managerial
errors made based upon the Company's limited experience and
knowledge of the industry, commodity risk, acts of God and
regulatory risk. You should consider these factors in evaluating
the forward-looking statements included herein, and not place undue
reliance on such statements.
Contact: Mark Davis 888-899-8600
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