Calgary, Alberta – Briko Energy Corp. (“Briko” or the “Corporation”) announces management changes and initiation of a strategic alternatives process.
John H. Van de Pol, President & CEO, has advised Briko’s Board of Directors (the “Board”) and executive team of his intention to step down as President & CEO effective March 15, 2021 but will continue to remain as a member of the Board. Mr. Van de Pol has been a key member of the executive team and has provided strong leadership throughout the Corporation’s initial two years of operation. The executive team and the Board thank Mr. Van de Pol for his contributions and wish him all the best in the future.
The Board is also pleased to announce the appointment of Louise Lee, partner at Borden Ladner Gervais LLP, who is replacing William C. Guinan as Corporate Secretary. The Board and executive team thank Mr. Guinan for his contributions since the Corporation’s inception. Mrs. Lee has over 15 years experience as a corporate lawyer and is a welcome addition to the Briko team.
STRATEGIC ALTERNATIVES PROCESS
Briko’s Board is undertaking a formal process to evaluate strategic alternatives available to the Corporation to maximize shareholder value. The strategic alternatives process is intended to explore a comprehensive range of strategic alternatives which may include, but are not limited to, a corporate sale, merger or other business combination, a disposition of all or a portion of the Corporation’s assets, a recapitalization and other alternatives to maximize value. The Board plans to engage a strategic advisor to support the evaluation of all potential alternatives. The Corporation will provide additional information regarding the strategic alternatives process as the process progresses. There can be no guarantees as to whether the strategic alternatives process will result in a transaction or the terms or timing of any resulting transaction.
About Briko Energy Corp.
Briko Energy Corp. is an Alberta Foothills Cardium focused company with undeveloped land, crude oil and natural gas reserves and a production base with associated infrastructure. Corporate information can be found at: www.brikoenergy.com.