shellfish, do what PBX did and vote in a new CEO and a whole new board..

They voted out everyone , even the founder of the company..

 

Int'l PBX holders vote for former president's slate

2012-10-25 14:22 ET - News Release

 

Mr. Terry Lynch reports

INTERNATIONAL PBX SHAREHOLDERS OVERWHELMINGLY ELECT NEW BOARD LED BY FORMER PBX PRESIDENT TERRY LYNCH

Shareholders of International PBX Ventures Ltd. overwhelmingly elected the slate of directors nominated by Terry Lynch, PBX's former president, at the company's annual meeting on Oct. 25, 2012.

The vote was approximately two to one in favour of Mr. Lynch's slate of highly qualified and experienced nominees.

"We are thrilled to have such a decisive mandate for change at PBX," Mr. Lynch said. "The vote shows how passionate our shareholders are about the value of our assets, and how strongly they felt about the previous management's poor record in executing a coherent business plan." The new board has reappointed Mr. Lynch as president and chief executive officer.

Mr. Lynch added: "Investors clearly did not trust the previous management team to actually see the end of Oz Mineral's option to buy 90 per cent of our flagship Copaquire copper and molybdenum mine in Chile for $90-million. Hence, our market capitalization has languished at less than $8-million.

"We are confident we can demonstrate that we have the resources to move the company forward, benefiting from Oz Minerals' drilling program that will start this quarter, and from developing three additional large-scale Chilean exploration plays in Palo Negro, Tierra Del Orro and Sierra Pintada."

Mr. Lynch expressed special gratitude to PBX's largest shareholders, notably, Jintian Copper, China's largest copper trading company, and to PBX's chairman, Ian Pirie, for their support and advocacy.

Mr. Lynch stated: "Victory was possible only with our shareholders' generous and passionate support. We could not have achieved this opportunity for renewal at PBX without all of you. My pledge is to capitalize on that support by unlocking the true value of PBX and putting the company back on a solid financial footing."

The new board includes Mr. Lynch, Mr. Pirie, Peter Kent, Dan Gosselin and Zhangliang Lou, representing Jintian. "We look forward to quickly getting to work and restoring market confidence in PBX," Mr. Lynch said.