| The agreement is subject to regulatory approval, and the common shares will be subject to a four-month hold.|
In connection with the settlement of debt for shares, Bruce Duncan, chief executive officer, and Chuck Jenkins, chief financial officer, have agreed to forgive certain amounts owing and to amend their existing management agreements to remove bonus and RRSP contribution obligations, reduce change in control benefits to six months, and reduce management fees to $7,500 and $5,000 per month, respectively. These amendments to the management agreements, together with the settlement of outstanding fees owing, are intended to improve the financial position of the company and ensure that there are sufficient cash reserves to maintain operations while the company considers strategic options to increase shareholder value. The company intends to enter into additional debt settlement agreements with certain vendors and to take additional steps as part of a repositioning plan to ensure the future viability of the company."
|So Bert took the executive bull by the horns in early 2012 and wowsers just look at that value creation in action as he and his sidekick now take a major salary haircut down to $ 12,500 per month.|
Shares for "debt" at absolute rock bottom and damn it is ANOTHER Bert management success story. (from Bert's perspective)