CALGARY, Jan. 4, 2016 /CNW/ - NewNorth Projects Ltd.
("NewNorth" or the "Corporation") (TSX VENTURE: NNP) announced
today that NewNorth and Greg
Herndier, the President and Chief Executive Officer, have
terminated their former employment arrangement and have entered
into a consulting agreement, whereby Mr. Herndier will maintain the
title of Chief Executive Officer and provide services to the
Corporation in a reduced capacity. Given the Corporation's
previously disclosed evaluation of current opportunities, as well
as its ongoing efforts to manage costs, the decision was made to
reduce Mr. Herndier's prior role in order to ensure NewNorth is
managed in an efficient and effective manner going forward. Mr.
Herndier will continue to guide the management of NewNorth by
providing a minimum of 15 hours of work per week and such other
time as may be required to fulfil his duties as Chief Executive
Officer, and will remain a director of the Corporation.
"We have appreciated the work Greg has done over the many years
with NewNorth and look forward to his continued support," stated
Jack Walker, Chairman of the board
of directors of NewNorth. "We believe this revised working
arrangement with Greg will allow the Corporation to manage its
expenses while continuing to efficiently operate going forward."
About NewNorth
NewNorth is an integrated land and
building development corporation operating in the province of
Alberta.
Neither the TSX Venture Exchange ("TSXV") nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking
Statements
Statements in this press release may contain
forward-looking information. The words "will," "anticipate,"
"believe," "estimate," "expect," "intent," "may," "project,"
"should," and similar expressions are intended to be among
the statements that identify forward-looking statements. The
forward-looking statements are founded on the basis of expectations
and assumptions made by the Corporation. Readers are cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Corporation. The Corporation
does not have any obligation to update or revise any
forward-looking statements except as expressly required by
applicable securities laws.
SOURCE NewNorth Projects Ltd.