VANCOUVER, BRITISH COLUMBIA–( March 4, 2014) – Passport Potash, Inc. (Passport or the Company) (TSX.V: PPI)(OTCQX: PPRTF) announces that its board of directors has unanimously voted to decrease the size of its board to five members. Pursuant to that announcement the Company has accepted resignations from Dennis Ickes, Jerry Aiken, Laara Shaffer and Bill Allred. Mr. Ickes, Mr. Aiken and Ms. Shaffer will join the Companys advisory board.
We would like to thank Dennis, Jerry, Laara and Bill for their service as directors of Passport, said Passport president and CEO Joshua Bleak. Their unique skills and experience have been a real benefit to the Company. We are delighted that they are all interested in continuing their relationship with Passport. Based upon the challenges inherent in todays resource market, the board felt that a smaller board would best serve the needs of the Company and its shareholders.
The Company is also pleased to announce the addition of Mr. Frank Hogel, as an independent director, to the Companys board of directors, effective immediately. Mr. Hogel will serve as Vice Chairman of the Board and on the audit and compensation committees. He brings a wealth of financial expertise to the board from his 15 years experience in the financial sector.
Mr. Hogel currently serves as Chief Executive Officer of Peter Beck Performance Fonds, and sits on the advisory board of Concept Capital Management, an asset management Company focused on evaluating and investing in Canadian resource companies through equity investments and convertible bonds in the gold, silver, rare earth and potash spectrum. Mr. Hogel has a Master of Business Administration (FH) degree from the University of Nürtingen, Germany, with a focus on financial management, banking and international business & management.
Mr. Hogel has been a great supporter of Passport and we are thrilled to have his expertise on the board, commented Mr. Bleak.
The Company also announces that Ms. Laara Shaffer has resigned as Chief Financial Officer and Corporate Secretary. Taking Ms. Shaffers place as CFO will be former
director Bill Allred.
Following these changes the officers of the Company will be:
Joshua Bleak, President and CEO;
Michael Schlumpberger, COO;
Bill Allred, CFO; and
John Eckersley, Executive Vice President.
The directors for Passport are:
David Salisbury, Frank Hogel, Joshua Bleak, John Eckersley and Ali Rahimtula.
About the Holbrook Potash Project
Passport Potash Inc. is a publicly traded corporation engaged in the exploration and development of advanced potash properties with its major focus on a previously explored potash property in Arizona. Passport has acquired a strategic position in the Holbrook Basin with land holdings encompassing over 127,000 acres. Passport has also entered into a joint exploration agreement with the Hopi Indian Tribe to work toward developing about 13,000 acres of contiguous privately held Hopi land.
On behalf of the Board of Directors
PASSPORT POTASH INC.
Joshua Bleak, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Passport Potash Inc.
Peter J. Kletas
Manager of Corporate Development
Safe Harbor Statement
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. STATEMENTS IN THIS NEWS RELEASE THAT ARE NOT PURELY HISTORICAL ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K OR FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
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