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.
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