WIN - Windfall Geotek Announces Temporary TSXV Trading Halt
(TheNewswire)
DOES NOT CONSTITUTE AN OFFER OF THESECURITIES DESCRIBED HEREIN
Brossard, Quebec / The Newswire /February 15, 2024 – Windfall Geotek Inc.(“ Windfall ” or the “ Company ”) (TSXV : WIN ) ( OTC:WINKF ) ( FSE:L7C2) a leader inthe use of Artificial Intelligence (AI) with advancedknowledge-extraction techniques in the mining sector announces that,further to its press release of February 13, 2024, the TSX VentureExchange (“ TSXV ”) has issued a temporary trading halt in connection withthe resignations of Kulvir Gill, Nathan Tribble, and Simran Kambojfrom the Company’s board of directors.
On February 12, 2024, each of Mr. Gill, Mr. Tribble,and Mr. Kamboj gave notice at a board of directors’ meeting thatthey were resigning, despite holding themselves out for election tothe board at the Company’s recent annual general meeting held onDecember 20, 2023. Following these resignations, the Company’s boardof directors currently only consists of one member, David Beck, suchthat the Company does not meet the TSXV Tier 2 continued listingrequirements. The TSXV has advised the Company that trading will besuspended until such time as replacement board members are appointedand approved by the TSXV. Had the Company been given the opportunityto coordinate an orderly transition of the board of directors, thehalt would not be necessary.
David Beck, CEO of Windfall, commented:
“Yesterday Windfall announced the resignation ofthree of the Company’s board members: Simran Karboj, Kulvir Gill andNathan Tribble. After speaking with the TSXV, it was made clear thatthe Company cannot resume trading until we have at minimum 3directors. Unfortunately, this halt could have been completelyavoided if we had co-ordinated an orderly transition of the BOD. Asit stands the Company’s stock will be halted for likely the nextcouple weeks as we evaluate, secure, and on-board new directors. Asyou may suspect, in joining Windfall, I recognized the need to evolvethe company’s board, and, as such, have been in discussion withseveral excellent prospective candidates. Obviously this is apriority task for me to complete.”
About Windfall Geotek – Powered by Artificial Intelligence (AI)since 2005
Windfall is an Artificial Intelligence company that hasbeen in business for over 15 years developing its proprietary AI anddata mining techniques. Windfall Geotek cancount on a multidisciplinary team that includes professionals ingeophysics, geology, Artificial Intelligence, and mathematics. It combines available public and privatedatasets including geophysical, drill hole and surface data. Thealgorithms designed and employed by Windfall are calculated tohighlight areas of interest that have the potential to be geologicallysimilar to other gold deposits and mineralization. The Company's objective is to develop a new royalty stream bysignificantly enhancing and participating in the exploration successrate of mining and to continue the Land Mine detection application asa high priority. Windfall has played a part innumerous past discoveries utilizing its methodology as describedat: https://windfallgeotek.com/ .
For further information, please contact:
Email: info@windfallgeotek.com
Website: www.windfallgeotek.com
Additional information about the Company is availableunder Windfall Geotek’s profile on SEDAR at www.sedar.com . Neither the TSXVenture Exchange nor does its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.
FORWARD-LOOKINGSTATEMENTS: This news release contains forward-looking statements,which relate to future events or future performance and reflectmanagement’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and using information currentlyavailable to the Company. Investors are cautioned that theseforward-looking statements are neither promises nor guarantees, andthey are subject to risks and uncertainties that may cause futureresults to differ materially from those expected. Theseforward-looking statements are made as of the date hereof and, exceptas required under applicable securities legislation, the Company doesnot assume any obligation to update or revise them to reflect newevents or circumstances. All forward-looking statements made in thispress release are qualified by these cautionary statements and bythose made in our filings with SEDAR in Canada (available atWWW.SEDAR.COM).
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