SYNATOM EXECS QUIT POWERTECH BOARD
Leclere and Pauluis resign as Belgian company seeks to cut ties with struggling uranium company; Clement doesn't offer explanation
Posted October 25, 2010, Updated November 9, 2010
This is by far the shortest news release Dick Clement has issued since Powertech Uranium Corp. emerged four years ago. Clement fails to inform investors why Synatom executives Leclere and Pauluis resigned from the Powertech board of directors and avoids any mention of the fact that Synatom is trying to find someone to buy out its money-losing stake in the uranium company.
On July 29, 2008, Powertech issued a news release announcing the election of Leclere and Pauluis to the board, and the approval of stock warrants issued to Synatom. Clement used 348 words to gush over the new board members. The announcement of their resignation is a mere 46 words.
And 15 days after the new release was issued, it still hasn't shown up on Powertech's website. In contrast, news releases with "good" news are posted on the site immediately.
(By the way, when is Clement going to disclose the "more than a dozen" in-situ leach uranium mines allegedly permitted by Powertech personnel? This statement first showed up in the company's June 28, 2007 news release on the Centennial project. Powertech has yet to release this list of ISL mines.)
Powertech Announces Resignations Of Directors
Powertech Uranium Corp PWE
10/25/2010 3:58:33 PM
VANCOUVER, B.C. - October 25, 2010 - POWERTECH URANIUM CORP. ("Powertech" or the "Company") today announces the resignations of Robert Leclere and Gérard Pauluis as directors of the Company and its subsidiaries.
The Company thanks Messrs. Leclere and Pauluis for their contribution to the Company and wishes them success in their future endeavors.
About Powertech Uranium Corp.
Powertech Uranium Corp. is a mineral exploration and development company that, through its Denver-based subsidiary Powertech (USA), Inc., holds the Dewey-Burdock Uranium Deposit in South Dakota, the Centennial Project in Colorado and the Dewey Terrace and Aladdin Projects in Wyoming. The Company''s key personnel have over 200 years of experience in the uranium industry throughout the United States, and have permitted more than a dozen in-situ operations for production. For more information, please visit http://www.powertechuranium.com
POWERTECH URANIUM CORP.
Per: "Richard F. Clement"
Richard F. Clement Jr., President & CEO
For further information, please contact: Thomas A. Doyle, CFO, VP Finance
Phone: (604) 685-9181
NEWS RELEASE - "POWERTECH ANNOUNCES RESIGNATIONS OF DIRECTORS" - Powertech Uranium Corp. - October 25, 2010 (PDF 140 KB, 1 page)
Form 51-102F3 MATERIAL CHANGE
REPORT (Powertech announced the
resignation of Robert Leclere
and Gérard Pauluis as directors
of the Company, as directors of
each subsidiary of which they
are directors of and, as members
the audit committee and executive committee, respectively.) - Powertech Uranium Corp. - October 25, 2010 (PDF 145 KB, 2 pages)
EARLY WARNING REPORT UNDER National Instrument 62-103 - SOCIÉTÉ BELGE DE COMBUSTIBLES NUCLÉAIRES SYNATOM SA - September 16, 2010 (PDF 79 KB, 3 pages)
"Synatom Partnership" page from Powertech's website
"The Powertech/Synatom partnership provides a number of strategic advantages for both companies.....Powertech gains access to Synatom's worldwide uranium marketing expertise. Also, by way of Synatom's recent investments, Powertech enjoys financial stability with a world leader in energy services."