(TheNewswire)
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DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Brossard, Quebec / The Newswire / February 15, 2024 – Windfall Geotek Inc. (“Windfall” or the “Company”) (TSXV:WIN) (OTC:WINKF) (FSE:L7C2) a leader in the use of Artificial Intelligence (AI) with advanced knowledge-extraction techniques in the mining sector announces that, further to its press release of February 13, 2024, the TSX Venture Exchange (“TSXV”) has issued a temporary trading halt in connection with the resignations of Kulvir Gill, Nathan Tribble, and Simran Kamboj from 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 that they were resigning, despite holding themselves out for election to the board at the Company’s recent annual general meeting held on December 20, 2023. Following these resignations, the Company’s board of directors currently only consists of one member, David Beck, such that the Company does not meet the TSXV Tier 2 continued listing requirements. The TSXV has advised the Company that trading will be suspended until such time as replacement board members are appointed and approved by the TSXV. Had the Company been given the opportunity to coordinate an orderly transition of the board of directors, the halt would not be necessary.
David Beck, CEO of Windfall, commented:
“Yesterday Windfall announced the resignation of three of the Company’s board members: Simran Karboj, Kulvir Gill and Nathan Tribble. After speaking with the TSXV, it was made clear that the Company cannot resume trading until we have at minimum 3 directors. Unfortunately, this halt could have been completely avoided if we had co-ordinated an orderly transition of the BOD. As it stands the Company’s stock will be halted for likely the next couple weeks as we evaluate, secure, and on-board new directors. As you may suspect, in joining Windfall, I recognized the need to evolve the company’s board, and, as such, have been in discussion with several excellent prospective candidates. Obviously this is a priority task for me to complete.”
About Windfall Geotek – Powered by Artificial Intelligence (AI)
since 2005
Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary AI and data mining techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/.
For further information, please contact:
Email: info@windfallgeotek.com
Website: www.windfallgeotek.com
Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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