TORONTO, ONTARIO -- (Marketwire) -- 03/07/12 -- Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE: FED.V) announces the resignation of David Wahl as President and Chief Executive Officer and Director of the Company effective March 7, 2012. The Company's Board of Directors will be appointing a new Chief Executive Officer and in the interim George Roach will act in that capacity. The Company wishes to thank Mr Wahl for his contribution over the past 18 months.
The Company also announces that it is in on-going negotiations in respect of a proposed private placement with a strategic investor. It is anticipated that if such negotiations are ultimately successful, such investor will acquire a 19.9% interest in the Company, the board of the Company will be restructured, and the option agreement between the Company and G and B Central African Resources Ltd. (GBCAR) will be restructured such that GBCAR will permit an early exercise of the option, in exchange for compensation to be determined.
About Ethiopian Potash Corporation.
Ethiopian Potash Corp. (TSX VENTURE: FED.V)(TSX VENTURE: FED.WT) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
On behalf of the Board of Directors
George Roach, Chairman
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
Neither the 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.
Ethiopian Potash Corp.
+1 416 907 9422
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