Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors accepted the resignation of Mr. Jack Wagenti as Chairman of the Board effective immediately and Mr. Wagenti will remain as Director, Chief Financial Officer and Secretary.
Mr. Robert G. Polce, (58) Mr. Polce was elected Chairman of the Board unanimously.
Mr. Polce has lived and worked in the Asia-Pacific region for the past 25 years and has vast experience in business as an executive, principle, consultant and investor. Mr. Polce is a seasoned International Financier and Private Equity Investor. Mr. Polce has acted as Trustee and Trade & Project Financing Specialist for European and Middle Eastern Private Trusts, with focus concentrated on the natural resource and energy sectors.
Early in his career, while working in Switzerland, Mr. Polce acquired special skills and associations while connected with one of the largest commodity trading houses in the world (with annual sales of over 100 Billion dollars). Mr. Polce also was affiliated with P&F Petro Credit in Zurich in a similar role.
Mr. Polce then headed the BBF Trading Group of Companies headquartered in Singapore, serving as the company’s Managing Director for 8 years. The BBF Groups’ activities included mining, timber processing, real estate development and physical commodity trading in 11 countries throughout SE Asia.
Mr. Polce is experienced in underwriting public and private capital projects. His specialties include asset-based financing using proven mineral reserves ("In-Ground" assets). Mr. Polce has spent over 30 years in the Pacific Rim providing trade financing and project development including Nickel, Copper and Coal Resources in Indonesia.
Most recently, Robert headed the GEO Group of Companies as their Chief Executive Officer. GEO is a diversified mining and mineral asset management company that is involved in energy, natural resource and fuel related industries. GEO has primarily operated in the South East Asian region.