CALGARY, ALBERTA -- (Marketwire) -- 01/10/13 -- Platino Energy Corp. ("Platino" or the "Company")(TSX VENTURE: PZE) is pleased to announce that it has confirmed arrangements with members of its senior management team to lead Platino as it commences operations as an independent oil exploration company operating in Colombia.
Tomas Villamil, a director of the Company and consultant to management, and formerly the Executive Vice President, Exploration of C&C Energia Ltd. ("C&C"), will be appointed as President and Chief Executive Officer of the Company. He will assume the position following the retirement of Randy McLeod, currently the President and Chief Executive Officer of Platino and the former President and Chief Executive Officer of C&C, at the end of February 2013.
Mr. McLeod has advised the board of directors of the Company that he will continue to serve in his current role to assist Platino as it commences operations and establishes itself as a public reporting company. Messrs. McLeod and Villamil will work closely together over the next six weeks to ensure a smooth transition and successful launch of the Company's operations.
Kenneth Hillier, the Chief Financial Officer of Platino (and the former Chief Financial Officer of C&C) has informed the board of directors of the Company of his decision to retire from the Company. Mr. Hillier will remain with Platino for approximately three to four months to ensure a smooth and orderly transition. The Company's board of directors intends to commence a search for a successor to Mr. Hillier.
Cesar Vasquez, formerly an exploration consultant with C&C, has been appointed as the Vice President, Exploration of the Company. Tyler Rimbey, formerly the Vice President, Business Development of the C&C, will serve in the equivalent position with Platino. All executive appointments are subject to acceptance by the TSX Venture Exchange (the "TSX-V").
Carl J. Tricoli, a director of the Company and formerly the Chairman of the Board of C&C, has been appointed by the board of directors of the Company as Chairman of the Company. Mr. Tricoli said "Tomas is the perfect leader for the Platino team as it returns to its exploration roots. We also want to thank Randy for growing C&C into the successful operation it is today, as well as for his help during the transition."
Platino also announces that pursuant to the provisions of its stock option plan, it has granted an aggregate of 3,402,000 options to directors, officers, employees and consultants. The options have an exercise price of $1.33 per share. The options granted vest as to one third on the first anniversary of the date of grant, one third on the second anniversary of the date of grant and the balance on the third anniversary of the date of grant. The options will expire on January 10, 2018. All stock option grants of Platino are subject to the receipt of the necessary regulatory approvals.
About Platino Energy
Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.
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