VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/27/13 -- Contrary to the allegations contained in the press release disseminated by Morning Star Resources Ltd. ("Morning Star") on August 19, 2013, the Board and Management of Boss Power Corp. (TSX VENTURE: BPU) ("Boss Power" or the "Company") wants to assure all of the Company's shareholders that it has made extensive efforts to complete the settlement with the Province of British Columbia (the "Settlement") arising from the expropriation of the Blizzard Uranium Properties and to obtain the settlement proceeds ($30,000,000 plus costs) (the "Settlement Proceeds").
As outlined in the Company's April 30, 2013 press release entitled "Boss Provides Update on Ongoing Litigation", the Company has been unsuccessful in reaching an agreement with the beneficial owner of certain properties (the "B Claims") that are peripheral to Boss Power's Blizzard Properties and are required to be surrendered to the Province of British Columbia in order to complete the Settlement. The beneficial owner of the B Claims is Mr. Anthony Beruschi, a former director of Boss Power. Mr. Beruschi is also the sole director and President of Morning Star.
Despite extensive and ongoing negotiations with Mr. Beruschi to reach a settlement that would lead to Mr. Beruschi being paid the fair value of the B Claims (which are not known to contain any proven mineral resources), Mr. Beruschi appears determined to extract more than his fair share of the Settlement Proceeds. Mr. Beruschi now appears to be leveraging media and threats of a board replacement to obtain payment for his B Claims.
The Board and Management of Boss Power remain committed to obtain the best commercial result for all of its shareholders, not just Mr. Beruschi and Morning Star. The Company will continue its efforts to reach an agreement with Mr. Beruschi while at the same time pursuing Court proceedings to allow the Settlement Proceeds to be paid into court and the Settlement to complete. The Court proceedings have been delayed by the illness and subsequent termination of Mr. Beruschi's lawyer.
The Company will continue to update shareholders as this unfortunate dispute progresses. Shareholders who wish to discuss these issues should contact the Company at 604-688-8115.
On Behalf of the Board of Directors of
BOSS POWER CORP.
Ron Netolitzky, Chairman and acting CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Boss Power Corp.
Investor Relations, Manager
(604) 669-2543 (FAX)
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