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Message: West Hawk Company Update
| January 6, 2009 |
| West Hawk Company Update |
| DENVER, COLORADO--(Marketwire - Jan. 6, 2009) - West Hawk Development Corp. (TSX VENTURE:WHD) (the "Company") would like to announce that it is acting on a restructuring plan as agreed upon by the Company's Board of Directors (the "Board"). The Board has decided to preserve cash through a substantial downsizing of the Company's staff and offices. The Company will remain focused on the Groundhog coal project in British Columbia, Canada, the West Hawk Energy (U.S.A.), LLC, Chapter 11 restructuring and the Demand for Arbitration and the action filed against EnCana. The Company would also like to announce that Mr. Gonzalo Torres Macchiavello has been appointed President and Chief Executive Officer of West Hawk Development Corp. Dr. Wm. Mark Hart will remain Chairman of the Company at no salary. Dr. Jinsheng Chen will remain in his position as President and CEO of Asian Operations. "The Board has decided to implement these measures to preserve the Company and to adapt to the current worldwide financial crisis," said Gonzalo Torres Macchiavello, President and CEO of West Hawk Development Corp. On behalf of the Board of Directors, Gonzalo Torres Macchiavello, President and Chief Executive Officer About the Company: West Hawk Development Corp. is focused on providing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement and the Groundhog coal property located in northwest British Columbia. |
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