Grizzly Discoveries Inc. (TSX-V: GZD; OTCQX: GZDIF) is pleased to announce that shareholders of the Company have elected Mr. Ray Wytinck of Manitoba as a Director of the Company at its annual general and special meeting of shareholders held on June 2, 2014. Joining re-elected incumbent Directors Messrs. Brian Testo, Doug Turnbull, Sam Pillersdorf, and Fraser Atkinson, Mr. Wytinck brings expertise related to the agriculture support industry in Canada. Mr. Ben Hubert, originally appointed as a Director of the Company in December of 2009, chose not to stand for re-election as a Director. Management and the Board of Directors thank Mr. Hubert for his contributions to the Company since 2009 and have asked Mr. Hubert to remain available as an advisor to the Board.
Mr. Wytinck holds a Master’s of Science degree from the University of Manitoba and has been active in the Agri-business sector for over 25 years. Mr. Wytinck has been involved in various capacities in the Agri-business sector, primarily related to merchandising of seed and fertilizer products through wholesale and retail channels. Mr. Wytinck brings practical insight into the fertilizer business, and has expressed enthusiasm towards advancing the Company’s Alberta Potash Project.
UPDATE ON MEMORANDUM OF UNDERSTANDING ANNOUNCED ON MARCH 11
On March 11, 2014, the Company announced that it had entered into a memorandum of understanding (“MOU”) with an unrelated third party (the “Interested Party”) as an initial step towards a proposed $15 Million investment by the Interested Party to advance the Company’s Alberta Potash Project. (See the Company’s news release dated March 11, 2014.) Subsequent to entering the MOU, the Company provided, under a confidentiality agreement, all data and information that it has pertaining to the project.
The Interested Party has not yet indicated its intentions with regard to negotiating a final agreement as contemplated by the MOU, but have advised that they continue to evaluate the project. The Company remains optimistic that the Interested Party will recognize the merits of the Alberta Potash Project. “We believe that the Alberta Potash Project, while still early stage and somewhat unproven, has enormous potential for a sizeable and economic extractable potash deposit,” said Brian Testo, “and our potential investors are being diligent and cautious in their assessment of the project, as they should be. While we trust that they will recognize the same potential for the project as we do, we are going to ensure that the Company has alternative means of advancing the Alberta Potash Project in the case that they decide not to continue. The addition of Ray Wytinck to the Board will give the Company direct access to the marketers and consumers of the final product of potash production, which may lead to new and innovative opportunities to advance our Alberta Potash Project.”
The Company will provide updates on the status of the MOU and negotiations with the Interested Party.
You can view the complete news release at: http://grizzlydiscoveries.com/index.php/investor-relations/news/79-grizzly-shareholders-elect-new-director-and-provides-update-on-memorandum-of-understanding