Hunter Thanks Outgoing Director

Hunter Technology Corp. (OTCQB: HOILF) announces the resignation of Andrew Hromyk as Director.

Rhea-AI Summary

Hunter Technology Corp. (OTCQB: HOILF) announces the resignation of Andrew Hromyk as Director. Hromyk, previously CEO of Hunter Oil Corp., was key in the successful reorganization and monetization of the company's Permian oil and gas assets, totaling approximately $43 million in 2018. His efforts raised over $5 million in capital, enhancing shareholder value before distributing a significant portion of sale proceeds as tax-free capital dividends. Hromyk departs to focus on his private capital management firm, First Finance Limited. Hunter expresses gratitude for his contributions during his tenure.

Positive

• Monetized Permian oil and gas assets for approximately $43 million, enhancing financial position.
• Raised over $5 million in working capital, which was beneficial for restructuring.
• Returned approximately $21.5 million to shareholders as tax-free capital dividends.

Negative

• None.

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VANCOUVER, British Columbia, April 23, 2021 (GLOBE NEWSWIRE) -- via InvestorWIre -- Hunter Technology Corp. (TSX-V: HOC; OTCQB: HOILF; WKN: A2QEYH, FSE: RWPM, ISIN: CA4457371090) (“Hunter” or the “Company”) announces the resignation of Andrew Hromyk as Director of the Company.

As CEO of Hunter Technology’s predecessor business, Hunter Oil Corp., Mr. Hromyk drove the reorganization of the Company’s Permian oil and gas assets from 2015 through to monetization in 2018, when Hunter disposed of its oil and gas assets for total consideration of approximately $43,000,000 consisting of $28,000,000 in cash and $15,000,000 in assumed liabilities, of which approximately $21,500,000 was paid to shareholders as a capital dividend.

During his tenure, Mr. Hromyk was instrumental in restoring the Company’s capital structure, raising in excess of $5 million in working capital which was then deployed to reconstitute the Company’s oil and gas assets, significantly increasing shareholder value. The successful decision to monetize the Company’s oil and gas assets in 2018, just prior to the downturn in the sector, followed by the return of the bulk of the sale proceeds to the Company’s shareholders by way of tax-free capital dividend, underlines Mr. Hromyk’s determination to both create and to distribute shareholder value.

Mr. Hromyk is leaving the Company to focus his attention on his private capital management firm, First Finance Limited.   A development stage investor, First Finance provides capital resources and strategic guidance to highly prospective investment opportunities with established management teams and a clear pathway to monetization.

Hunter is deeply indebted to Mr. Hromyk and wishes him well in all of his future endeavours.

ON BEHALF OF THE BOARD OF DIRECTORS
Florian M Spiegl
Chief Executive Officer
(888) 977-0970

For further information, visit our website at www.huntertechnology.com.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What prompted the resignation of Andrew Hromyk from Hunter Technology?

Andrew Hromyk resigned to focus on his private capital management firm, First Finance Limited.

How much did Hunter Technology earn from the monetization of its assets?

Hunter Technology earned approximately $43 million from the monetization of its Permian oil and gas assets.

What financial benefit did shareholders receive from Hunter Technology's asset sale?

Shareholders received approximately $21.5 million as tax-free capital dividends from the asset sale.

What role did Andrew Hromyk play in the company before his resignation?

Andrew Hromyk was instrumental in restructuring the company and monetizing its assets, significantly increasing shareholder value.