Thursday, December 27, 2012

Poseidon Concepts-Forms Special Committee; Suspends Future Dividends And Announces Board And Managerial Changes

PSN:
CALGARY, ALBERTA--(Marketwire - Dec. 27, 2012) - Poseidon Concepts Corp. (TSX:PSN) (the "Company" or "Poseidon") has established a Special Committee of the Board of Directors to review and address various issues arising from the recent write-off of certain accounts receivable and the evolving business plan of the Company. The Special Committee's mandate includes the review and assessment of the Company's business processes and controls. In addition, the Special Committee will make recommendations to the Board of Directors of Poseidon regarding further changes including managerial changes that will strengthen the operations and finance functions of the Company.
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