Resinco Capital Partners Inc. Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2012) - Resinco(R) Capital Partners Inc. ("Resinco") (TSX:RIN)(FRANKFURT:L6V) today announces that it has introduced a number of initiatives to reduce costs and streamline its corporate administration organization and cost structure. The strategic business decision to outsource "back-office" functionality is driven by a need to lower operating costs due to the depressed state of the junior resource market sector in which Resinco operates. Outsourcing company finance and corporate compliance functions will result in an annualized net reduction in costs of approximately $300,000. Commenting on these initiatives Mr. John Icke, President and CEO, stated, "This cost saving program is a sub-set of a much broader range of cost reduction initiatives which commenced earlier in the summer of 2012."
Effective November 1, 2012, Doris Meyer will be appointed as Resinco's Chief Financial Officer and its Corporate Secretary, replacing David McAdam and Christina Boddy who have resigned from these respective positions.
Ms. Meyer is a Canadian Certified General Accountant and currently holds the positions of Chief Financial Officer and Corporate Secretary with several mineral exploration companies trading on the AIM, TSX and TSX Venture stock exchanges. Ms. Meyer gained her early experience in the mining industry as Vice President, Finance of Queenstake Resources Ltd. from 1985 to 2003 and Corporate Secretary until 2004. While at Queenstake, she participated in, or led negotiations of joint venture and acquisition agreements as well as equity and debt financings. Ms. Meyer launched her private company Golden Oak Corporate Services Ltd. in October 1996 with Queenstake as her first client. Since that time, Golden Oak has provided publicly traded mineral exploration companies with administrative, financial reporting and compliance services.
Commenting on the selection of Ms. Doris Meyer and Golden Oak Corporate Services Ltd., Mr. Icke stated: "Resinco is fortunate to be able to engage Doris and her team. She and her organization are well versed in the junior resource sector and we look forward to working with them."
The board of directors would like to thank David McAdam and Christina Boddy for their invaluable services to the Company. Mr. John Icke, President and CEO commented," David and Christina have delivered work of the highest quality during their respective tenures."
About Resinco(R) Capital Partners Inc.
Resinco (Resource Investment Company) is a global investment company that specializes in providing early stage financing to private and public exploration and mining companies in the hard rock minerals, precious metals, rare-earth minerals, oil, gas, water and renewable energy markets.
On behalf of the Board of Directors
RESINCO(R) CAPITAL PARTNERS INC.:
John Icke, President and CEO
Statements in this news release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute Forward-looking statements. Such statements are based on numerous assumptions and are subject to all the risks and uncertainties inherent in the Company's business, including risks related to mineral exploration and development. Consequently, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Resinco(R) Capital Partners Inc.
President and CEO
604-696-6516 or Toll Free: 1 877 687-5755
604 684-2990 (FAX)