No surprises, however a sad week for all who have followed IESV over the years. Below is an excerpt from the Feb 9th 8K.
The present Board and Management have long struggled to preserve value for all Intrepid
stakeholders. In spite of our efforts, the Company has become insolvent and operations have
ceased.
The Board and Management have been unsuccessful in securing and paying for directors &
officers liability coverage past February 7, 2009. The Board and Management now recognize
that the senior secured lenders are the major stakeholders in Intrepid Technology & Resources,
Inc. and its subsidiaries. Consequently, these stakeholders should determine the future
governance and management of the Company and its assets.
As a result, Intrepid Technology & Resources, Inc. announces today that all the directors and
officers of the Company have resigned, effective 5:00 pm MST, Saturday, February 7, 2009,
with the exception of Jacob Dustin who will continue as President in order to provide continuity
and signature authority and to facilitate such future actions as may be required.
Such resignations are not a result of any disagreement between directors and officers.
