Value Microcaps Food, Agriculture and Soft Commodities

[Bobwins]

PCT.v .015 well, we can't blame Canon Fung for the delays anymore. Mr. Fung is no longer employed by PCT. Wonder if the Colombian government will ever issue those logging permits?


VANCOUVER , July 27, 2012 /CNW/ - Prima Colombia Hardwood Inc. (PCT.V) ("Prima" or the "Company") announces that Harold Hayes , Chief Operating Officer, will assume the additional duties of Acting Chief Financial Officer. Mr. Harold Hayes replaces Mr. Canon Fung who left his position on July 10, 2012 pursuant to the ongoing effort to reduce monthly cash requirements in accordance with the press release issued on December 21, 2011 . Mr. Harold Hayes will continue to carry out the duties of Chief Operating Officer. The Board of Directors would like to thank Mr. Fung for his contribution to the Company.
Cash Requirements & Funding
As updated on June 26, 2012 , the Company continues to fund this ongoing delay in the issuance of permits through the sale of assets. Since June 26, 2012 , the Company has successfully completed the sale of a barge for net proceeds of $208,000 USD . The Company will continue to actively market its remaining fixed assets until such time as the permits are issued.
At the current time, the Company has sufficient funds to maintain the permitting process through September.