STBY - New management of Stansbury Holdings Corporation (OTC Pink Sheets: STBY) announced today that the Company has been reinstated and is in good standing with its State of Domicile.
President Michael J. Healey said, 'Becoming compliant with the past filings required to be reinstated by the State of Utah is moving the Company in the right direction. With these matters accomplished, we can focus additional energy on reopening the operations at our Sweetwater Garnet milling facility. The Company owns a state-of-the-art Garnet milling facility in Montana. There is significant demand for the type of product our facility can produce. I am committed to establishing the Company's facility as a respected producer in the industry. This is also the most certain way we can establish shareholder value, to which I am totally committed.'
Although the Company still has outstanding SEC filings to be completed, the accounting firm of Sellers and Andersen, LLC, Certified Public Accountants and Business Consultants of Salt Lake City, Utah, has recently been engaged to prepare the audited financial statements of the Company for the periods ending June 30, 2002 and 2003.
The Company also announced that due to other obligations, Jeff Wertz had resigned from the Board of Directors, effective March 31, 2003. Mr. Wertz resigned with regret, but has agreed to continue to support the Company by providing services needed for internal accounting.
Mr. Healey is in the process of selecting a replacement for Mr. Wertz on the Board of Directors.
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