|
|
| |||||
 |
|
|
|||
| |||||
 |
|||||
Friday, October 10, 2008 |
Subscribe | News Research Centre | Place a Classified Ad | Advertise | |
|
|
ONCO PETROLEUM: London compnay's new board picks Peter Bilodeau to succeed Robert Vanier, who resigned last week
Windsor entrepreneur takes over helm
Windsor businessperson Peter Bilodeau has taken over day-to-day operations at Onco Petroleum as the company's new chief executive.
Vanier's wife, Terri Ramage, and two other directors also resigned last week. Onco issued a release this week announcing Bilodeau has been confirmed as chairperson and chief executive by unanimous vote of the new five-member board of directors that took control last week. The new board members also were named to audit, governance and compensation committees. Bilodeau was reached yesterday in Calgary, where he had met with officials from KPMG who were completing a long-delayed audit for Onco. Bilodeau said he's confident the new board and reorganization is getting the company back on track. "We are starting to deal with issues that haven't been dealt with for months. It's been frustrating, but we are back on track," he said. Exploration work at the company's oil and gas holdings near Port Alma in Chatham-Kent should resume soon, Bilodeau said. Onco became a public company last November, trading at $5 a share. When trading was halted in May because of Onco's failure to produce an annual report, the price had fallen to 15 cents a share. Completing the audit and financial report for 2007 is critical to resuming public trading in Onco stock. The stock will be delisted automatically from the CNQ exchange Nov. 1 if the financial reports are not completed, but Bilodeau said he hopes the deadline can be met. Vanier and Ramage are still the company's principal shareholders. Auditors are still trying to iron out a dispute over $17 million between Vanier and Ramage and Onco's two other former directors, Quebecers Richard Marc Lacasse and Berthe Lambert. The Quebec couple claimed the money was taken from company coffers without board authorization. Bilodeau, who holds about one million Onco shares, is the owner of Speedy Money Network, a Windsor-based cheque-cashing and cash advance chain, and the Windsor franchise for Fastsigns, a retail signage chain. Bilodeau, who holds an MBA from Dalhousie University, has a background in commercial banking with Scotiabank and also has worked in real estate appraisal. Hank Daniszewski is a Free Press business reporter.
Home
|
News
|
Opinion
|
Today
|
Sports
|
Business
|
Classifieds
Place an Ad | Subscribe | Become a Carrier | Your Newspaper
|
|
 |
E-MAIL: Hank Daniszewski