"As we move forward with our business plans, Brek's head office needs to be closer to our investors and prospective investors" said Gregory Pek, retiring president and CEO. "As such the impending closure of the Hong Kong office makes sense and will result in lower operating costs. Furthermore we are getting the benefit of a very good man in Rick Jeffs. Rick has been instrumental in assisting us in all our fund raisings to date, and has over the years provided management with essential advice, particularly in the difficult times. In addition to his financial acumen, Rick has been active in evaluating and funding oil and gas opportunities in the United States and Canada for many years. He is very knowledgeable about all our existing oil and gas assets, having provided financing before Brek's involvement."
In his new role as President and CEO Mr. Jeffs will continue to focus on building the Company's strong foundation and further develop the existing assets. Mr. Jeffs has more than 25 years of experience in the public markets and has had experience in all areas of the natural resource sector. Mr. Jeffs has been an integral part of Brek Energy's long-term business strategy and has played a leadership role in the Company's initiatives to manage working capital and costs.
"Brek is well positioned for growth over the next couple of years" said Rick Jeffs, incoming President and CEO. "The company has an excellent asset base with substantial industry ties and I am looking forward to the challenge of building upon this. On behalf of the board of directors I would like to thank Mr. Pek for his strong contributions to Brek Energy over the last three years, and we wish him the very best in his new endeavors."