Galileo Petroleum Ltd. (TSX Venture Exchange: GPL) (the “Company”) is pleased to announce that the Board of Directors has voted unanimously to appoint Mr. Ronald A. Rieder to the position of President of the Company. Mr. Rieder brings over 30 years of corporate finance and business experience to his new leadership position at Galileo. His primary objective is to develop and implement a comprehensive business plan for Galileo in the zeolite business.
Mr. Rieder has been active in almost all facets of business; his diverse background includes both public and private companies as a director and serving in various offices such as president and the vice-president, corporate finance. Mr. Rieder was a registered investment advisor where he hosted a financial radio show and authored a newsletter focused on building a successful portfolio of microcap investments for his clients. He has also been a business consultant reviewing and vetting a plethora of business plans.
As an investment advisor in Vancouver, Canada, Mr. Rieder recognised early an opportunity in the zeolite business and during the years 2005 to 2007, he financed and assisted in formulating the business plans of a zeolite company. Starting from a market capitalization of Cdn$2.1 million he completed his first of many financings at Cdn$0.07 in early 2005 and over the next several years assisted the company to raise over Cdn$15 million. During this time the share price increased from $0.07 to $3.65 per share and the market capitalization moved from Cdn$2.1 million to Cdn$250 million.
His most recent tenure was as the president and CEO of a uranium exploration company where he was instrumental in the formation of a four-company syndicate known as the Western Athabasca Syndicate. With over 700,000 acres of land in the Athabasca Basin of Saskatchewan, Canada it is one of the largest uranium prospective landholdings.
Immediately prior to this, he was the vice-president, corporate finance, for a gold exploration company, where he assisted in raising in excess of $20-million over a three-year period.
“Mr. Rieder is the right person to lead Galileo in this business endeavor; his capital markets and corporate experience will be invaluable going forward”, stated David Hottman, CEO.
Additional information will be release concerning business plans, name change and financing as it becomes available.
ON BEHALF OF GALILEO PETROLEUM LTD.
President and CEO
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