Media Releases


CLARK SETTLEMENT ANNOUNCED

September 29, 2004

Crown Investments Corporation (CIC) President Tom Waller announced today that a settlement has been reached with the former President of SaskEnergy regarding amounts owing to the corporation.

Ron Clark and the SaskEnergy Board of Directors have agreed that Mr. Clark will repay $75,000 to the corporation.

“This negotiated settlement is in the best interests of all parties,” Waller said. “It avoids the necessity of commencing legal action, with the costs and delays inherent in that process.”

Clark resigned as President and CEO of SaskEnergy effective July 16th, 2004, after a review of the corporation’s executive compensation and benefits policies. The review by Deloitte and Touche found irregularities regarding the implementation and use of some policies. As CEO, Mr. Clark accepted full responsibility for those irregularities.

“This settlement concludes the matter with Mr. Clark,” Waller said. “We are now focusing on a search for a new President of SaskEnergy so the corporation and its employees can put this matter behind them and move forward.”

Dean Reeve will continue as Acting President and CEO of SaskEnergy until a permanent appointment can be made. That’s expected by the end of October.

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For more information, contact:

Karen Schmidt
CIC
Regina
Phone: (306) 787-5889