November 05, 2001
Independent Committee Formed
TRANS HEX INTERNATIONAL LTD. (CDNX: THI) has advised, following a meeting of the board of directors this morning, that an independent committee has been formed to consider the actions to be taken by the Corporation in response to the decision by Trans Hex Group Limited to suspend future funding for Trans Hex International and its exploration properties, and to apply to the Canadian courts for a court approved winding up of Trans Hex International. The independent committee is composed of Mr. Hugh R. Snyder (chairman) and Mr. Poul Hansen.
The board of directors also confirmed the termination of the Employment Agreement of Mr. Stephen Woodhead, as a measure to conserve the remaining cash available to the Corporation. Mr. Woodhead will continue to undertake the duties of Chief Financial Officer and Secretary on a contract basis until January 2002, as required by the Corporation.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hugh R. Snyder - Independent Committee Chairman
Poul Hansen - Independent Committee Member
Stephen Woodhead - Chief Financial Officer