Home   Links   Editorials

EurOscrew 2

Bob Moriarty
Sep 2, 2010

A week ago I wrote about how the "management" at EurOmax (EOX-V) has been mismanaging the company. After lots of careful consideration "management" at EOX wanted to demonstrate their sincere regards for the interests of shareholders. They issued a press release on August 31st.

Buried at the bottom of the quarterly numbers was the following. I want to put it in quotation marks so no one is confused by how "management" takes care of their loyal shareholders.

"In August 2010, the Special Committee of the board authorized the Company to enter into a written consulting contract with each of the Interim CEO & CFO and the Senior Vice President Exploration. In the Case of the Interim CEO & CFO, the contract provides that upon a change of control, the executive can terminate the contract within 30 days of the occurrence of the change of control, on one month's written notice. In that event, the existing severance payment of 18 months' fees will then be due."

In other words, after 73% of voting shareholders voted to dump the existing "management" team, the Directors gave the newly fired interim CEO 18 months pay. I suppose for doing such a brilliant job.

I went to their home page to reread the press release and something caught my eye.

Status: Wide copper-gold intercepts reported during 2008. Planning 2009 field activity.

Drilling being planned for early 2009.

Status: Trenching and mapping planned for January 2009 with drilling H2 2009.

Phoenix Investment Conference & Silver Summit - February 4 & 5, 2010
February 04, 2010

PDAC Convention, Toronto March 7-10, 2010 See us at Booth #3139
March 07, 2010

World Resource Investment Conference - Vancouver -June 6 & 7, 2010
June 06, 2010

It sounds to me like Mr. Serin has a busy 2009 ahead of him and the Directors of EUROscrew know how to reward shareholders. Since the August 31 announcement, shares are down another 17%. Good job guys. Isn't it time to announce handing out a bunch of options for your incredible performance?

If I were a director of a deadbeat corporation like this that is taking actions so totally against the interests of shareholders, I wouldn't resign even though that would be the right thing to do.

I'd shoot myself. This is embarrassing. Can these clowns possibly do any more damage to shareholders than they already have?

Just STRICTLY twixt me and thee, Barbara, who is a relatively large shareholder of EOX, wanted to send the following email to each of the current management.

Dear xxx:

Get yourself some cardboard boxes, empty all the crap out of your desk drawers, and get the *uck out of that office. EFFECTIVE IMMEDIATELY.

Obviously I wouldn't allow her to do that, it's not right... a grandmother talking like a former-Marine, but she is more pissed off than a bunch of Mexican immigrants trying to get the fly poop out of a ton of ground black pepper.


Currently this is a company with no past, no present and no future.

EurOmax Resources Ltd
EOX-V $0.105 (Sep 1, 2010)
EOXFF-OTCBB 119 million shares
EurOmax website


Bob Moriarty
President: 321gold

321gold Ltd