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Kinetex Announces Appointment of CFO

Mon, 01/11/2010 - 1:01pm
The Associated Press

Kinetex Resources Corp. (TSX VENTURE: KTX) (the "Company" or "Kinetex") is pleased to announce that Robert D. Ashauer has been appointed as its Chief Financial Officer.

Mr. Ashauer is a Chartered Accountant with over 20 years of business experience including managing high growth and early stage public companies. He has significant experience in acquisitions, private and public financings and financial reporting. He most recently served as Vice President of Beaches Property Development Ltd. from 2007 to 2009 providing financial expertise and project management.

Mr. Ashauer served as Chief Financial Officer of Cordy Oilfield Services Inc. from 2005 to 2007. Cordy completed several debt and equity placements during his tenure, raising investment proceeds in excess of $80 million and completing 10 acquisitions. Mr. Ashauer also has extensive experience with managing a high tech public company, holding positions of President, CFO and Chair of the Audit Committee for Cortex Business Solutions Inc. from 1997 to 2005.

The Company also announced today that its Board of Directors has granted incentive stock options to certain directors and officers of the Company to purchase an aggregate of 1,080,000 shares of the Company pursuant to the Company's stock option plan for a term of five years expiring January 11, 2015 and at an exercise price of $0.20 per share.

The stock options granted vest in equal parts over a period of 18 months commencing six months from the date of the grant and are subject to the terms and conditions as outlined in the Company's Stock Option Plan.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

The Company seeks safe harbour.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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