Urals Energy: Torbjorn Ranta Resigns as Board Member

Urals Energy, the independent exploration and production company with operations in Russia, announces that Torbjorn Ranta has resigned as a director of the Company with immediate effect.

Alexei Maximov, Chief Executive Officer of Urals Energy commented: “Following the exit of Alpcot Capital Management (as one of the requisitioners of the upcoming EGM) from the Company’s shareholder register and the resignation of Mr. Ranta from the Board, as well as lack of a clear strategy for the development of the Company from Fire East Corporation, the Board once again would like to draw the attention of the shareholders to the fact that it views the proposed EGM as an unnecessary undertaking, which only serves as an ill-founded attempt by the requisitioners to take control of the Company without offering shareholders anything.”