True North Energy Corp. Announces Appointment of CEO and New Strategy

Rhea-AI Summary

True North Energy Corp. (OTC PINK:TNEN) has appointed Nicolò Golia Bedendo as CEO effective March 22, 2021, to lead a new diversification strategy into Fintech Banking. The strategy aims to offer advanced banking services with a personalized approach and integrate with other payment sectors. To support this, Michele Antonicelli, a noteholder, has waived $400,000 of debt, enabling capital raises for new US subsidiaries. Former CEO William Simmons endorsed Bedendo's appointment, highlighting his capability to drive this transformation.

Positive

• Appointment of Nicolò Golia Bedendo as CEO could bring fresh perspectives to TNEN.
• New strategy into Fintech Banking may open up diverse revenue streams.
• Debt waiver from Michele Antonicelli enables potential for equity capital raises.

Negative

• Change in leadership could lead to continuity concerns during the transition.
• The historical focus on oil and gas may not align with future fintech strategy.

DALLAS, TX / ACCESSWIRE / April 1, 2021/ True North Energy Corp. (OTC PINK:TNEN)

True North Energy Corp.("TNEN") is pleased to announce that effective March 22, 2021, Nicolò Golia Bedendo was appointed Chief Executive Officer and a Director of the Company to embark on a diversification strategy, Fintech Banking, offering technologically more advanced services than those of traditional banks, higher levels of personalization and interconnections with other payment sectors.

Mr. Bedendo plans to pursue this strategy through new subsidiaries to be formed for operations in the European and US markets.

In conjunction with this geographical division, Mr. Michele Antonicelli, a noteholder of $400,000 in the Company, has agreed to waive payment of this existing debt to allow for equity opportunities for capital raises benefiting the new to be formed US subsidiaries.

Mr. William Simmons, whom Mr. Bedendo replaces, said, "Mr. Bedendo is an ideal candidate to take the Company to the next level and explore the fintech strategy." Mr. Simmons is retiring from his role as CEO and President and will remain on the Company's Board of Directors.

About True North Energy Corporation Traditionally, TNEN engaged in the identification, acquisition and development of oil and gas properties, through its subsidiary, TN Energy Corp, a Texas Corporation, the company holds overriding royalty interests on oil and gas properties located in Colorado and Oklahoma. TNEN expanded with the acquisition of Box 23 Ltd. and its 51 % subsidiary, 3 Store Web S.r.l., which served as a seller of SIM cards and services in Italy, which ceased operations after the cancellation of its contract with the SIM card supplier. With the appointment of Mr. Bedendo, TNEN embarks in a diversified strategy to pursue the Fintech banking industry both domestically and abroad.

Contact:

True North Energy Corporation
7151 Gaston Ave. Suite 801
Dallas, TX 75214
contact@tnencorp.com

This press release may contain forward-looking statements, including information about management's view of True North's future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release, other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of True North, its divisions.

and concepts to be materially different than those expressed or implied in such statements. The forward-looking statements included in this press release are made only as of the date hereof. True North cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, True North undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by True North.

SOURCE: True North Energy Corporation

View source version on accesswire.com:
https://www.accesswire.com/638616/True-North-Energy-Corp-Announces-Appointment-of-CEO-and-New-Strategy

FAQ

What is the new strategy for True North Energy Corp. (TNEN)?

True North Energy Corp. is diversifying into Fintech Banking under the leadership of Nicolò Golia Bedendo.

Who is Nicolò Golia Bedendo and what is his role at TNEN?

Nicolò Golia Bedendo is the newly appointed CEO of True North Energy Corp., responsible for leading the company’s diversification strategy.

What are the anticipated benefits of the new Fintech Banking strategy for TNEN?

The Fintech Banking strategy aims to provide technologically advanced services and personalized banking solutions, potentially increasing revenue.

What debt has been waived to support TNEN's new strategy?

Michele Antonicelli, a noteholder, has waived $400,000 in debt to allow for capital raises to benefit new subsidiaries in the US.

Who replaced William Simmons as CEO of TNEN?

Nicolò Golia Bedendo has replaced William Simmons as CEO while Simmons remains on the Board of Directors.