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Beaufield Resources Inc.: Beaufield Enters Into Formal Agreements With Management

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  Published in Business and Finance on Monday, January 12th 2009 at 10:23 GMT, Last Modified on 2009-01-12 10:24:28 by Market Wire
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OTTAWA, ONTARIO--(Marketwire - Jan. 12, 2008) - Beaufield Resources Inc. (TSX VENTURE:BFD) is pleased to announce that effective January 1, 2009 the Company entered into a formal consulting agreement (the "Geotest Agreement") with Geotest Corporation ("Geotest") pursuant to which Geotest has agreed to provide certain management, administrative and consulting services and office premises to the Company. Geotest has been providing management and consulting services and office premises to the Company on a month to month basis for a number of years.

As a condition of the Geotest Agreement, Jens E. Hansen, the President, a director and principal shareholder of Geotest has agreed to devote approximately 50% of his business time, energy and ability to the business and affairs of the Company and has agreed to act as the President and CEO of the Company during the term of the Geotest Agreement.

In addition, effective January 1, 2009 the Company also entered into a consulting agreement (the "GVTI Agreement") with Gestions Vatche Tchakmakian Inc. ("GVTI") pursuant to which GVTI has agreed to provide certain accounting, financial, administrative and secretarial services to the Company. Vatche Tchakmakian is the President, a director and sole shareholder of GVTI and has agreed to act as the CFO of the Company during the term of the GVTI Agreement. GVTI has been providing certain accounting, financial, administrative and secretarial services to the Company on a month to month basis for a number of years.

The Geotest and GVTI Agreements, which are being filed today on Sedar, have been approved by the independent directors of the Company.

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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company' periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.