WARWICK – Sungro Minerals Inc., a gas, oil and mining exploration company that lists its headquarters in Warwick, has appointed an interim CEO Thursday following the resignation of its previous top executive last week.
The publicly traded company (OTCBB: SUGO), which is incorporated in Nevada and until November had been based in British Columbia, Canada, announced that it has hired Frederick J. Pucillo to replace former CEO Malkeet Bains, who left the company on Dec. 15.
Erwin Vahlsing Jr., Sungro’s chief financial officer since September, declined to give detailed comment when reached at the company’s Airport Road office, referring Providence Business News to Sungro’s recent filings with the U.S. Securities and Exchange Commission.
In a quarterly report filed in November, Sungro said it has not generated revenue since its creation in 2007 and has in fact accumulated losses totaling $192,515.
“We do not anticipate earning revenues until such time as we have entered into commercial production of any mineral or oil and gas properties we acquire,” the company said in the report. “We can provide no assurance that we will discover commercially exploitable levels of mineral resources or oil and gas resources on properties we acquire, or if such resources are discovered, that we will enter into commercial production of properties we acquire.”
In a press release announcing Pucillo’s appointment, Sungro said he will assist with the search for a permanent CEO with knowledge of the "Carlin-type Trend in northern California.”
Pucillo has more than 20 years experience serving various mid-size to Fortune 100 companies, having managed a $110 million loan portfolio with 10,000 accounts, and other capital funding and business development opportunities.
"Having Fred will help us properly fund our operations during the project development phase and with his accounting and finance background assist us during this very critical stage of cash management,” Vahlsing said in the statement. “We look forward to his stewardship and vision as we pursue this exciting period in our company's history."
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