VANCOUVER, British Columbia, May 1, 2003 (PRIMEZONE) -- Crew Development Corporation (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF):
The board of Crew Development Corporation has decided to coordinate the company's key operational and administrative functions as well as top management in one location, more specifically in Surrey, outside of London. Corporate management and key technical staff will be relocated in a new UK-based management company owned 100% by Crew Development Corp. The new corporate structure is expected to improve organizational effectiveness as well as reduce the company's overhead costs. The restructuring will be finalized by the end of June 2003.
In addition to placing the management closer to the main activities of the company Crew believes it will have management presence in an environment where the company easily can attract human resources with relevant industry knowledge and experience. The Board of Directors believes that London offers benefits to the company in terms of proximity to a multitude of mining companies listed and located in London, an affluent mining financing and investment community. Over time, a London listing may be considered, if found to be appropriate and beneficial to overall shareholder value. Crew's Investor Relations activities will continue to reflect stock trading volumes and the composition of the company's shareholder base, and a corporate IR function will remain based in Oslo, Norway.
Both Crew Norway AS and Crew's current Head Office in Vancouver, Canada, will be subjected to staff reductions in connection with the restructuring of the corporate organisation. Crew Norway AS will continue to manage the non gold assets of Crew's and part of the exploration portfolio.
Crew Development Corporation's new office address in the UK, effective as of May 6th 2003, will be: Crew Development Ltd., Abbey House, Wellington Way, Weybridge, Surrey KT13 0TT, United Kingdom. New phone number is +44 (0) 193 226 8755, fax +44 (0) 193 226 8756.