To McLaren Shareholders
Toronto, Ontario CANADA, March 03, 2009 /FSC/ - McLaren Resources Inc. (MCL - CNQ, 3ML - FWB),
As you are likely aware a Cease Trade Order is in effect with respect to shares in McLaren Resources Inc. That order was issued by the Ontario Securities Commission owing to the failure of the Company to make a timely filing of its financial statements for the year ended September 30, 2008.
Messrs Childs and Meredith have asserted in their information circular that responsibility for failing to file the Company's financial statements, and the resulting imposition of the Cease Trade Order, lay with management "inexperience and uncooperative attitude". Shareholders should know that the key issue involved was, in fact, financial statement note disclosure with respect to McLaren's 2007 sale of its former interest in a coal bed methane project in Indonesia. Specifically, directors Childs and Holko claim to have "discovered" that McLaren has a US$425,000 contingent liability to the purchaser, Batavia Energy Inc. and sought to introduce an acknowledgement of such a contingent liability into the Company's 2008 year end financial statements. Such an acknowledgement would contradict the existing note disclosure in McLaren's 2007 audited financial statements, as well as in the three interim financial statements issued and approved by all directors (including Messrs. Childs and Holko) during 2008. Directors Liddy and Berner questioned the basis of the alleged contingent liability and objected to a statement of acknowledgement without substantive evidence.
These are the facts, which have nothing to do with inexperience or uncooperative attitudes. Rather, it is about an effort by two directors, Mr. Childs and Mr. Holko, to endorse a potential US$425,000 claim on your Company's cash. McLaren shareholders should also be aware that Mr. Thomas Meredith, who along with Mr. Childs requisitioned the coming shareholder vote, is a director and officer of Batavia Energy Inc. Accordingly, it is for McLaren shareholders to come to their own conclusions as to which directors are acting to protect their own interests, and which information circular is being forthright in its description of events.
May I once again urge shareholders to vote your GREEN proxy in favour of the Liddy-Berner slate of directors for election at the upcoming special meeting of shareholders on March 10, 2009. In so doing you can act to ensure that the affairs of the company are managed in the best interests of shareholders as a whole, without risk of subordination to the outside interests of directors.
Thank you for your attention on this matter.
Sincerely,
Gregory C. Liddy
Gregory C. Liddy and Brian Berner
e-mail: [email protected]
McLaren Resources Inc.(MCL - CNSX) www.mclarenresources.com
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