Greg Martyr retires as Panax chairman

By Harry Roy Gunawan

ASX-listed firm Panax Geothermal Ltd., announced that it had elected Stephen Evans as chairman, replacing Greg Martyr who retired from the board at the conclusion of its annual general meeting on Tuesday.

?This is in line with the announcement made at the time of the release of the company?s annual financial report, in September 2012,? the company said in a press statement on Wednesday.

Panax sincerely thanks Martyr for his enormous contribution to the company, since its formation and listing on the ASX in 2007.

At this time, given current cost and cash constraints, the board decided not to appoint an additional director to the board of Panax.

Panax is now finalizing negotiations on the financing of its advanced portfolio of near-term geothermal development opportunities in Indonesia.

Editing by Benget Besalicto Tnb.