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Chrome Group to Seek Listing for Some of its Subsidiaries
Date:8/20/2007

ime, ERHC was virtually dead. The shares were trading at a few cents and ERHC had no tangible assets. The Company was embroiled in a bitter dispute over its sole nominal assets, namely certain rights in the Gulf of Guinea, and there was little hope that the Company would ever resolve the dispute or realise any of the assets. The Company had no revenues and was deep in debt. The accounts of the Company were classified. It was entangled in claims by creditors and other claimants. In the Gulf of Guinea, the Company was regarded as persona non grata as a result of its disputes with the host government. I remember my business advisers at the time telling me I was mad to get involved with such a Company. My family also wondered why I didn't just concentrate on my substantial and secure business interests in West Africa. My group of companies were producing a sizeable profit and there was no need to imperil them by becoming associated with an entity of uncertain future.

In my more than 25 years of being a businessman however, I always relished business challenges. I was intrigued by ERHC when it was introduced to me. Here was a small American company whose only 'assets' were in West Africa. Subscribing to the American ethic that nothing is impossible, I decided to invest in the Company against the advice of my family, friends and associates.

The first thing we set about as ERHC's new board was to resuscitate the Company. It would prove even more difficult than I had ever imagined. Through perseverance, hard work and faith in God we were eventually able to give the Company a new life after four long and trying years. In those four years, serving on the board of ERHC was a thankless task for Nicolae and me who were the non-executive directors. The only other director was the CEO of the Company.

I brought all my goodwill in West Africa to bear, to salvage the Company. I have always believed that diplomacy and friendly relations are preferable to confrontatio
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SOURCE Chrome Group

Copyright©2007 PR Newswire.

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