OilVoice - Artumas Group Announces Closure of Canadian Office

Artumas Group Announces Closure of Canadian Office

Thursday, February 25, 2010

Artumas Group Inc. announces that it will be closing its Canadian office in Calgary.

Previous restructuring efforts had seen many corporate responsibilities successfully moved to Dar es Salaam, Tanzania, and this announcement will begin the process of transferring the remaining functions to this location.

Also announced was the intention to simultaneously evaluate the value of changing the domicile of the listed company.

Cameron Barton (President and CEO) stated that "these changes will substantially reduce our existing cost base and streamline our operation in our region of focus". He went on to say, that "the process will take several months to complete but we are confident that the payback on our efforts will be seen before the end of 2010".