Item 5.02Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 3, 2022, Sino American Oil Company (the "Company") appointed Boriss
Aleksandrov as its new president (the "President").
Mr. Aleksandrov has good working experience in administering Oil and Gas
(Energy) companies. Mr. Aleksandrov has been CEO and President of B Holding
since September 2019 and manages strategic and day-to-day processes for several
subsidiaries in various industries including but not limited to healthcare and
real estate. From June 2014 until September 2019, Mr. Aleksandrov was Chief
Financial Officer of Lasbet Tootmine AS, a concrete factory, where he
implemented and managed the finance system and ERP system and managed the
long-term and short-term budgeting and cash flow of the company. Since September
2017, Mr. Aleksandrov has also been a Professor of Economics at Estonian
Entrepreneurship University of Applied Sciences.
Mr. Aleksandrov has held the positions as Chief Executive & Finance Officer in
several companies with almost 20 years of experience in finance and business
management. He is a partner in several investment projects, and companies
related to production. In all of them he was responsible for financial
management.
Throughout his career he has demonstrated proficiencies in Finance Management,
Financial Modelling, Investments, Budgeting, Business Forecasting, Strategic
Planning and Implementation, Cash Flow Management, Risk Management, Corporate
Finance, Audit, Market Evaluation. He holds a Master of Business Administration
(MBA) and an Enterprising / Business Management (Bachelor's Degree) from
Estonian Entrepreneurship University of Applied Sciences.
There is no arrangement or understanding between Mr. Aleksandrov and any other
persons, pursuant to which he was selected as President of the Company. Mr.
Aleksandrov has not engaged in any transaction, or any currently proposed
transaction, in which the Company was or is to be a participant and the amount
involved exceeds $120,000, and in which any related person had or will have a
direct or indirect material interest. There are no family relationships between
Mr. Aleksandrov and any director or executive officer of the Company.
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