Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective March 14, 2022, Mr. Richard Tang has resigned as Treasurer and officer, and all roles relating to Sino American Oil Company.

There are no disputes of the resignation. Mr. Tang has administered the Company for numerous years and has decided to step down from director and thereby opens a vacancy for the Treasurer role.

Effective March 14, 2022, the Company occupies the vacancy of Treasurer and appoints Mr. Boris Aleksandrov. Mr. Aleksandrov has good working experience in administering Oil and Gas (Energy) companies.

The Board resolution was executed and ratified with full quorum, and all votes were in favor of the resignation of Mr. Tang and all in favor of the appointment of Mr. Aleksandrov. 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.

The Board resolution was executed and ratified with full quorum, and all votes were in favor of the resignation of Mr. Tang and all in favor of the appointment of Mr. Aleksandrov.




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