March 4, 2009 (FinancialWire) -- North American Technologies Group, Inc. (OTC: NAMC) (Current Market Cap: US$2.16 Mil.) said that it terminated Rod Wallace as its chief executive officer on February 26 because of irregularities in reimbursements requests and unauthorized use of company funds.

The company's board has appointed Pat Long as the company's new president and CEO. Long, an attorney, has served as chairman of NATG since July of 2007.

North American Technologies previously reported its inability to complete the annual audit by its independent public accountants for the fiscal year ended September 28, 2008 due to insufficient documentation related to certain purchases of raw materials.

As a consequence, preparation of the company's financial statements for the three months ended December 28, 2008 was also delayed, and NATG's common stock was removed from the OTC Bulletin Board on February 18, 2009 for failure to maintain current financial information on file with the Securities and Exchange Commission.

The company's board authorized an internal investigation by outside counsel into the reasons for the failure to compile and provide necessary documentation in order to complete the audit. That investigation uncovered irregularities in reimbursement requests by Wallace, which led to the termination of his employment. North American Technologies said that its internal investigation is ongoing.

Marshall, Texas-based North American Technologies, through its TieTek unit, produces railroad ties. TieTek uses patented technology to process recycled plastics, used tires and other mineral fillers to manufacture engineered composite components designed to be a longer-lasting alternative to hardwood or concrete in structural applications.

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