|By Marketwired .||
|May 15, 2014 08:00 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) announces that further to its news release dated April 16, 2014, the British Columbia Securities Commission, the Company's principal regulator, issued a Management Cease Trade Order ("MCTO") against the Company's Chief Executive Officer and Chief Financial Officer on May1, 2014, as opposed to a general cease trade order against the Company. The MCTO prohibits trading in securities of the Company, either directly or indirectly, by these individuals.
As summarized in the Company's News Release dated April 16, 2014 (the "Default Notice") this action was expected due to the fact that the Corporation was unable to file its annual financial statements, Management's Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for its fiscal year-ended December 31, 2013 (the "Required Filings") before the April 30, 2014 filing deadline (the "Filing Deadline").
Pursuant to the requirements of Section 4.4 of National Policy 12-203 - Alternative Information Guidelines the Company reports the following:
(i) There have been no material changes to the information contained in the Default Notice and the Company expects to file the Required Filings on or before June 30th 2014;
(ii) There have been no failures with respect to the Company fulfilling its stated intention of satisfying the requirements of filing the Required Filings.
(iii) There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Notice; and
(iv) There is no other material information about the affairs of the Company that has not otherwise been reported.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of this filing requirement, being the provision of bi-weekly updates by way of news release.
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company holds various participating interests in five production sharing contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion feet3 in-place, more than double the country's natural gas reserves (Stevens and Hadiyanto, 2004). Since 2008, a total of 54 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of well over US$100 million during the next 3 years. In addition to CBM Asia, other companies active in CBM exploration in Indonesia include BP, Dart Energy, ENI, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian government have confirmed that commercial CBM production started in March 2011 from the Sanga-Sanga PSC and is being exported from the Bontang LNG facility. The Company trades on the TSX Venture Exchange under the symbol "TCF". www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Charles W. Bloomquist, President & CEO
For further information on CBM Asia Development Corp., please visit our website at www.cbmasia.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Feb. 7, 2016 07:00 AM EST
Feb. 6, 2016 03:30 PM EST Reads: 708
Feb. 6, 2016 03:30 PM EST Reads: 103
Feb. 6, 2016 03:15 PM EST Reads: 325
Feb. 6, 2016 02:30 PM EST Reads: 354
Feb. 6, 2016 02:00 PM EST Reads: 681
Feb. 6, 2016 01:30 PM EST Reads: 344
Feb. 6, 2016 01:15 PM EST Reads: 514
Feb. 6, 2016 01:00 PM EST Reads: 539
Feb. 6, 2016 12:00 PM EST Reads: 319
Feb. 6, 2016 12:00 PM EST Reads: 205
Feb. 6, 2016 11:15 AM EST Reads: 136
Feb. 6, 2016 11:15 AM EST Reads: 123
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 6, 2016 11:00 AM EST Reads: 120
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 6, 2016 11:00 AM EST