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CBM Asia Development Corp. Provides Default Status Report and Announces Officer Resignations
|By Marketwired .
|June 12, 2014 05:12 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/12/14 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) announces that it has received breach notices from Ephindo International CBM Holding Inc. under its participation agreement dated January 17, 2007, as amended and shareholders' agreement dated April 16, 2009 governing the Company's participating interest in the Kutai West production sharing contract (the "Kutai West PSC") located in the Kutai Basin of East Kalimantan, Indonesia. The declared breaches arise from the non-payment of two cash calls totaling US$125,430 due from the Company in March and April. The Company has 30 days from the date of receipt of the breach notices (being June 9, 2014) to rectify the breaches, failing which the Company's interest in the Kutai West PSC may be forfeited.
The Company further announces the resignation of James Hurren as Chief Financial Officer. Mr. Hurren has agreed to continue with the Company in a consulting role to assist in the completion of the Company's outstanding audited financial statements for the year ended December 31, 2013, and unaudited financial statements for Q1 2014 pending the Company's appointment of a new CFO.
Donna Moroney has resigned as corporate Secretary. She and her company, Wiklow Corporate Services Inc., will continue to provide services to the Company on a consulting basis.
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 May 1, 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").
The Company advises that it was also unable to file its first quarter unaudited financial statements, Management's Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for the three months ended March 31, 2014 by the filing deadline of May 30, 2014 (the "Q1 Required Filings").
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 and Q1 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 and Q1 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, except as set out above, 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".
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Charles W. Bloomquist, President & CEO
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.
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