November 13, 2019 – Vancouver, British Columbia – Canada Energy Partners Inc.’s (TSX-V: CE) (the "Company") wishes to advise that, in accordance with TSX Venture Exchange Policy 2.5, it has not maintained the requirements for a Tier 2 company. As a result, the Company must transfer its shares from trading on the TSX-V and transition to the NEX board of the TSX-V. Effective as of market open on November 14, 2019, the Company’s listing will transfer to NEX and its tier classification will change from Tier 2 to NEX, and the filing and service office will change from Vancouver to NEX.
The Company also wishes to advise that the following directors/officers have resigned, effective November 12, 2019:
John Proust – Chairman and Director
Vince Boon – Chief Financial Officer
Eileen Au – Corporate Secretary
In addition, the Company has received notice that the Management Services Agreement between the Company and J. Proust & Associates Inc. will be terminated effective December 20, 2019.
The Company wishes to thank John, Vince and Eileen and the rest of the team at J. Proust & Associates Inc. for all of their contributions to the Company over the years.
The trading symbol for the Company will change from CEP to CEP.H. There is no change in the company's name, no change in its Cusip number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX-V.
NEX is a separate board of the TSX-V for companies previously listed on TSX-V or Toronto Stock Exchange that have failed to maintain compliance with the continuing financial listing standards of those markets. NEX has been designed to provide a forum for the trading of publicly listed shell companies while they seek and undertake transactions in furtherance of their reactivation as companies that will carry on an active business.
The Company is in a difficult financial position and there is no assurance that the Company can continue to be commercially viable.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
President & CEO
For more information, please contact:-
CANADA ENERGY PARTNERS INC.
650-669 Howe Street
Vancouver, BC V6C 0B4
Main Phone: (778) 725-1489 / Facsimile: (604) 428-1124
Email: [email protected]
Ben Jones, President and CEO
Direct Phone: +1 225.388.9900 ext 101
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur, including, without limitation, estimated revenues.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, without limitation, regulatory approvals, mechanical integrity of the water disposal well, receptivity of the disposal zone, variability of operating costs, risks associated with oil and gas production and exploration, retention of and ability to attract company personnel, volatility of commodity prices, currency and interest rate fluctuations, environmental risk, inability to access sufficient capital from internal and external sources and changes in legislation, including income tax, environmental and regulatory matters.
This press release, in particular the information in respect of estimated revenues, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management’s reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by law.