CALGARY, Alberta, Oct. 14, 2016 (GLOBE NEWSWIRE) — Quattro Exploration and Production Ltd. (TSX-V:QXP) (“Quattro” or the “Company“) is pleased to report on the activities to date in regards to Quattro’s Court of Queen’s Bench of Alberta approved proposed sale and investor solicitation process (“SISP“) that was launched on October 3rd, 2016.
NRG Divestitures Inc. (“NRG”), a Calgary-based independent marketing Company, is acting as agent for the divestiture and sale of Quattro’s assets under the SISP. NRG continues to manage the solicitation process and has received numerous inquiries to date, has signed over 15 NDAs and has created a data room for potential purchasers who have signed an NDA.
In addition, Durham Capital Canada Corporation (“Durham”) is acting as Quattro’s financial advisor under the SISP and has formally opened up the investment solicitation process pursuant to the SISP to the broader market as of October 3rd, 2016. The Company is encouraged with the number of inquiries to date. Currently, a number of interested investment parties are evaluating the Company’s business plan.
The deadline for interested parties to submit non-binding indications of interest to continue to participate in the SISP is October 31st, 2016 at 5:00 pm. Binding bids must be received by the Company no later than 5:00 pm on November 28th, 2016.
Quattro encourages interested purchasers to contact NRG Divestitures Inc. at 403-668-0688 or via e-mail at [email protected] and interested investors to contact Mr. Ross Robertson of Durham at 403-266-4600 (Office) or 403-479-5218 (mobile).
As anticipated with the Company’s expanded plan announced on August 11th, 2016, the Divestiture plan was increased to $30 million while the Company is under proceedings under the Companies’ Creditors Arrangement Act (“CCAA”). On October 7th, 2016, Quattro was granted an extension of the stay of proceedings until November 30th, 2016. The Company is working closely with the Monitor in order for it to provide its next report to the Court due on November 4th, 2016.
Quattro is continuing to advance its business plan and is very pleased with the responses that it has received from the SISP to date.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leonard Van Betuw President and Chief Executive Officer
Office (403) 984-3917 Ext.102
Direct Line (587) 228-7070
Michael Bejerman, MBA, CPA, CMA
Office (403) 984-3917 Ext.114