CALGARY, ALBERTA–(Marketwired – Feb. 13, 2017) – Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) (“Quattro” or the “Company“) announces that on February 2, 2017 the company’s primary lender, The Business Development Bank of Canada (“BDC“) obtained an order (the “Receivership Order“) from the Court of Queen’s Bench of Alberta appointing Hardie & Kelly Inc. as receiver and manager (the “Receiver“) of Quattro’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wheresoever situate, including all proceeds thereof (the “Property“). The directors and officers of Quattro remain in place; however, their powers are limited by the Receivership Order.
The Receivership Order empowers the Receiver to take possession and control of, manage, preserve and market the Property of Quattro, as well as manage, operate and carry on the business of Quattro.
Hardie & Kelly Inc. acting as receiver and manager over the Property and business of the Company can be contacted with respect to any questions concerning the Property, business, operations and liabilities of the Company and is in charge of managing the day to day affairs during the period of its appointment. More information on the receivership is available on the Receiver’s website at: www.insolvency.net/quattro-exploration-production-ltd/.