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/.
[expand title=”Advisories & Contact”]This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s registered filings which are available at
www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Quattro Exploration and Production Ltd. should be considered highly speculative. 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.
Jerri Beauchamp
Office (403) 536-8503
jbeauchamp@insolvency.net
Leonard Van Betuw
President and Chief Executive Officer
Office (403) 984-3917 Ext.102
Direct Line (587) 228-7070
leonard@qxp-petro.com
www.qxp-petro.com
[/expand]