CALGARY, Alberta, Aug. 17, 2018 (GLOBE NEWSWIRE) — PRD Energy Inc. (“PRD” or the “Company“) is pleased to provide an update on the status of its liquidation and the anticipated timing of its dissolution.
PRD is currently discharging all of its obligations and completing all other acts required to liquidate its business. PRD’s assets, as at June 30, 2018, were comprised of cash on hand of approximately $796,000 and accounts receivable of approximately $39,280. Included in the accounts receivable was approximately $37,500 from a former director and officer of the Company. Effective July 16, 2018, the accounts receivable was settled for a payment to the Company of an aggregate amount of $27,920.
The liabilities of PRD, as at June 30, 2018, were comprised of accounts payable related to general and administrative expenses of approximately $21,342. PRD expects to complete its liquidation and dissolution and the final distribution of the net proceeds of its liquidation in the fourth quarter of 2018.