AMG Bioenergy Resources Holdings Ltd.
TSX VENTURE : ABG

AMG Bioenergy Resources Holdings Ltd.

October 06, 2015 11:54 ET

AMG Bioenergy Announces Resignation of Its Auditor and Delay in Filing of Audited Financial Statements

CALGARY, ALBERTA--(Marketwired - Oct. 6, 2015) - AMG Bioenergy Resources Holdings Ltd. (TSX VENTURE:ABG) ("AMG" or the "Corporation") wishes to announce that its former auditor, Schwartz Levitsky Feldman LLP (the "Former Auditor"), has resigned effective September 22, 2015. In accordance with National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), AMG has filed a Change of Auditor Notice on SEDAR ("Notice") together with a letter from the Former Auditor (the "Letter"). The Notice and Letter will also be sent to the Company's shareholders in the information circular for its next Annual and Special Meeting.

AMG also confirms that the Notice identifies an "unresolved issue" as defined in NI 51-102 relating to the Former Auditor's view that management has not been able to adequately explain the commercial and legal basis of certain material contracts that were entered into by the Corporation. The Letter from the Former Auditor states that the Former Auditor agrees with the statements in the Notice.

AMG also announces that it will be delayed in filing its 2015 annual audited financial statements, and its related Management's Discussion and Analysis, and certification of annual filings under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, and Ontario's Form 13-502F1 relating to Class 1 Reporting Issuer Participation fee (collectively, the "Required Filings"), which are required to be filed on or before September 28, 2015. The delay in filing the Required Filings is principally related to the resignation of the Former Auditor. As a result of this resignation, there have been some delay associated with identifying and appointing a successor auditor, and it is anticipated that there will be some delay associated with a successor auditor having to familiarize itself with the operations of the Corporation. AMG's management is however in discussions with a potential new auditor and based on these discussions, anticipates that the Required Filings will be completed on or before October 30, 2015.

As a result of the delay filing the Required Filings, the Alberta Securities Commission has issued a cease trade order effective October 2, 2015, and trading of the Corporation's common shares on the TSX Venture Exchange was suspended. Once the Required Filings are completed and filed, management intends to apply for reinstatement of trading.

ON BEHALF OF THE BOARD

Lee Shoong Lim, Managing Director

"Neither 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. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

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