Argosy Energy Inc.

Argosy Energy Inc.

June 06, 2013 13:05 ET

Argosy Energy Inc. Announces Receivership and Resignation of Directors

CALGARY, ALBERTA--(Marketwired - June 6, 2013) - Argosy Energy Inc., (TSX:GSY) which includes its wholly owned subsidiary, Radius Resources Corp. (the "Company") announces that, pursuant to an order of the Court of Queen's Bench of Alberta (the "Court") dated May 30, 2013, FTI Consulting Canada Inc. has been appointed as the receiver and manager of all of the Company's assets, undertakings and property.

In addition, the Court has approved the transactions (the "Transactions") contemplated by a purchase and sale agreement between the Company as vendor and Long Term Asset Management Inc. as purchaser, for the Company's assets. Closing of the Transactions is subject to the customary closing conditions for transactions of this nature and is expected to close on or about June 13, 2013.

In connection with the receivership order, Mr. Peter Salamon and Mr. Jacob Roorda have resigned as directors of the Company. Prior thereto, Messrs. Dobek, Mellum, Poetker and Faircloth had resigned as directors of the Company.

This news release contains certain forward-looking statements and other information (collectively "forward-looking information") about our current expectations, estimates and projections. Forward looking information is often identified by words such as "anticipate", "intend", "believe", "expect", "plan", "forecast", "target", "could", "focus", "vision", "goal", "proposed", "scheduled", "milestone", "outlook", "potential", "may", "looking forward to", or similar expressions and includes, but is not necessarily limited to, suggestions of future outcomes, including, the closing of the Transaction. Readers are cautioned not to place undue reliance on forward-looking information as actual results could differ materially from those currently anticipated due to a number of factors, risks and uncertainties. Such risks and uncertainties include, without limitation, the discretion of the Court; changes in laws and regulations and changes in how they are interpreted and enforced; All subsequent forward-looking statements, whether written or oral, attributed to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information future events or otherwise, except as may be required by applicable securities laws.

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