Caspian Energy Inc.
TSX VENTURE : CKZ.H
NEX BOARD : CKZ.H

Caspian Energy Inc.

April 29, 2016 08:28 ET

Caspian Energy Announces Delay of Filings

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 29, 2016) - Caspian Energy Inc. (NEX:CKZ.H) ("Caspian" or the "Company") announces that it is anticipating a delay in filing its 2015 annual audited financial statements (the "Annual FS"), its related management's discussion and analysis (the "Annual MD&A"), CEO and CFO certifications, and Ontario Form 13-502F1 (collectively, the "Required Filings"), which are required to be filed on or before April 29, 2016.

In connection with the anticipated delay, Caspian has applied to the applicable Canadian securities regulators requesting that a voluntary management cease trade order ("MCTO") be imposed to restrict trading in the Corporation's securities by the Corporation's insiders, including the CEO, Wei Zhao, and CFO, Yelena Teslenko, as opposed to an issuer cease trade order, which would restrict all trading in the Corporation's securities. If granted, the MCTO will be in effect until the Required Filings are filed or until it is revoked or varied.

The Annual FS and Annual MD&A have been finalized and the associated audit completed, but the Company is unable to file such materials as it has encountered a delay in obtaining the funds necessary to pay its auditors. The Company expects to receive the necessary funds from The Sixth Energy Limited, the Company's controlling shareholder and sole current lender, in coming weeks, and in any event no later than May 30, 2016.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in section 4.3 and 4.4 of National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for so long as it remains in default of the requirement to file the Required Filings on or before April 30, 2016. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information to release to the public. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which we refer to herein, collectively, as "forward-looking information". Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved" and include statements relating to Caspian's actual performance, developments and/or results may differ materially from any or all of the forward-looking statements. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in Caspian's filings with Canadian securities regulatory authorities. All material assumptions used in making forward-looking information are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Although Caspian believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Caspian does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Caspian Energy Inc.
    Michael Nobbs
    Chairman of the Board of Directors
    310-923-5032