VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 30, 2016) - Reservoir Capital Corp. (TSX VENTURE:REO) ("Reservoir" or the "Company") advises that Lewis Reford, a Director of the Company, has been appointed Interim President and CEO, replacing Miljana Vidovic.
Late Filing of Financial Statements and Management Cease Trade Order
Because of delays in completing its audited financial statements for the year ended April 30, 2016, the Company has applied for, and has been granted, a Management Cease Trade Order ("MCTO") by the British Columbia Securities Commission. Because of the delays, the Company will file its annual audited financial statements, management's discussion and analysis, and CEO and CFO certificates (collectively, the "2016 Annual Financial Statements") after the filing deadline of August 30, 2016 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
The Company currently expects to file the 2016 Annual Financial Statements before September 30, 2016 and will issue a news release announcing completion of such filings at such time. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.
During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company's shares.
Reservoir is a renewable energy company with its principal business the 59.1 MW hydroelectric project in development at Brodarevo on the River Lim, in southern Serbia. Reservoir's common shares trade on the TSX Venture Exchange (symbol "REO") and on the Frankfurt and Berlin Exchanges (symbol "ROC").
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.