Listing: TSX Venture Exchange ("EEI.V")
Issued Common Shares: 60,208,086
TORONTO, Feb. 10 /CNW/ - Echo Energy Canada Inc. ("Echo") provided an update today on financing and litigation and also announced the retirement of a director.
Update on financing
Echo has retained Klein Farber Corporate Finance Inc. ("Klein Farber") as exclusive agent, adviser and arranger to Echo with respect to expeditious repayment of its senior ranking indebtedness.
Update on litigation
The Ontario Court of Appeal has dismissed the appeal (the "Appeal") by four former directors of Echo from the November 28, 2008, decision of The Honourable Justice Morawetz of the Ontario Superior Court of Justice (the "Order"), wherein Justice Morawetz ordered that the 11,016,618 common shares of Echo held by Challenge Gas Holding AB were to be counted in the election of directors at the meeting of the shareholders of Echo held on April 22, 2008 (the "Meeting"). The Order was the subject of a press release issued by Echo on December 2, 2008. The Appeal was the subject of a press release issued by Echo on December 23, 2008.
The former directors who filed the Appeal are Gary Conn, Robert Moore, David Johnstone and Sal Pacifico. Echo was not a party to the appeal.
Echo announced today the retirement of Oliver Nepomuceno as a Director of the Board of Directors of Echo. Mr. Nepomuceno served as a Director of Echo since the amalgamation in April of 2006. He is a major shareholder of Challenge Gas Holding AB which recently sold its holdings of Echo shares to Exclusive Asset Management Inc. as announced in a press release issued by Echo on February 2, 2010.
About Echo Energy Canada Inc.
Echo Energy Canada Inc. is a publicly traded energy company with revenue producing natural gas production operations near Port Burwell, Ontario, Canada on the shores of Lake Erie.
Statements in this news release that are not historical facts, including statements about plans and expectations regarding properties, reserves, transactions and opportunities, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing gas and commodity prices and currency exchange rates, demand for gas, lack of success of future exploration and development, competition and other factors discussed from time to time in the company's filings with the Ontario Securities Commission.
Neither the 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 news release.
SOURCE Echo Energy Canada Inc
For further information: For further information: Charles Edey, President, at 1-877-396-3540, firstname.lastname@example.org, http://www.echoenergycanada.com