Listing: TSX Venture Exchange ("EEI.V")
Issued Common Shares: 60,208,086
TORONTO, June 8 /CNW/ - Charles Edey, President of Echo Energy Canada Inc. ("Echo Energy" or the "Company"), announced that the Company is providing its first bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its news release dated May 4, 2010 (the "Default Notice"), the Company announced that it was not able to file its audited annual financial statements for the year ended December 31, 2009 (the "Annual Financial Statements"), its management discussion and analysis (the "MD&A") relating to the Annual Financial Statements or its reserves data and other oil and gas information as required by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (collectively, the "Required Filings") on or before the prescribed deadline of April 30, 2010.
As previously announced, the Company applied to the applicable securities regulators under National Policy 12-203 requesting that a management cease trade order be imposed in respect of this late filing. On May 25, 2010, the Ontario Securities Commission, being the Principal Regulator, issued a temporary management cease trade order. The issuance of the temporary cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. However, the securities regulatory authorities, in their discretion, may determine that it would be appropriate to issue a general issuer cease trade order affecting all of the Company's securities. Until such time that the Required Filings are filed or the securities regulatory authorities issue a general cease trade order, the Company will continue to provide bi-weekly updates, as contemplated by NP 12-203.
Other than as set out herein, the Company reports that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed (ii) there has been no failure by the Company in fulfilling its stated intentions with respect with respect to satisfying the provisions of alternative information guidelines set out in NP 12-203 (iii) there has not been any other specified default by the Company under NP 12-203 and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
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, email@example.com, http://www.echoenergycanada.com