Listing: TSX Venture Exchange ("EEI.V")
Issued Common Shares: 60,208,086
TORONTO, June 22 /CNW/ - Charles Edey, President of Echo Energy Canada Inc. ("Echo Energy" or the "Company"), announced that the Company is providing did not file, by the deadline of April 30, 2010, 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 May 25, 2010 the Ontario Securities Commission ("OSC"), being the Principal Regulator, issued a temporary management cease trade order (a "MCTO") under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") which prohibits trading in securities of the Company by certain insiders of the Company.
This news release is the second bi-weekly default status report under National Policy 12-203 of the Canadian Securities Administrators. Since announcing the original notice of default on May 4, 2010 and filing its first default status report on June 8, 2010: (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.
As contemplated by NP 12-203, the Company shall continue to issue bi-weekly default status reports in order to keep the market continuously informed of any developments during the period of default.
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