(Energem or the "Company")
VANCOUVER, Aug. 6 /CNW/ - Further to the Company's press release of July
16, 2009, Energem reports that the funds expected from the related party
debtors detailed in that release (the "Related Parties") were not received by
the end of July 2009.
Based on information received from the Related Parties and the underlying
financial institution providing facilities to them from which the debt to
Energem will be settled, the necessary facilities have been approved, but due
to an administrative procedural delay at the financial institution, the
facility is expected to become available on or before August 14, 2009.
Accordingly, the Company anticipates that funds will flow to the Company by
August 19, 2009, following which the Company expects to be in a position to
finalise its report and accounts shortly thereafter.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements and information.
Such forward-looking statements and information include, but are not limited
to, statements regarding Energem's ability to recover the Related Party Debt
and the timing of completion of the audit on its financial statements for the
2008 fiscal year. The Company does not intend to, and does not assume any
obligation to, update such forward-looking statements or information, other
than as required by applicable law.
Forward-looking statements or information involve known and unknown
risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Energem and its operations
to be materially different from those expressed or implied by such statements.
Such factors include, among others, those that are not within the control of
Energem, such as the ability of the Related Parties to secure required
financing and to satisfy the funding conditions of their lenders, assumptions
that such financing, once obtained, will be used by the Related Parties to
repay amounts owing to Energem, and assumptions that the audit will be
successfully concluded once the Related Party Debt is repaid. Although the
Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements or information, there may be other factors that cause results to be
materially different from those anticipated, described, estimated, assessed or
intended. There can be no assurance that any forward-looking statements or
information will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance on
forward-looking statements or information.
For further information:
For further information: Energem - Rob Rainey in Johannesburg at
telephone +27 11 372 3300, Fax +27 11 454 1673 or email: email@example.com;
Refer to our website: www.energem.com; Canaccord Adams Limited, Robert
Finlay/Andrew Chubb, +44 207 050 6500; Smithfield, Reg Hoare/Will Henderson,
+44 207 360 4900