VANCOUVER, March 14, 2016 /CNW/ - Alternative Earth Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that on March 11, 2016, the British Columbia Court of Appeal (the "Court of Appeal") granted a stay (the "Stay") of certain orders that were made by the British Columbia Supreme Court (the "Court"), in Reasons for Judgment issued on February 17, 2016, in connection with the second petition commenced by Jaguar Financial Corporation ("Jaguar") against AER and certain of its directors.
Management of AER consider this to be a very positive development in the on-going legal proceedings with Jaguar. The Stay effectively suspends the effect of the orders pending hearing of the appeals filed by AER with respect to the decisions of the Court in both the first and second petitions. Specifically, the Stay allows AER to pay fees to its Special Committee and restricts all parties, including the independent chairman appointed by the Court, from calling an annual general meeting of shareholders. The Stay will expire on April 13, 2016, unless extended by the Court of Appeal. The appeals are scheduled to be heard by the Court of Appeal on April 12, 2016.
AER is hopeful that the Court of Appeal will overturn the decisions of the Court in both petitions, however there is no certainty that the appeals filed by AER will be successful. Refer to the news release dated February 18, 2016, for details of the orders made by the Court.
The annual general meeting of shareholders of AER that was scheduled to be held on February 26, 2016, has not been held, and will be convened following the decision of the Court of Appeal.
Rod McKeen, Lead Director and sole
member of Special Committee
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the outcome of the legal proceedings.
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 release.
SOURCE Alternative Earth Resources Inc.
For further information: AER Investor Inquiries: Telephone: 604-688-1553, Toll Free: 866-688-0808, Email: [email protected]