/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/
CALGARY, June 30, 2016 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") is pleased to announce that certain insiders of the Company, who are residents of the United States, have elected to convert a portion of their common shares of the Company ("Common Shares") into restricted voting shares of the Company ("Restricted Voting Shares") so that the Company continues to qualify as a Foreign Private Issuer in the United States.
The Common Shares are being converted in order to maintain the threshold of less than 50 percent of the Common Shares being directly or indirectly held of record by residents of the United States and the Company therefore, qualifies as a Foreign Private Issuer in the United States. The restricted voting shares are convertible on a 1:1 ratio into Common Shares, at the holder's option.
As a result of the conversion, Harvison Capital Management, LLC, of Fort Worth, Texas, will now hold 19,591,857 Common Shares and 38,399,254 Restricted Voting Shares representing approximately 16.2% of the issued and outstanding voting securities of the Company on a non-diluted basis and 30.3% of the issued and outstanding securities of the Company, assuming conversion of the Restricted Voting Shares.
As a result of the conversion, Richard F. Gonzalez, Chief Executive Officer of the Company, will hold 16,397,588 Common Shares and 32,135,746 Restricted Voting Shares of the Company representing approximately 13.6% of the issued and outstanding voting securities of the Company on a non-diluted basis and 25.4% of the issued and outstanding securities of the Company, assuming conversion of the Restricted Voting Shares.
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.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and potential investors with information regarding Petro-Victory, including management's assessment of Petro-Victory's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward looking statements"). In some cases, forward-looking statements can be identified by terminology such as "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will", "shall" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this press release contains forward-looking statements relating to but not limited to: shareholdings of the Company, our business strategies, and plans and objectives. These forward-looking statements are based on certain key assumptions regarding, among other things: current industry conditions, and laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Petro-Victory at the time of preparation, may prove to be incorrect.
Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. These and additional risk factors are discussed in our Final Prospectus dated July 11, 2014, as filed with Canadian securities regulatory authorities at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Petro-Victory's current and future operations and such information may not be appropriate for other purposes. There is no representation by Petro-Victory that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and Petro-Victory does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
SOURCE Petro-Victory Energy Corp.
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For further information: Petro-Victory Energy Corp., Richard F. Gonzalez, CEO - 972-239-3084; Petro-Victory Energy Corp., Mark Bronson, CFO and Corporate Secretary - 817-838-4744; Brisco Capital Partners Corp., Scott Koyich - 403-619-2200