CALGARY, March 24, 2015 /CNW/ - Seven Generations Energy Ltd. ("7G" or the "Company")(TSX: VII) announces the resignation of Deloitte LLP, Chartered Accountants ("Deloitte") as auditor of the Company and the appointment of PricewaterhouseCoopers LLP ("PwC") as the Company's new auditor, effective March 11, 2015.
On August 5, 2014, Deloitte acquired Visser Consulting Ltd. ("Visser"), which provides regulatory, safety and environmental compliance consulting services to the Company. Deloitte implemented safeguards to address any concerns regarding its independence from 7G following the acquisition of Visser, and the services performed by Visser were curtailed by the Company and were subject to the approval of the Audit Committee of the Company's Board of Directors following the acquisition. In order to be able to utilize the services of Visser to the extent desired in the future without giving rise to any actual or perceived impairment to the independence of the Company's auditor, the Company asked Deloitte to resign as auditors.
"I am saddened that this change was necessitated. Deloitte has been the auditor of 7G since its inception and Ms. Sippy Chhina has been my primary contact at Deloitte for more than a decade. I am very grateful to Deloitte for the professional excellence that has been applied in the course of its service to the Company and it is regrettable to see the audit relationship come to an end," commented CEO Pat Carlson. "We are looking forward to working with PwC on a go-forward basis," added Mr. Carlson.
"It's been a privilege to serve 7G as their auditor through their journey from inception to becoming a public company. We look forward to continuing our professional relationship in an advisory capacity to the Company in the future. We would like to thank the Company for the opportunity to have served as Seven Generations auditors to December 31, 2014," commented Ms. Chhina.
The shareholders of 7G will be asked to vote on the appointment of PwC as auditor at the upcoming annual and special meeting of the shareholders of the Company that will be held on May 6, 2015 (the "Meeting"). Formal notice of the Meeting and the Company's proxy statement and information circular in respect of the Meeting are expected to be finalized, delivered to shareholders and filed publicly, in accordance with applicable laws, in the coming weeks.
SOURCE Seven Generations Energy Ltd.
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For further information: Pat Carlson, CEO; Chris Law, Vice President Corporate Planning, Brian Newmarch, Manager Investor Relations, Seven Generations Energy Ltd., Suite 300, 140 - 8th Avenue SW, Calgary, AB T2P 1B3, Phone: 403-718-0700, Email: [email protected]