CALGARY, ALBERTA -- (Marketwired) -- 04/02/15 -- Cygam Energy Inc. (TSX VENTURE: CYG) ("Cygam" or the "Company") announced today that it has filed a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada). In conjunction with this filing, Hardie and Kelly Inc. has been appointed trustee of the bankrupt estate.
The Board of Directors of Cygam, on the recommendation of its Special Committee, authorized the filing of the bankruptcy as Cygam is not able to meet the obligations owing to its creditors or to fund the operations of the Company or its subsidiaries.
The Company also advises that the Directors of the Company have resigned, that the employment of the officers of the Company has been terminated and that the Company could be subject to a suspension of trading pursuant to the policies of the TSX Venture Exchange. Any inquiries with respect to the operations of the Company or its assets can be made to Hardie and Kelly Inc. at 110, 5800 - 2nd Street SW, Calgary, AB T2H 0H2, Attention: Kevin Meyler, Senior Vice-President (telephone 403-777-9999).
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements under applicable securities legislation including, but not limited to: the appointment of the trustee and the suspension of trading in Cygam common shares. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "may", "intention", "estimate", "would", "will" or similar words suggesting future outcomes or statements regarding an outlook. These statements are only as of the date of this document and the Company does not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. Forward-looking statement are based on current expectations, estimates, projections and assumptions, which the Company believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. These forward-looking statements involve known and unknown risks and uncertainties which may cause actual results or performance to be materially different from any future results or performance expressed or implied herein.
Additional information on these and other risks that could affect Cygam's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), or at Cygam's website (www.cygam-energy.com). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Cygam could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Cygam will derive therefrom. Cygam disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Actual timelines may vary from those anticipated in this news release and such variations may be material. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as the factors are interdependent.
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.
Hardie and Kelly Inc.