CALGARY, ALBERTA -- (Marketwired) -- 05/19/15 -- Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE: CDE) provides the following update in respect of its proposed change of business first announced on April 29, 2015.
The Company has made significant progress in the internal development of software for its online promotions management system that will be the foundation of Challenger's new business. Development of our initial application prototype will be finished within the next 30 days and will be followed by a series of user experience testing. In addition, the requirements of the software needed for this application have been further refined. As a result of these and other factors, the Company has determined that the source code that was the subject of the purchase agreement entered into between the Company and First Reward Enterprises Ltd. is no longer a necessary component of its business plan and the Company will not proceed with that acquisition.
The Company intends to carry out its business plan as described in its April 29, 2015 news release on the same time-frame as previously announced. Additional details regarding the Company's proposed change of business and its business plan will be provided in the management information circular to be mailed to shareholders in connection with a meeting of shareholders to be held in July 2015.
It is now expected that the conditions of the approval of the proposed change of business by the TSX Venture Exchange will include sponsorship in accordance with its Policy 2.2.
Challenger Deep Resources Corp. is currently classified as a Resource Issuer however has divested itself of all resource assets and now seeks to become a Technology Issuer through the completion of the COB.
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 news release.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the COB may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has not approved nor disapproved of the contents of this press release.
The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger 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 required by securities law.
Darold H. Parken