CBM Asia Development Corp. Provides Default Status Report
15 May 2014 - 10:00PM
Marketwired
CBM Asia Development Corp. Provides Default Status Report
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) - CBM
Asia Development Corp. ("CBM Asia" or the "Company")
(TSX-VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that further
to its news release dated April 16, 2014, the British Columbia
Securities Commission, the Company's principal regulator, issued a
Management Cease Trade Order ("MCTO") against the Company's Chief
Executive Officer and Chief Financial Officer on May1, 2014, as
opposed to a general cease trade order against the Company. The
MCTO prohibits trading in securities of the Company, either
directly or indirectly, by these individuals.
As summarized in the Company's News Release dated April 16, 2014
(the "Default Notice") this action was expected due to the fact
that the Corporation was unable to file its annual financial
statements, Management's Discussion & Analysis and related
Chief Executive Officer and Chief Financial Officer certificates
for its fiscal year-ended December 31, 2013 (the "Required
Filings") before the April 30, 2014 filing deadline (the "Filing
Deadline").
Pursuant to the requirements of Section 4.4 of National Policy
12-203 - Alternative Information Guidelines the Company
reports the following:
(i) There have been no material changes to the information
contained in the Default Notice and the Company expects to file the
Required Filings on or before June 30th 2014;
(ii) There have been no failures with respect to the Company
fulfilling its stated intention of satisfying the requirements of
filing the Required Filings.
(iii) There has not been, nor is there anticipated to be, any
specified default subsequent to the default which is the subject of
the Default Notice; and
(iv) There is no other material information about the affairs of
the Company that has not otherwise been reported.
The Company confirms that it intends to satisfy the provisions
of the alternative information guidelines so long as it remains in
default of this filing requirement, being the provision of
bi-weekly updates by way of news release.
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional
gas company with significant coalbed methane ("CBM") exploration
and development opportunities in Indonesia. The Company holds
various participating interests in five production sharing
contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of
the largest CBM resources in the world with a potential 453
trillion feet3 in-place, more than double the country's natural gas
reserves (Stevens and Hadiyanto, 2004). Since 2008, a total of 54
CBM PSCs have been granted by the Government of Indonesia,
representing exploration commitments of well over US$100 million
during the next 3 years. In addition to CBM Asia, other companies
active in CBM exploration in Indonesia include BP, Dart Energy,
ENI, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian
government have confirmed that commercial CBM production started in
March 2011 from the Sanga-Sanga PSC and is being exported from the
Bontang LNG facility. The Company trades on the TSX Venture
Exchange under the symbol "TCF". www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Charles W. Bloomquist, President & CEO
For further information on CBM Asia Development Corp., please
visit our website at www.cbmasia.ca.
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.
CBM Asia Development Corp.Charles
Bloomquistcorpcom@cbmasia.cawww.cbmasia.caInvestor relations
contact:Micro Cap et al1 877 642 7622info@microcapetal.com
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