Update from Reservoir Capital Corp. on stopping management operations
VANCOUVER, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) – (CSE: REO) – Reservoir Capital Corp. (“REO“or the”Company“) announces that it continues to work closely with its auditor to overcome delays due to the complexities caused by COVID-19 in Nigeria, Mauritius and Canada in the preparation of its financial statements for the fiscal year ended 31 December 2020 (the “Annual financial statements“) and the attestations of the MD&A and related officers (collectively, the”Annual deposits”). On May 4, 2021, the company announced that it would miss the April 30, 2021 filing deadline for its annual filings, as prescribed by NI 51-102 – Continuous disclosure obligations (“NI 51-102”). An order for the management to cease operations (“MCTO“) Was issued by the British Columbia Securities Commission (the”BCSC»), As of May 4, 2021, in connection with the late filing.
During the MCTO, the general investing public will continue to be able to trade the listed ordinary shares of the company; however, the Chief Executive Officer, the Chief Financial Officer and other directors, officers and persons determined by the applicable regulatory authorities will not be able to trade in the shares of the Company.
The Company currently plans to file the 2020 annual financial statements on or before June 30, 2021 and will issue a press release announcing the completion of these filings at that time. By then, the Company intends to comply with the provisions of the Alternative Information Guidelines as defined in National Policy 12-203 – Management of cease trade orders as long as it remains in default, including the issuance of bi-weekly default status reports, each of which is issued in the form of a press release. The Company confirms as of the date of this press release that no other material information concerning the affairs of the Company has generally been disclosed.
About Reservoir Capital Corp.
REO’s asset portfolio includes minority indirect economic interests in clean energy assets (currently 4 hydropower plants) representing 46.3 MW of net operating capacity.
REO 2019 Financial Statements (year ended December 31, 2019) shows dividend income from the company’s investments of $ 1,756,152 during the twelve month period.
Vision and mission of REO is to build a balanced portfolio of clean generation and near-generation energy assets (with a current focus on hydro and geothermal) in growing economies (with a current focus on Africa).
REO’s strategy Achieving its Vision is to approach shareholders with quality private assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.
REO’s investment policy essentially consists of taking carefully selected minority economic interests in quality clean energy assets in key geographies, targeting regular dividends over long periods, while offering the potential for capital gain in the medium term.
For more information about the company, please visit www.reservoircapitalcorp.com. Investors are cautioned that trading in REO securities should be viewed as highly speculative. Additional information on these and other factors that could affect REO’s business or financial results is included in REO’s CSE registration statement and in the most recently filed Quarterly Report, each of which is filed with applicable Canadian securities regulatory authorities and accessible through the SEDAR website (www.sedar.com). CSE has neither approved nor disapproved of the contents of this press release.
For any clarification, we can contact:
CEO, Reservoir Capital Corp.
Email: [email protected]
NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution regarding forward-looking statements: This press release contains “forward-looking statements” and “forward-looking information” under applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs about future events of the management of REO. Such information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release and include, without limitation, statements as to management’s expectations and possible realization of planned future investments. These statements can generally be identified by using forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “about to”, “hope”, “plan”, “Intend to” “,” believe “or” continue “or their negative or similar variations.
The reader is cautioned that the assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those expected, due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on forward-looking information. This information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those expected. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will publicly update or revise any of the included forward-looking statements, as expressly required by applicable law.