Peat Resources Limited Announces Accounts Payable Settlement
19 Giugno 2014 - 12:24AM
Marketwired
Peat Resources Limited Announces Accounts Payable Settlement
TORONTO, ONTARIO--(Marketwired - Jun 18, 2014) - Peat Resources
Limited (TSX-VENTURE:PET) - The company is pleased to report that
it has negotiated a settlement of accounts payable to a contracted
consultant in the amount of $205,350 (the amount claimed was
$260,471) in exchange for $40,000 cash, provided that payment is
made by July 4, 2014 and provided that the consultant also receives
a retainer for additional work by July 4, 2014.
The company has filed applications with the Newfoundland
Department of Natural Resources to re-acquire its peatland
permits.
John Allen has been appointed interim CEO. The board wishes to
thank Peter Telford for his services as CEO and for his much needed
continuing support by remaining as a director of the company.
Further thanks go to founding director, Leon La Prairie upon his
retirement from the board and over thirty years of service to the
company. Patricia Mannard remains CFO.
Peat Resources Limited was formed to explore, develop and
produce peat fuel - a sustainable bioenergy resource. The company
is active in Ontario and Newfoundland. The company has developed an
environmentally acceptable harvesting and processing system to
supply consistent quality peat fuel in long-term (+ 20 year)
contracts to utilities and other industrial operations for heat and
power generation. The Company is also investigating development of
value-added biocarbon derivatives from peat pellets such as
activated carbon for which there is growing demand in many
industrial and domestic applications.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Peat Resources LimitedPatricia Mannard(416) 862-7885(416)
862-7889pmannard@peatresources.comwww.peatresources.com
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