HENDERSON, Nev., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Qualibou Energy Inc. (Pink Sheets:QALB) today announced that it has engaged Saddler, Gibb & Associates, LLC, a Public Company Accounting Oversight Board member firm (www.pcaobus.org), to act as auditor to the company and to audit its financial statements for 2006, 2007, 2008 and 2009.
The hiring coincides with the Company's plan to return to fully reporting status with the SEC during the first quarter of 2011 and to list its shares for trading on the NASD Over-The-Counter Bulletin Board.
Stephen Baker, President & CEO of Qualibou Energy, stated "We are moving forward with our plans to implement corporate governance standards that are consistent with public companies in anticipation of becoming a fully reporting company." He continued, "Engaging Saddler, Gibb & Associates, L.L.C, a firm with significant public company auditing experience is a positive step in meeting the corporate governance standards we have set for the company."
Qualibou Energy Inc. is an emerging renewable energy company with a growth strategy emphasizing greenfield developments. The company's first geothermal concession is located on St Lucia and has a development goal of 120 Megawatts. The Company's proven and probable reserves are 170 Megawatts or 60.1 million barrels of oil equivalent (BOE).
The Qualibou Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7763
'On behalf of the Board of Directors'
Stephen Baker
President & CEO
Qualibou Energy Inc.
For further information about the company, please visit our website at www.qualibou.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.