CALGARY, Alberta, Nov. 12, 2019 (GLOBE NEWSWIRE) -- New Stratus Energy Inc. (TSX.V - NSE) ("New Stratus" or the "Corporation") has filed amended and restated consolidated financial statements and MD&A for the year ended March 31, 2019, and for the first quarter ended June 30, 2019, which are available under the Corporation's profile on SEDAR at www.sedar.com. These consolidated financial statements and MD&A, as initially reported, have been amended and restated to correct for expenses and liabilities that were understated as a result of the recent receipt of supplier invoices related to the year ended March 31, 2019. These invoices were not fully accrued and will result in an increase in general and administrative expense and accrued payables of $230,888. In addition, the Corporation has included as a subsequent event another invoice received from a supplier related to year ended March 31, 2019. The Corporation has requested supporting documentation from the supplier and has included it as a contingent liability in the financial statements.
The Corporation also announces the following changes to the management of the Corporation: (i) Mr. Jose Francisco Arata, a director of the Corporation, has been appointed as the Chairman and Chief Executive Officer; and (ii) Mr. Camilo Valencia has been appointed as the Chief Operating Officer. In conjunction with the appointments, Mr. Bruce Cameron has resigned as Interim Chief Financial Officer and a director of the Corporation. Mr. Krishna Vathyam, the former Interim Chief Executive Officer, will remain a director of the Corporation.
Contact Information:
Jose Francisco Arata
Chairman & CEO
jfarata@newstratus.energy
Forward-Looking Information and Reader Advisory
Certain information set out in this press release constitutes forward-looking information, including information relating to the amended and restated consolidated financial statements and MD&A. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Corporation as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Corporation believes that the expectations reflected in the forward-looking statements set out in this press release, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Corporation contained in this press release are expressly qualified, in their entirety, by this cautionary statement.
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