TORONTO, ONTARIO--(Marketwired - April 8, 2016) - Peat Resources Limited (the "Company") (TSX VENTURE:PET) today announced updates to its continuing evaluation of new opportunities, and the availability of documents regarding the background for a potential technology pivot.
After an expansive survey and preliminary discussions with a number of companies in the gesture recognition space, Peat has signed Non-Disclosure Agreements (NDAs) with multiple selected firms in furtherance of its evaluation of technology-based initiatives in the mobility space, including gesture recognition, image and motion sensing technology.
Dr. Samuel Peralta, who recently joined the Board of Directors and is leading its evaluation, noted: "The response of the firms we have talked to in detail, regarding our initiatives, has been extremely positive. We hope to be able to provide a more detailed description of these discussions and their outcome in the weeks to come."
With this announcement, two documents are being made available on an ancillary website - www.peatresources.net.
The key document available today is a technical presentation regarding disruption in the gesture recognition space, authored by Dr. Peralta, outlining the background to opportunities for a potential technology pivot.
Another document provided is an article authored by IBK Capital for the Private Capital Markets Association. IBK has been supportive of Peat's technology evaluation initiatives to date.
The documents on the ancillary website are for general information purposes and have not been adopted by the Company at this stage.
Ms. Patricia Mannard, Chairman and CEO of the Company, said: "We are confident that our evaluation is proceeding at a good pace, and that we will be able to make a solid recommendation to our shareholders in due course."
It should be noted that, while Peat is investigating these new opportunities, Peat has not entered into this business. An entry into the technology sector will be subject to regulatory compliance, including shareholder approval.
Peat Resources Limited was formed to commercialize peat fuel and bio-carbon derivatives as a sustainable resource. As a consequence of the competitive energy environment, the Company is currently re-examining its business focus with intent to deliver an overview at its upcoming Annual General Meeting on May 4, 2016.
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.