VANCOUVER, British Columbia, June 30, 2020 (GLOBE NEWSWIRE) -- (CSE: REO) - Reservoir Capital Corp. (CSE: REO) ("REO" or the "Company") announces that it has filed its annual financial statements for the fiscal year ended December 31, 2019 (the "Annual Financial Statements"), related management’s discussion and analysis (“MD&A”) and officer certificates on www.sedar.com, as required by applicable Canadian securities laws. The Company has worked closely with its auditor to overcome delays as a result of complexities caused by COVID-19 in Nigeria, Mauritius and Canada, and is now current on its continuous disclosure.
On June 11, 2020, the Company announced that it would likely miss the filing deadline of June 15, 2020 to file its Annual Financial Statements, related MD&A and the related officer certifications for the financial year ended December 31, 2019 (collectively, the “Annual Filings”). A management cease trade order (“MCTO”) was issued by the British Columbia Securities Commission (the “BCSC”), effective as of June 17, 2020, in connection with the filing delay.
The Company is providing this status update in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company confirms as of the date of this news release that there is no other material information concerning the affairs of the Company that has not been generally disclosed. Upon the filing of the Annual Filings, the Company believes that it has satisfied the conditions of the BCSC and OSC in order to have the MCTO lifted.
About Reservoir Capital Corp.
REO’s asset portfolio comprises minority indirect economic interests in clean power assets (currently 4 hydro power plants) representing 46.3MW of net operating capacity.
REO’s 2019 Financial Statement (ended Dec 31, 2019) shows dividend income from the Company’s investments of $1,756,152 and net income of $380,729 during the twelve-month period.
REO’s Vision & Mission is to assemble a balanced portfolio of producing and near-production clean energy assets (with a current focus on Hydro & Geothermal) in growing economies (with a current focus on Africa).
REO’s strategy to achieve its Vision is to approach shareholders of privately held quality assets and offer them diversification, liquidity and exposure to a growing portfolio assembled following a disciplined investment policy.
REO’s investment policy consists essentially in taking carefully selected minority economic interests in quality clean power assets in key geographies, targeting regular dividend income over long periods, while offering the potential for capital gain in the medium term.
Further Information
For more information on the Company, please visit www.reservoircapitalcorp.com . Investors are cautioned that trading in the securities of REO should be considered highly speculative. Additional information on these and other factors that could affect the operations or financial results of REO are included in REO's CSE Listing Statement and most recently filed quarterly report, each of which is filed with applicable Canadian securities regulators and may be accessed through the SEDAR website (www.sedar.com). The CSE have neither approved nor disapproved the contents of this news release.
For any clarification, one may contact:
Lewis Reford
CEO, Reservoir Capital Corp.
Telephone: 416-399-2274
Email: ceo@reservoircap.team
NEITHER THE CSE NOR THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the ability of the Company to file the Annual Filings within the time period described herein.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the Company being unable to file the Annual Filings in the proposed timeframe.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will be able to file the Annual Filings in the proposed time frame.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.