Peat Announces Interim Financial Statements, an Update to Potential Technology Initiatives, and Changes to the Board
365 Bay Street – Suite 400
Toronto, Ontario
M5H 2V1 Canada
Tel: 416-862-7885
www.peatresources.com
NEWS RELEASE
Peat Announces Interim Financial Statements, an Update
to Potential Technology Initiatives, and Changes to the Board
TORONTO, ONTARIO (May 1, 2017) - Peat Resources Limited (the "Company")
(TSX-V: PET) today announces its interim financial statements, an update to potential
technology initiatives, and changes to the Board of Directors.
The Company has released its interim financial statements for the nine month periods
ending February 28, 2017 and February 29, 2016, along with the associated Management
Discussion and analysis.
As a result of a competitive energy environment, the Company is continuing its
investigation of its options and potential opportunities while maintaining the peat fuel
processing equipment and facility as funds allow.
During the on-going investigation lead by Dr. Samuel Peralta, the Company has
evaluated an extensive array of Canadian and international technology companies that
include virtual and augmented reality technologies, gesture recognition and, image and
motion sensing technology.
It should be noted that, while the Company is investigating these new opportunities, it has
not entered into this business. An entry into the technology sector will be subject to
regulatory compliance, including shareholder approval.
Concurrently, the Company announces the resignations of John Allen and Scott Allen
from the Board. Ms. Patricia Mannard, Chairman and CEO of the Company, said: "The
Board thanks John and Scott for their support to the Company through its continuing
transition.” John Allen will continue serving as legal counsel to the Company.
The Board expects to nominate candidates for the vacant positions whose backgrounds
balance its potential new initiatives.
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 recommendations to shareholders as appropriate.
For additional information, please contact:
Peat Resources Limited
Patricia Mannard
Telephone: (416) 862-7885
www.peatresources.com
Forward-Looking Information
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.