CALGARY, ALBERTA--(Marketwired - March 20, 2015) -
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Groundstar Resources Limited. (the "Company") (TSX VENTURE:GSA) is pleased to confirm that, in connection with the ongoing restructuring of the Company, the Board of Directors now consists of Tyron Pfeifer, Dale Hammons and Murray Stodalka and Tyron Pfeifer is acting as President and Chief Operating Officer. There are no other directors or officers of the Company at this time. The Company is currently looking to add a new Chief Financial Officer in addition to a new director in the near future. Further news releases will provide updates with respect to these mandates.
Groundstar also announced today that its unaudited financial report, CEO and CFO certifications, and management discussion & analysis (the "Interim Filings") for the nine month period ended January 31, 2015 will not be released as scheduled on April 1, 2015. It is now anticipated that the release will occur on or about April 15, 2015.
The Company will be late in the preparation of the Interim Filings due to the resignation of its Chief Financial Officer on March 9, 2015. Due to the timing of the resignation of the Chief Financial Officer, the completion of the preparation of the Interim Filings has been tasked to various consultants of the Company. The preparation and review of the Interim Filings has been commenced but there is uncertainty whether or not it will be completed in time to meet the filing deadline.
As a result of the delay, the Company has voluntarily requested that the Securities Commissions in Alberta, British Columbia, Saskatchewan and Ontario to issue a temporary order that prohibits certain current directors, officers and insiders of Groundstar from trading in securities of Groundstar for so long as the Interim Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of persons who are not directors, officers or insiders of the issuer to trade in their securities. Groundstar intends to provide updates in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until such time as the Interim Filings are completed.
About Groundstar Resources Limited
Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company actively growing a portfolio targeting producing oil and gas assets with development opportunities and exploration upside. The Company's current portfolio of resource assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol "GSA" on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
(March 20, 2015 - 3:41 PM EDT)
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