Shoreline Energy Corp. Announces Bankruptcy Filing
CALGARY, ALBERTA--(Marketwired - Dec. 23, 2015) - Shoreline Energy Corp. ("Shoreline" or the "Company") announces that it has filed an assignment under section 49 of the Bankruptcy and Insolvency Act (Canada) (the "BIA") on December 23 (the "Assignment"). Pursuant to the Assignment, Grant Thornton Limited was appointed as the bankruptcy trustee (the "Trustee"). In addition, all of the directors and officers of the Company have resigned effective immediately. In accordance with the assignment the Trustee will to send to all creditors a notice of the bankruptcy within five days. In addition, when applicable, the Trustee will call in the prescribed manner a first meeting of creditors, to be held at January 20, 2016, 10:00 a.m., Main Floor, 833 - 4th Avenue SW, Calgary, Alberta, or at any other time and place that may be later requested by the official receiver.
A copy of applicable Companies Creditors' Arrangement Act (Canada) and BIA filings and applicable reports are available on the Trustee's website at www.grantthornton.ca/services/reorg/creditor_updates/shoreline.
About Shoreline Energy Corp.
Shoreline is a Calgary, Alberta based corporation formerly engaged in the exploration, development and production of petroleum and natural gas. Additional information regarding Shoreline is available under the Company's profile at www.sedar.com or at the website of the Company's Monitor, Grant Thornton, at www.grantthornton.ca/services/reorg/creditor_updates/shoreline.
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements relating to the bankruptcy proceedings. These forward-looking statements may include opinions, assumption and estimates of management.
Forward-looking statements typically use words such as "will," "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "should," "plan," and similar expressions suggesting future outcomes, and include statements that actions, events or conditions "may," "would," "could," or "will" be taken or occur in the future. The forward-looking statements are based on various assumptions including expectations regarding the bankruptcy proceedings. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements are subject to a wide range of assumptions, known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, the ability to access sufficient capital from external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Actual timelines associated with the bankruptcy proceedings may vary from those anticipated in this news release and such variations may be material.
Although Shoreline believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not rely unduly on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by applicable law, Shoreline does not undertake any obligation to publicly update or revise any forward-looking statements.
(December 23, 2015 - 6:07 PM EST)
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