Bayshore Petroleum Corp Announces Resignation of Chairman of Board of Directors, Appointment of Chairman of Board of Directors and Unsecured Short-term Loan Agreement
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CALGARY, Alberta, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (“Bayshore” or the “Corporation”) announces the resignation of Mr. Peter Ho as Chairman of the Board of Directors effective immediately. Mr. Ho will continue to be a Director of the Corporation and Chief Executive Officer. The Corporation is pleased to announce the appointment of Mr. Po Kwong (Ivan) Chan as Chairman of the Board of Directors effective immediately. Mr. Chan is a businessman resident in Hong Kong, and a director of several private companies located in Hong Kong and throughout Asia. Mr. Chan brings decades of financial and strategic banking expertise to Bayshore, and Bayshore is pleased to have Mr. Chan as Chairman of the Board of Directors.
Additionally, Bayshore is also pleased to announce that it has entered into a short-term unsecured interest bearing loan agreement with its new Chairman in the amount of $400,000, effective August 25, 2018. The Corporation will use proceeds of the loan for working capital purposes.
About Bayshore Petroleum Corp.
Bayshore is a Calgary, Alberta-based corporation focused on the exploitation of technology that increases the productivity and profitability of heavy oil and bitumen. The CCC process, and other technologies like desulphurization, reduce upgrading and refining costs, reduce the need for diluent and other measures and costs in the transportation of oil, and expedite the end to end process of delivering fuels to the downstream user.
On behalf of the Board of Directors
BAYSHORE PETROLEUM CORP. "Peter Ho" Director & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statements
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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