VANCOUVER, March 14, 2016 /CNW/ - Alternative Earth
Resources Inc. ("AER") (TSX.V: AER) is pleased to announce that
on March 11, 2016, the British Columbia Court of Appeal (the
"Court of Appeal") granted a stay (the "Stay") of
certain orders that were made by the British Columbia Supreme Court
(the "Court"), in Reasons for Judgment issued on
February 17, 2016, in connection with
the second petition commenced by Jaguar Financial Corporation
("Jaguar") against AER and certain of its directors.
Management of AER consider this to be a very positive
development in the on-going legal proceedings with Jaguar. The Stay
effectively suspends the effect of the orders pending hearing of
the appeals filed by AER with respect to the decisions of the Court
in both the first and second petitions. Specifically, the Stay
allows AER to pay fees to its Special Committee and restricts all
parties, including the independent chairman appointed by the Court,
from calling an annual general meeting of shareholders. The Stay
will expire on April 13, 2016, unless
extended by the Court of Appeal. The appeals are scheduled to
be heard by the Court of Appeal on April 12,
2016.
AER is hopeful that the Court of Appeal will overturn the
decisions of the Court in both petitions, however there is no
certainty that the appeals filed by AER will be successful. Refer
to the news release dated February 18,
2016, for details of the orders made by the Court.
The annual general meeting of shareholders of AER that was
scheduled to be held on February 26,
2016, has not been held, and will be convened following the
decision of the Court of Appeal.
Rod McKeen, Lead Director and
sole
member of Special Committee
Forward Looking Statements: This news release contains
forward looking statements that are subject to a number of known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those anticipated in our
forward looking statements. Forward-looking statements in this
release include statements regarding the outcome of the legal
proceedings.
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 release.
SOURCE Alternative Earth Resources Inc.