TSX-V TRADING SYMBOL: CEC
VANCOUVER,
May 16, 2013 /PRNewswire/ -
Compliance Energy Corporation ("Compliance" or the "Company")
announces that the Board of Directors has approved the adoption of
an advance notice policy (the "Policy"), for the purpose of
providing shareholders, directors and management of Compliance with
a clear framework for nominating directors. The Policy is
meant to: (i) facilitate an orderly and efficient annual general
or, where the need arises, special meeting, process; (ii) ensure
all shareholders receive adequate notice of the director
nominations and sufficient information with respect to all
nominees; and (iii) allow shareholders to register an informed vote
having been afforded reasonable time for appropriate
deliberation.
The Policy contains a provision that requires
advance notice to Compliance in circumstances where nominations of
persons for election to the board of directors are made by
shareholders of Compliance. The Policy fixes deadlines by which
holders of record of common shares of Compliance must submit
director nominations to Compliance prior to any annual or special
meeting of shareholders and sets forth the information that a
shareholder must include in the notice to Compliance for an
effective nomination to occur. No person will be eligible for
election as a director of Compliance unless nominated in accordance
with the provisions of the Policy.
The deadline for notice to Compliance in the
case of an annual meeting of shareholders is not less than 55 days
prior to the date of the annual meeting of shareholders; provided,
however, that in the event that the annual meeting of shareholders
is to be held on a date that is less than 65 days after the date on
which the first public announcement of the date of the annual
meeting was made, notice may be made not later than the close of
business on the 10th day following such public announcement.
In the case of a special meeting (which is not
also an annual meeting) of shareholders called for the purpose of
electing directors (whether or not called for any other purposes),
the deadline for notice to Compliance is no later than the close of
business on the 15th day following the day on which the first
public announcement of the date of the special meeting was
made.
At the annual and special meeting to be held on
June 20, 2013, the shareholders of
the Company will be asked to ratify and confirm the adoption of the
Policy. The Board has determined that the Policy is
effective, and in full force and effect as of May 16, 2013.
The full text of the Policy is available via
SEDAR under Compliance's issuer profile at www.sedar.com or upon
request by contacting the President & Chief Executive Officer
at (604) 689-0489.
About Compliance Energy Corporation
Compliance Energy Corporation is a mining
exploration and development company. Our primary holding is our
interest in over 31,000 hectares of coal rights on Vancouver
Island, British Columbia, where we
are focused on developing the Raven Underground Coal Mining Project
of which we are operator and hold a 60% interest. The remaining 40%
is owned by I-Comox Coal Inc. (a subsidiary of Itochu Corporation
of Japan) and by LG International
Investments (Canada) Limited (a
subsidiary of LG International Corp. of Korea).
The Company also holds a number of mineral
exploration properties totaling over 24,000 hectares on Vancouver
Island, BC which are 100% owned by the Company, some subject to
certain royalty requirements. Our shares trade on the TSX Venture
Exchange under the symbol CEC and investor information is available
on our web site at www.complianceenergy.com.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
John Tapics
Chief Executive Officer
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. This release may
include certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that management of the Company expect, are
forward-looking statements.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, future mineral exploration activities, future
business strategy, competitive strengths, goals, expansion, growth
of the Company's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation
of exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified
by the use of words such as "anticipates", "plans", "planning",
"planned", "expected" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number
of material factors and assumptions, including the receipt of
necessary regulatory approvals, that counterparties to material
agreements will duly perform their obligations there under, the
results of drilling and exploration activities, that contracted
parties provide goods and/or services on the agreed timeframes,
that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, that no labour shortages
or delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve
known and unknown risks, future events, conditions, uncertainties
and other factors which may cause the actual results, performance
or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; future prices of
minerals; possible variations in grade or recovery rates; failure
of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those
factors disclosed in the company's publicly filed documents.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Compliance Energy Corporation