TSX-V TRADING SYMBOL: CEC
VANCOUVER, June 26, 2015 /PRNewswire/ - Compliance Energy Corporation (the "Company") announces that Itochu Corporation of Japan ("Itochu") has completed its withdrawal from the Comox Joint Venture as of June 12, 2015 and LG International Corporation of Korea ("LGi") have also informed the Company of their planned withdrawal from the project.
The Company purchased the Vancouver Islands coal rights in 2005 and established a joint venture with Itochu and LGi. The economic feasibility study was completed in 2009 for the development of a modest underground coal project projected to be in operation within three years. The Environmental Assessment process was entered into in 2009 and after six years and an excess of $20 million expenditures, the Company's efforts have been thwarted.
Compliance Energy Corporation is evaluating its' options of how to proceed with its' freehold coal rights.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Mr. Stephen Ellis
President and COO
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 Compliance Energy Corporation