CUT BANK, MT, May 15, 2013 /PRNewswire/ - Mountainview Energy Ltd. (TSXV: MVW) ("Mountainview" or the "Company") is pleased to announce that it has filed its audited annual consolidated financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") for the three months and year ended December 31, 2012.
As previously announced, the filing of Financial Statements and MD&A was delayed. The initial reason for the delay was principally due to the fact that Mountainview was preparing the materials for the first time in accordance with U.S. GAAP. Mountainview applied for and received a management cease trade order (the "MCTO") from the Alberta Securities Commission and the British Columbia Securities Commission in accordance with National Policy 12-203, which has prevented Mountainview's President & Chief Executive Officer, Patrick Montalban, as well as its Chief Financial Officer, Angelique Hatch, and the directors of Mountainview from trading the Company's securities while the Company remains in filing default, but enabled all other investors to continue trading the Company's securities.
After receiving the MCTO, it became apparent that the appropriate accounting principles under which Mountainview was required to prepare the Financial Statements and MD&A was International Financial Reporting Standards ("IFRS"). Accordingly, the Company has prepared the Financial Statements and MD&A in accordance with IFRS, which has caused an additional delay. Pursuant to the terms of the MCTO, it is expected that the MCTO will be lifted in two full business days.
Mountainview Energy Ltd. is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken.
Forward Looking Statements
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Mountainview operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward looking statements" and are based on certain assumptions and analysis made by Mountainview. Forward looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Mountainview's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Mountainview's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Mountainview's ability to attract and retain qualified personnel. Mountainview's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Mountainview will derive there from.
Mountainview maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mountainview Energy Ltd.