NuTech Energy Resources Addresses OTC Market Action
GILLETTE, Wyo., Feb. 1, 2016 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), was informed Friday evening that it has been given a designation of Caveat Emptor by OTC Markets. While the Company had no prior indication this was coming, the concern for clarification is understandable. Consequently, NuTech Energy seeks to shed light on the Company's current state of affairs.
NuTech Energy Resources is filing its 3rd quarter financials with OTC Markets today. As of today, the company will be current in its obligations with OTC Markets.
The company has been building a foundation of highly qualified affiliates that include qualified legal and accounting professionals. The reason for retaining these professionals are, as stated in recent press releases, directly based on the Company's intent to uplist to a higher exchange. Accordingly, the Company has initiated the audit process.
The company has taken a conservative accounting approach by not assigning value to its technology, equipment, and gas reserves until the independent audit is completed. Management believes that the Company will be eligible for uplisting, since in consideration of these values, that it is believed that it should easily meet the criteria.
While the company has a general policy of not responding to items posted on social media or investor message boards, the company will acknowledge that, in the effort to meet the requirements of a higher exchange listing, the Company does have the intention to execute a reverse split.
"While the company stands by all press releases, we do fully acknowledge that they are obviously forward looking. The whole concept of releasing consistent updates is to keep the investment community informed. We know we have an obligation to keep the shareholder base informed for reasons that could adversely affect the value of our company, but we also have the same obligation under the Regulation Fair Disclosure Act to give every investor the same opportunity to invest, as we continue to achieve these milestones. Our press releases accurately reflect acquisitions and business relationships that we have developed, and we will openly acknowledge that we do have two additional technology related acquisitions and partnerships that will be announced publicly in the very near future," stated stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc.
About NuTech Energy Resources, Inc.: NuTech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. NuTech currently operates wells in the Powder River Basin area of northern Wyoming and has commitments to acquire thousands of additional wells. NuTech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/.
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Contact: Investor and Media
Steffan Dalsgaard, CEO Everest Corporate Advisors, Inc.
702-902-2361
702-982-1139
SOURCE NuTech Energy Resources, Inc.
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