Westcore Announces Filing of Financial Statements and Coal Asset Write-Down
April 17 2014 - 10:00PM
Marketwired
Westcore Announces Filing of Financial Statements and Coal Asset
Write-Down
CALGARY, ALBERTA--(Marketwired - Apr 17, 2014) - Westcore Energy
Ltd. ("Westcore" or the "Copmany") (TSX-VENTURE:WTR) announces the
filing of its annual audited financial statements as at and for the
year ended December 31, 2013. In connection with such statements,
the Company determined that as of December 31, 2013, there were
indicators of impairment for its coal Exploration and Evaluation
Assets. The indicators of impairment result from the current lack
of investor interest in coal companies, downturn in the mining
industry in particular, and the Company's decision to significantly
reduce future exploration expenditures until equity market
conditions improve. As a result, the Company has recorded an
impairment write-off of $7,125,490. After giving effect to this
write-off, the Company's coal assets have been valued at $1,985,676
as at December 31, 2013.
Reader
Advisory
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking information
in this press release includes, but is not limited to, the value of
the Company's coal assets. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including
environmental regulation; unanticipated operating events or
performance; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; competition for, among other things, capital, skilled
personnel and supplies; changes in tax laws; and the other risk
factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in this news
release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information
to conform such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
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.
Westcore Energy Ltd.Shane ShircliffChief Operating Officer(306)
649-0600
Westcore Energy (TSXV:WTR)
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