Xemplar Provides Update on Change of Business and Lawsuit
October 03 2012 - 2:51PM
Marketwired Canada
Xemplar Energy Corp. (the "Company") (TSX
VENTURE:XE)(FRANKFURT:E7R)(NAMIBIA:XEM) issued a news release on September 5,
2012 announcing that a lawsuit was filed against the Company and its directors
by Grand River Capital, LLC ("GRC") relating to the Company's previously
announced acquisition of a pecan farm property in Culberson County, Texas (the
"Property") and associated change of business ("COB") transaction pursuant to
Policy 5.2 of the TSX Venture Exchange.
The Company is pleased to announce that on September 28, 2012 the 205th District
Court of Culberson County, Texas issued an order granting the Company's Motion
to Expunge Lis Pendens in the pending litigation between the Company and GRC.
The court found that the plaintiff, GRC, failed to establish the probability of
a claim against the pecan farm in Culberson County, Texas that the Company has
contracted to purchase. The Court's order expunges four Notices of Lis Pendens
(the "Notices") filed by the plaintiff, GRC, in the deed records of Culberson
County, thereby removing the Notices as encumbrances against the Property. The
Company maintains that the plaintiff's claims are wholly without merit and is
vigorously contesting the claims.
The Company is also continuing to work towards completing the acquisition of the
Property and the COB. Trading of the shares of the Company remain halted and
will be reinstated upon receipt by the TSX Venture Exchange of satisfactory
documentation to effect a resumption of trading.
The TSX Venture Exchange has in no way passed upon the merits of the proposed
COB and has neither approved nor disapproved the contents of this press release.
On behalf of the Board of Directors of XEMPLAR ENERGY CORP.
Ron Mitchell, Chairman and Director
Certain statements contained in this press release may include forward-looking
information with respect to the Company's operations and future financial
results. Such statements are based on current expectations, are subject to a
number of uncertainties and risks, and actual results may differ materially from
those contained in such statements. Further information can be found in the
disclosure documents filed by the Company at www.sedar.com.
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