|By Marketwired .||
|August 15, 2013 07:07 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/15/13 -- Acadian Energy Inc. (TSX VENTURE:ACX) (the "Corporation" or "Acadian") announced today that as of August 8, 2013 its listing was transferred to the NEX Exchange, a separate board of the TSX Venture Exchange.
Acadian also regrets to announce that one of its founders and directors, Gilbert Smith, passed away in early July. Management sends its condolences to his family. The Corporation will miss Mr. Smith who was a knowledgeable and significant contributor to the formation of the Corporation and who served as a director with diligence and integrity.
Due to funding constraints, the Corporation was unable to meet its deadlines to file its annual audited financial statements for December 2012 and subsequent quarterly filings. Consequently, the Corporation failed to meet the Continued Listing Requirements imposed by the TSX Venture Exchange.
The shares of the Corporation shall remain suspended from trading until it meets its reporting requirements and is reinstated by applicable regulatory authorities.
The "NEX" is a separate board of the TSX Venture Exchange for companies previously listed on TSX Venture Exchange or Toronto Stock Exchange which have failed to maintain compliance with the ongoing financial listing standards of those markets. NEX has been designed to provide a forum for the trading of publicly listed shell companies while they seek and undertake transactions in furtherance of their reactivation as companies which will carry on an active business.
Management of Acadian continues to diligently pursue transactions that will likely involve a reverse takeover of a private company, which will enable a concurrent financing and funds to prepare the required financial and other documentation required to be reinstated on the TSX Venture Exchange and a resumption of trading.
There can be no assurance that a suitable transaction will be found that meets the Corporation's criteria.
Additional information about the Corporation is available on its web site: www.acadianenergy.com.
Acadian is a junior exploration and production company which is focused on the exploration and development of New Albany shale oil and natural gas in the Illinois Basin. The Corporation continues exploration development of the oil potential of the New Albany Shale. Acadian traded on the TSX Venture Exchange under the symbol ACX but is now on the NEX.
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.