|By Marketwired .||
|June 18, 2014 06:25 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/18/14 -- Peat Resources Limited (TSX VENTURE: PET) - The company is pleased to report that it has negotiated a settlement of accounts payable to a contracted consultant in the amount of $205,350 (the amount claimed was $260,471) in exchange for $40,000 cash, provided that payment is made by July 4, 2014 and provided that the consultant also receives a retainer for additional work by July 4, 2014.
The company has filed applications with the Newfoundland Department of Natural Resources to re-acquire its peatland permits.
John Allen has been appointed interim CEO. The board wishes to thank Peter Telford for his services as CEO and for his much needed continuing support by remaining as a director of the company. Further thanks go to founding director, Leon La Prairie upon his retirement from the board and over thirty years of service to the company. Patricia Mannard remains CFO.
Peat Resources Limited was formed to explore, develop and produce peat fuel - a sustainable bioenergy resource. The company is active in Ontario and Newfoundland. The company has developed an environmentally acceptable harvesting and processing system to supply consistent quality peat fuel in long-term (+ 20 year) contracts to utilities and other industrial operations for heat and power generation. The Company is also investigating development of value-added biocarbon derivatives from peat pellets such as activated carbon for which there is growing demand in many industrial and domestic applications.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.