Xemplar Provides Update on Change of Business and Lawsuit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/03/12 -- 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.
Neither 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.
Contacts:
Xemplar Energy Corp.
Ron Mitchell
Chairman and Director
(604) 687-4191
(604) 871-9926 (FAX)