in response toby
posted on Apr 16, 2009 04:21PM
Coal Gasification - Building a Clean Energy Company
More news, maybe we'll be trading soon.
16:49 EDT Thursday, April 16, 2009
DENVER, COLORADO--(Marketwire - April 16, 2009) - West Hawk Development Corp. (TSX VENTURE:WHD)(FRANKFURT:H5N) ("West Hawk" or the "Company") advises that on April 8, 2009 its stock was cease traded by the British Columbia Securities Commission (the "BCSC") for failure to file its interim financial statements for the financial period ended January 31, 2009, as required under Part 4 of National Instrument 51-102 ("NI 51-102"), and a Form 51-102F1 Management's Discussion and Analysis for the period ended January 31, 2009 (the "MD&A"), as required under Part 5 of NI 51-102. The Company filed its interim financial statements and MD&A for the financial period ended January 31, 2009 yesterday.
The Company's stock was halted by the TSX Venture Exchange (the "Exchange") on November 5, 2008 as a result of a cease trade order imposed by the BCSC for failure to file a National Instrument 43-101 compliant technical report in connection with the Company's proposed acquisition of the Heavener mine Oklahoma/Arkansas project. The BCSC's cease trade order was lifted on December 5, 2008. However, the Company's stock remains halted by the Exchange pending the clarification of certain disclosure matters. The Company is fully committed to answering the Exchange's questions and ensures that there is full disclosure about the Company's activities with a view to moving towards an end to the halt trade.
The Company intends to file its restated interim financials and Form 51-102F1 Management's Discussion and Analysis for the period ended July 31, 2008 and October 31, 2008 by April 17, 2009.
The Company also announces that effective April 8, 2009, Mr. John T. Owen resigned as Chief Financial Officer of the Company since both parties have been unable to agree on the terms regarding Mr. Owen's compensation.
On behalf of the Board of Directors,
Gonzalo Torres Macchiavello, President and Chief Executive Officer
About the Company: West Hawk Development Corp. is focused on providing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement and the Groundhog coal property located in northwest British Columbia.
Cautionary Note: This news release contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specially noted, are considered speculative. The Company has filed a National Instrument 51-101 Report on the Figure Four property. The Company has filed National Instrument 43-101 Reports for the Groundhog coal property in British Columbia. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration and development activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary note to U.S. investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
FOR FURTHER INFORMATION PLEASE CONTACT:
West Hawk Development Corp. Gonzalo Torres Macchiavello President and Chief Executive Officer (303) 524-1245