Business
Prima Colombia Hardwood updates corporate status
 TSX-V: PCT VANCOUVER , June 4, 2013 /CNW/ - The financial statements for Pr...
About this update from Bravern Ventures Ltd.
[{"type":"text","content":"\n\n\n TSX-V: PCT \n\n\nVANCOUVER, June 4, 2013 /CNW/ - The financial statements for Prima\n Colombia Hardwood Inc. (TSXV:PCT) (\"Prima\" or the \"Company\") have been filed on SEDAR for the three months ended March 31, 2013,\n however, no CEO or CFO Certifications were completed due to the\n resignations of Donald Hayes, current Chairman of BC Ferries, as CEO\n and Director, and Harold Hayes as COO, acting CFO and Director\n effective May 21, 2013. Accordingly, the Company has been placed on the\n British Columbia Securities Commission's list of Reporting Issuers in\n default. Effective as at May 27, 2013, the Hayes' also terminated the\n management services agreement between the Company and Hayes Forest\n Services Limited under which they have claimed $825,000 (plus interest)\n of management fees accrued since the Company ceased active operations.\n\n\nThe Company's advisors had attempted to negotiate terms for a \n restructuring of  the Company, but were unable to come to an agreement\n with Donald Hayes, Harold Hayes and Hayes Forest Services Limited\n (collectively, the \"Hayes Group\") based upon their stated requirement\n that they continue as major shareholders in any restructured entity. \n The remaining Board members are in process of appointing an interim\n Board of Directors to review the Company's debts, obligations, and\n shareholdings with a view to bringing the Company into regulatory\n compliance and determining whether a reorganization can be completed in\n order to preserve some value for the Company's current shareholders and\n other stakeholders.\n\n\nA loan of $3,496,000 plus interest of $962,000 remains outstanding to\n Endeavour Capital Corporation (\"Endeavour\"). Endeavour has not yet\n demanded payment in expectation that its only chance for recovery of a\n portion of this cash would be through a restructuring of the Company.\n The Company has been in the process of selling its remaining assets as\n part of an organized wind down, as disclosed previously and in the most\n recently filed financial statements.\n\n\nForward-Looking Information\nThis news release contains \"forward-looking statements\" within the\n meaning of the United States Private Securities Litigation Reform Act\n of 1995 and \"forward-looking information\" within the meaning of\n applicable Canadian securities leg...