VANCOUVER, BC / ACCESSWIRE / October 28, 2016 / GB Minerals Ltd. (TSXV: GBL) (the “Company”) is pleased to announce the appointment of Mr. Damien Forer interim chief financial officer (“Interim CFO”) of the Company for a six month period commencing November 1, 2016. Angel Law, the Company’s chief financial officer, will be on maternity leave during the period of Mr. Forer’s appointment.

Mr. Forer has more than 15 years of accounting, corporate finance and restructuring experience in Canada, the United Kingdom and Australia. He has over 10 years’ experience in public practice which included time spent with Deloitte in Australia and BDO Stoy Hayward in the United Kingdom. Damien is a member of both Chartered Professional Accountants British Columbia and Chartered Accountants Australia and New Zealand. He holds a Bachelor of Accounting degree from Monash University, Australia.

Luis da Silva, president and chief executive officer of the Company, said, “We are pleased to welcome Damien to our team. The Company is in the midst of an exciting development phase and his skills and experience will be of great benefit to us. We would also like to extend our best wishes to Angel Law and her family during this very special period and thank her for her commitment, support and financial leadership to the Company to date.”

For further information please contact:

Luis da Silva
President and Chief Executive Officer
Telephone: + 1 (604) 569-0721

Angel Law
Chief Financial Officer and Corporate Secretary
Telephone: +1 (604) 569-0721

ABOUT GB MINERALS LTD.

On September 14, 2015, the Company announced the results of, and filing on SEDAR, of a new feasibility study on its Farim phosphate project entitled “NI 43-101 Technical Report On the Farim Phosphate Project” (the “2015 Feasibility Study”).

The Farim phosphate project is located in the northern part of central Guinea-Bissau, West Africa, approximately 25 kilometres south of the Senegal border, approximately 5 kilometres west of the town of Farim and some 120 kilometres northeast of Bissau, the capital of Guinea-Bissau, on a 30.6 km2 mining lease license granted by the Government of Guinea-Bissau to the Company’s wholly owned subsidiary, GB Minerals AG, in May 2009. The Company also holds a production license in relation to the Farim phosphate project.

The Farim phosphate project consists of a high grade sedimentary phosphate deposit of one continuous phosphate bed which extends over a known surface area of approximately 40 km2. It is estimated to contain measured and indicated resources of 105.6 million dry tonnes at a grade of 28.4% P2O5 and additional inferred resources of 37.6 million dry tonnes at 27.7% P2O5. The measured and indicated resources include 44.0 million dry tonnes of reserves based on a 25 year mine plan at 1.75 million tonnes per annum (“mtpa”) of mine production at the following run of mine grades: 30.0% P2O5, 2.6% Al2O3, 41.0% CaO, 4.7% Fe2O3, and 10.6% SiO2. The phosphate ore will be beneficiated for a final phosphate rock concentrate production of 1.32 mtpa at a 34.0% P2O5 grade at 3% moisture.

The 25 year mine plan also assumes a beneficiation process that involves scrubbing (both drum and attrition) followed by particle sizing to remove the fraction under 20 µm. This new beneficiation process will result in a 34.0% P2O5 product grade, mass recovery of 75.5% and 78.4% P2O5 recovery confirmed by a pilot scale test on a one tonne sample that took place in May 2015. After passing through the process plant, the final production of phosphate concentrate, based on 1.75 mtpa of run of mine feed, will be 1.32 mtpa. The life of mine operating costs are approximately US$52.13 per tonne of final concentrate. The initial capital cost for the project is estimated at US$193.8 million and does not include owner’s costs which amount to US$11 million and include items such as project insurance, resettlement and owner’s team costs. Owner’s costs have been included in the financial analysis.

For additional information, please visit us at www.gbminerals.com.

QUALIFIED PERSON

The Company’s Qualified Person is Dan Markovic, P. Eng., who has reviewed and approves this press release.

FORWARD LOOKING STATEMENTS

Certain information in this news release relating to the Company is forward-looking and related to anticipated events and strategies. When used in this context, words such as “will”, “anticipate”, “believe”, “plan”, “intend”, “target” and “expect” or similar words suggest future outcomes. Forward-looking information contained in this press release includes, but may not be limited to the use of proceeds of the Rights Offering, the business plans, statements or information relating to the anticipated development activities of the Company, the Farim Project (including the quantity and quality of mineral resource and mineral reserve estimates), the potential to upgrade inferred mineral resources, the ability of the Company to develop the Farim Project into a commercially viable mine and the proposed new plans relating thereto regarding operations and mine design, estimates relating to tonnage, grades, recovery rates, future phosphate production, future cash flows, life of mine estimates, expectations regarding production and estimates of capital and operating costs. By their nature, such statements are subject to significant risks and uncertainties that may cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking information. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.

Disclosure herein of exploration information and of mineral resources and mineral reserves is derived from the 2015 Feasibility Study. Information relating to “mineral resources” and “mineral reserves” is deemed to be forward-looking information as it involves the implied assessment based on certain estimates and assumptions that the mineral resources and mineral reserves can be profitable in the future. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Accordingly, readers should not place undue reliance on forward-looking information. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.

NEITHER 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

SOURCE: GB Minerals Ltd.

ReleaseID: 447923

IRVINE, CA / ACCESSWIRE / October 28, 2016 / Khang & Khang LLP (the “Firm”) announces that it is investigating claims against Banc of California, Inc. (“Banc of California” or the “Company”) (NYSE: BANC) concerning possible violations of federal securities laws.

If you purchased shares of Banc of California and want more information, and a free consultation, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

This investigation focuses on whether Banc of California and certain of its officers and/or directors violated federal securities laws. On October 18 2016, Seeking
Alpha published an article alleging that certain Banc of California insiders had undisclosed ties to individuals accused of involvement with the collapse of Gerova Financial. When this information was disclosed to the public, shares of Banc of California fell in value.

If you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at joon@khanglaw.com.

This press release may constitute Attorney Advertising in some jurisdictions.

Contacts

Joon M. Khang, Esq.

Telephone: 949-419-3834

Facsimile: 949-225-4474

joon@khanglaw.com

SOURCE: Khang & Khang LLP

ReleaseID: 447924

BALA CYNWYD, PA / ACCESSWIRE / October 28, 2016 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Pilgrim’s Pride Corporation (“Pilgrim’s Pride” or “the Company”) (Nasdaq: PPC) for possible breaches of fiduciary duty and other violations of state law.

Click here to learn more about the investigation http://brodsky-smith.com/1125-ppc-pilgrims-pride-corporation.html, or call: 877-534-2590. There is no cost or obligation to you.

The investigation concerns whether the Board of Pilgrim’s Pride breached their fiduciary duties to shareholders, which has resulted in a depressed stock price. For example, a price collusion class action has been filed in the broiler-chicken market that named Tyson and Pilgrim’s Pride as defendants. According to the complaint, beginning in 2008, Tyson, Pilgrim’s Pride and other companies in the industry colluded by sharing proprietary data and reducing production to support prices. Consequently, the investigation seeks to determine if the Board’s actions has damaged Pilgrim’s Pride.

If you own shares of Pilgrim’s Pride stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://brodsky-smith.com/1125-ppc-pilgrims-pride-corporation.html, or calling toll free 877-LEGAL-90.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Brodsky & Smith, LLC

ReleaseID: 447899

LOS ANGELES, CA / ACCESSWIRE / October 28, 2016 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against LifeVantage Corporation (“LifeVantage” or the “Company”) (NASDAQ: LFVN) concerning possible violations of federal securities laws between November 4, 2015 and September 13, 2016 (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the November 14, 2016 lead plaintiff motion deadline.

To participate in this class action lawsuit, click here. You can call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.

No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.

The complaint alleges that during the Class Period, LifeVantage made false and/or misleading statements and/or failed to disclose: that the Company lacked effective internal financial controls; that LifeVantage improperly accounted for sales in certain international markets, along with associated revenue and income tax accruals; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times.

On September 13, 2016, the Company announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results. The reason for the delay was for LifeVantage to carry out an internal review of sales into certain international markets and the revenue and income tax associated with those sales. The Company stated that it is unable to estimate the impact of the review to aspects of its financial statements for the fiscal year ended June 30, 2016 or any potential prior periods. When this information was disclosed to the public, the stock price of LifeVantage declined, causing investors harm.

Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact:

Lundin Law PC

Brian Lundin, Esq.

Telephone: 888-713-1033

Facsimile: 888-713-1125

brian@lundinlawpc.com
http://lundinlawpc.com/

SOURCE: Lundin Law PC

ReleaseID: 447916

VANCOUVER, BC / ACCESSWIRE / October 28, 2016 / Indigo Exploration Inc. (TSXV: IXI) (FSE: INE) has granted an aggregate of 2,600,000 stock options, subject to the terms and conditions of the Company’s stock option plan, to directors, officers, employees, and consultants of the Company. The stock options are exercisable, at $0.05 per share, for a term of five years, expiring on October 28, 2021.

On Behalf of the Board of Directors,

“Paul Cowley”

President and CEO

For further information, please contact:
Paul Cowley: (604) 340-7711

Website: www.indigoexploration.com

Neither the TSX Venture Exchange nor its Regulations 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.

SOURCE: Indigo Exploration Inc.

ReleaseID: 447915

TORONTO, ON / ACCESSWIRE / October 28, 2016 / Ecuador Gold & Copper Corp. (TSXV: EGX) (the “Company”), is pleased to announce that, further to the Company’s news releases of September 26, 2016 and October 24, 2016 in conjunction with the proposed plan of arrangement (the “Arrangement”) with Odin Mining and Exploration Ltd. (“Odin”), all holders (the “Debenture Holders”) of the outstanding debentures of the Company (“Debentures”) have exercised their right to convert the outstanding principal amount under their Debentures into units of the Company (the “Units”).

Debentures in the total principal amount of US$1,250,000 (the “New Debentures”), comprised of US$232,784 senior secured Debentures and US$1,017,216 unsecured convertible Debentures issued by the Company on September 8, 2016 will be converted at a price of C$0.40 per Unit. The Warrants contained in the Units acquired upon conversion of the New Debentures entitle the holder to purchase one additional common share (a “Warrant Share”) at a price of $0.40 for 24 months from the date of conversion of the Debentures. The Company issued a total 4,062,497 common shares to the Debenture Holders on conversion of the total principal of the New Debentures, which are subject to a hold period that expires on January 9, 2017.

Amended and restated senior secured Debentures in the total principal amount of US$3,156,025 as amended effective March 31, 2016 (the “Amended Debentures”) will be converted at a price of C$0.20 per Unit. Additional Debentures issued as of March 31, 2016 in the total principal amount of US$500,000 (the “Additional Debentures”) will be converted at a price of C$0.20 per Unit. The Warrants contained in the Units acquired upon conversion of the Amended Debentures and the Additional Debentures entitle the holder to purchase one additional common share (a “Warrant Share”) at a price of $0.20 for 24 months from the date of conversion of the Debentures. The Company issued a total 23,764,162 common shares to the Debenture Holders on conversion of the total principal of the Amended Debentures and Additional Debentures.

In addition, all Debenture Holders have converted all accrued unpaid interest under their Debentures in the total amount of US$375,693 (C$488,401) into 634,283 common shares at a price of C$0.77 per share. All common shares issued on conversion of the interest are subject to a four hold period that expires on March 1, 2017.

The Debenture Holders have all also exercised their Warrants, on a cashless basis, by way of an exchange of their Warrants for that number of common shares of the Company determined by multiplying the total number of Warrant Shares issuable on exercise of the Warrants by a fraction, the numerator of which was the difference between (x) $0.80 and (y) the exercise price of the Warrant Shares, and the denominator of which was $0.80. The Company issued a total 9,927,175 common shares to the Debenture Holders on the cashless exercise of the Warrants.

The Company has also completed the settlement of a total of US$299,300 (C$394,028) in debt (the “Debt”) owed to Heye Daun, Chief Executive Officer and a director of the Company, or to a private nominee services company in which Mr. Daun holds a direct or indirect beneficial interest. The Debt consists of: (1) management fees of US$97,500 owed to Mr. Daun’s company for the months January to October, 2016; (2) outstanding expenses incurred by Mr. Daun of US$3,800 from January to October, 2016; and (3) a severance payment of US$168,000 in the consulting agreement dated January 1, 2016 between the Company and his private nominee services company, which will be triggered as a result of the completion of the Arrangement. The Company has settled the Debt by issuing a total of 656,713 common shares of the Company (the “Debt Shares”) at a deemed price of C$0.60 per Debt Share. The Debt Shares are subject to a four month hold period that expires on February 27, 2017.

The Arrangement is expected to become effective on November 1, 2016 at 12:01 a.m., and the Company’s common shares will then be delisted from the TSX Venture Exchange on that date but shareholders of the Company receive common shares of Odin pursuant to the Arrangement. Common shares of Odin trade on the TSX Venture Exchange under the trading symbol “ODN”. The Company and Odin will issue a joint new release at the relevant time to announce the completion of the Arrangement.

About Ecuador Gold and Copper Corp.

Ecuador Gold and Copper Corp. is a Canadian exploration and mining company focused on its gold and copper mineral properties located in the Province of Zamora-Chinchipe in southern Ecuador. The Company has completed a Preliminary Economic Assessment of its Santa Barbara Gold and Copper Project dated May 29, 2015, and is currently listed on the TSX Venture Exchange under the symbol “EGX”. For additional information, please visit us at www.ecuadorgoldandcopper.com.

For further information please contact:

Heye Daun
President, Chief Executive Officer and Director
Telephone: +1-604-687 2038 (Vancouver Office)
Email: hdaun@ecuadorgoldandcopper.com

Cautionary Note

Neither 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.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.

SOURCE: Ecuador Gold & Copper Corp.

ReleaseID: 447913

SHIJIAZHUANG, CHINA / ACCESSWIRE / October 28, 2016 / Fincera Inc. (“Fincera” or the “Company”) (OTCQB: AUTCF) (fka. AutoChina International), a leading provider of web-based financing and ecommerce services for small and medium-sized businesses and individuals in China, today provided an operational update on the third quarter ended September 30, 2016, highlighted by continued growth in the Company’s core financing operations. In addition, the Company recently completed the previously announced purchase of the remaining portions of the Kai Yuan Finance Center in Shijiazhuang.

Management Commentary

Mr. Yong Hui Li, Fincera’s Chairman and CEO, stated, “We continue to see strong demand from SMBs throughout China for our suite of products, which provide an integrated platform in China for financing, payment processing, and general business needs. The continued growth of our primary financial service offerings CeraPay and CeraVest in the third quarter of 2016 are strong evidence that customers are associating our brands as providing a totally encapsulated support service, particularly in the transportation industry. We also are continuing the expansion of complementary products, including our recently launched ecommerce platforms. We continue to work on improving our brand recognition and look forward to making continuous improvements to the platform as we receive more feedback from the small business community.”

Third Quarter 2016 Business Update

Since their initial launches at the end of 2014, the Company’s credit advance and online payment processing platform CeraPay (www.dianfubao.com) and its small business lending platform CeraVest (www.qingyidai.com) have continued to achieve steady progress and accelerating growth.

CeraPay

Launched in November 2014, CeraPay was used to make payment transactions totaling over RMB6.4 billion during the third quarter of 2016. Fincera developed CeraPay as a convenient platform through which customers can make electronic payments and the Company can make credit advances to its customers, allowing customers to pay for their everyday truck-operating needs at participating merchants within the CeraPay network. Fincera earns transaction fees through its CeraPay platform.

2016 CeraPay Transaction Volume by Quarter

(RMB in millions)

 

For the Three Months Ended

 

 

Sept. 30, 2016

June 30, 2016

March 31, 2016

 

 

Amount

Amount

Amount

CeraPay Transaction Volume

 

6,444.7

6,024.1

4,362.7

 

CeraVest

From its inception in November 2014 through September 30, 2016, CeraVest has originated over RMB6.1 billion in loans. CeraVest had a loan portfolio of approximately RMB2.6 billion at September 30, 2016. Fincera created CeraVest as an online lending marketplace that provides short-term operating capital for small businesses primarily in the transportation industry. Through CeraVest, Fincera can originate loans and then sell those loans to investors. The Company believes it provides loans that generate higher returns than those of the short-term banking options available in China. Currently, individuals who invest on the CeraVest platform can earn an approximate annual interest rate of return of 8.0% for a flexible term investment, or 8.6% for a 6-month investment if held to maturity. Fincera earns origination fees on CeraVest loans.

2016 CeraVest Quarterly Loan Originations

(RMB in millions)

 

For the Three Months Ended

 

 

Sept. 30, 2016

June 30, 2016

March 31, 2016

 

 

Amount

Amount

Amount

CeraVest Loans Issued

 

1,273.0

1,264.2

1,109.7

 

Completion of Purchase of Kai Yuan Finance Center Building Space

On October 19, 2016, the Company completed the previously announced purchase of the remaining portions of the Kai Yuan Finance Center, the tallest building in Shijiazhuang and Hebei province at 245 meters (approximately the same height as the MetLife Building in New York City). The newly acquired portion, which consists of 31 floors and an underground parking garage, totals over 119,000 square meters and houses the Hilton Shijiazhuang, a premiere 594-room hotel operated by Hilton Worldwide.

About Fincera Inc.

Founded in 2005, Fincera Inc. (OTCQB: AUTCF) provides innovative web-based financing and ecommerce services for small and medium-sized businesses and individuals in China. The Company also operates a network of branch offices in 31 provinces, municipalities, and autonomous regions across China. Fincera’s primary service offerings include a credit advance/online payment processing network and a web-based small business lending platform. The Company’s website is http://www.fincera.net. Fincera trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. OTCQB companies are current in their reporting and undergo an annual verification and management certification process.

Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:

changingprinciples of generally accepted accounting principles;
continued compliance with government regulations;
legislation or regulatory environments, requirements or changes adversely affecting the financial services industry in China;
fluctuations in customer demand;
management of rapid growth;
general economic conditions;
changes in government policy;
China’s overall economic conditions and local market economic conditions;
the Company’s ability to expand through strategic acquisitions;
the Company’s business strategy and plans, including whether its new financial services products are accepted by consumers;
credit risk affecting the Company’s revenue and profitability – such as being able to manage the default risk of customers;
the results of future financing efforts; and
geopolitical events.

In this press release, forward-looking statements include those related to the recently completed acquisition of hotel operations. Such acquisition includes various risks, including that:

the hotel operations may not be profitable after a subsidy provision expires, or at all;
the acquisition is outside the scope of the Company’s core operations; and
the entry into a new business activity may not be viewed favorably by investors and could adversely affect the Company’s share price.

The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.

CONTACT:

At the Company
Jason Wang
Chief Financial Officer
(858) 997-0680 / jcwang@fincera.net

Investor Relations
The Equity Group Inc.
Adam Prior
Senior Vice President
(212) 836-9606 / aprior@equityny.com

Carolyne Y. Sohn
Senior Associate
(415) 568-2255 / csohn@equityny.com

SOURCE: Fincera Inc.

ReleaseID: 447891

THE WOODLANDS, TX / ACCESSWIRE / October 28, 2016 / Earthstone Energy, Inc. (NYSE MKT: ESTE) (“Earthstone” or the “Company”), announced today that its management will host a conference call on Wednesday, November 9, 2016 at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss the Company’s operations and financial results for the third quarter of 2016. Prepared remarks by Frank A. Lodzinski, President and Chief Executive Officer, Robert J. Anderson, Executive Vice President, Corporate Development and Engineering, and Neil K. Cohen, Vice President, Finance and Treasurer will be followed by a question and answer session. The Company intends to file its quarterly report on Form 10-Q for the period ended September 30, 2016, on Tuesday, November 8, 2016.

Investors and analysts are invited to participate in the call by dialing 877-407-8035 for domestic calls or 201-689-8035 for international calls, in both cases asking for the Earthstone conference call.

A replay of the call will be available on the Company’s website and by telephone until 11:59 p.m. Eastern (10:59 p.m. Central), Wednesday, November 23, 2016. The number for the replay is 877-481-4010 for domestic calls or 919-882-2331 for international calls, using Replay ID: 10135.

About Earthstone Energy, Inc.

Earthstone Energy, Inc. is a growth-oriented independent oil and gas exploration and production company engaged in developing and acquiring oil and gas reserves through an active and diversified program that includes acquiring, drilling and developing undeveloped leases, asset and corporate acquisitions and exploration activities, with its current primary assets located in the Eagle Ford trend of south Texas, the Midland Basin of west Texas, and the Williston Basin of North Dakota. Earthstone is traded on NYSE MKT under the symbol “ESTE.” Information on Earthstone can be found at www.earthstoneenergy.com. The Company’s corporate headquarters is located in The Woodlands, Texas.

Contact

Neil K. Cohen
Vice President, Finance and Treasurer
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246

SOURCE: Earthstone Energy, Inc.

ReleaseID: 447893

CALGARY, AB / ACCESSWIRE / October 28, 2016 / Trakopolis IoT Corp. (TSXV: TKS) (“Trakopolis” or the “Company”, and formerly, Lateral Gold Corp.) today announced that the net escrowed proceeds from the previously announced offering of subscription receipts (the “Offering”) have been released to the Company and the reverse takeover transaction (the “RTO”) with CANHaul International Corp. (“CANHaul”) has closed. Trakopolis also announced that it has entered into a credit agreement among Trakopolis and a syndicate of lenders and has appointed a new board and management team.

Release of Escrowed Proceeds of the Offering

The net proceeds of $5,225,000 from the previously announced Offering, including the full exercise of the over-allotment option granted to Canaccord Genuity Corp. and Echelon Wealth Partners Inc., have been released to the Company. The net proceeds of the Offering will be used for sales and marketing, research and development, general and administrative and other operating expenses of the Company.

Closing of the Reverse Takeover Transaction

Trakopolis has closed the previously announced RTO with CANHaul. Pursuant to the RTO, the Company consolidated its outstanding common shares on a 4:1 basis, continued into Alberta pursuant to the Business Corporations Act (Alberta), changed its name to “Trakopolis IoT Corp.” and CANHaul has become a wholly-owned subsidiary of the Company. The common shares of Trakopolis (the “Trakopolis Shares”) will commence trading on the TSX Venture Exchange (the “TSXV”) as a Tier 1 technology issuer under the symbol “TRAK” once the TSXV’s conditions for listing are satisfied and the TSXV issues its final exchange bulletin confirming the completion of the RTO. After giving effect to the RTO and the Offering, there will be 24,144,622 Trakopolis Shares issued and outstanding (calculated on a non-diluted basis). The Company expects the Trakopolis Shares to resume trading on the TSXV on November 1, 2016.

New Credit Agreement

Trakopolis, through its wholly-owned subsidiary CAN Telematics Inc. (“CAN Telematics”), has entered into a credit agreement (the “Credit Agreement”) among CAN Telematics, B.E.S.T. Active 365 Fund LP, Tier One Capital LP, B.E.S.T. Total Return Fund Inc. and B.E.S.T. Special Purpose Fund 1 LP (collectively, the “Lenders”), dated September 9, 2016, whereby the Lenders agreed to make available to CAN Telematics credit facilities in the aggregate principal amount of up to $2,800,000 (the “B.E.S.T. Funds Facilities”). The B.E.S.T. Funds Facilities are available in a maximum of two advances, of which an initial draw of an aggregate principal amount of $2,300,000 has been made available upon closing of the RTO, with an additional advance of up to $500,000 being made available subject to the terms and conditions set out in the Credit Agreement. The B.E.S.T. Funds Facilities, regardless of their advance date, have a maturity of May 26, 2019. Interest accrues on the outstanding principal amount of the B.E.S.T. Funds Facilities at the rate of 11% per annum.

Pursuant to Trakopolis’ obligations under the Credit Agreement, the B.E.S.T. Funds Facilities have been used, among other things, to payout in full the amended and restated credit facility agreement dated October 6, 2015 among CAN Telematics, Espresso Capital Tax Credit Fund III Limited Partnership and Investment Fund IV Limited Partnership (the “Espresso Facility Agreement”).

Further information regarding the Credit Agreement and the Espresso Facility Agreement can be found in the Company’s final prospectus filed on October 14, 2016 in connection with the Offering, including the joint management information circular incorporated by reference thereto, filed on Trakopolis’ SEDAR profile at www.sedar.com.

New Board of Directors and Management Team

Trakopolis welcomes a new board of directors and management team. The Company will be led by Brent Moore, who has been appointed President and Chief Executive Officer. In addition, Brent Moore, Paul Cataford, Cameron Olson, Frank Turner, Gilbert Sonnenberg, Tracy Graf, Chris Burchell and Anthony Dutton have been appointed as new directors of Trakopolis. Richard Clarke has been appointed Chief Financial Officer and Corporate Secretary for the Company and Laine Hotte and Edward (Ted) Duffield have been appointed as Chief Technology Officer and Chief Revenue Officer, respectively. Alexander Helmel, Patrick Abraham and John Veltheer have resigned as directors of the Company. Additionally, John Veltheer, Mark Gelmon and Marion McGrath have resigned as officers of the Company.

Appointment of New Auditors

As part of the RTO, KPMG LLP, the auditor of CANHaul prior to completion of the RTO, have become the auditors of Trakopolis. There has been no reportable event (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations of the Canadian Securities Administrators) with the Company’s former auditor, Davidson LLP.

Information concerning Trakopolis

Trakopolis provides business intelligence to organizations that require current information concerning the location and status of, and relevant data with respect to, corporate assets such as equipment, devices, vehicles and people. Trakopolis does not manufacture hardware, instead it focuses on software, integrating products from sophisticated vendors that satisfy the evolving needs of customers. Trakopolis provides real-time connectivity and visibility, which increases control, optimization and safety and enhances decision making, customer service and daily management of business operations. As an early adopter of the mobile-first/cloud-first approach with a long-held focus on an open collaborative technology strategy, Trakopolis customers benefit from industry-leading data security through Microsoft Azure, powerful analytics and mobile access to their solution across leading mobile operating systems. Trakopolis’ innovation strategy is built on the pillars of integration and collaboration. Trakopolis’ open architecture system enables the extension of functionality by connecting to complementary software solutions and legacy systems vital to its customers’ ever evolving needs. This collaborative approach has positioned Trakopolis to capitalize on the rapid evolution of the internet of things, as evidenced by new partnerships and products such as ConnectX Lone Worker with Honeywell and Time Based Insurance with InsureMy. Trakopolis’ technology strategy seeks to open a larger addressable market. Trakopolis management believes that Trakopolis’ solutions strongly respond to the needs of companies that require connectivity and visibility, while delivering a customizable and configurable solution to provide deep and sophisticated business intelligence to enterprises from all sectors. Further information concerning Trakopolis can be found under Trakopolis’ SEDAR profile at www.sedar.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Email: bmoore@trakopolis.com

Cautionary Statements

No securities regulatory authority has expressed an opinion about the securities described herein. No Trakopolis securities have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state, district or commonwealth of the United States (as defined in Regulation S under the U.S. Securities Act). Accordingly, these securities may not be offered or sold, directly or indirectly, within the United States or to or for the account or benefit of any “U.S. Person” (as defined in Regulation S under the U.S. Securities Act), absent an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States or any jurisdiction where such offer or sale would be unlawful, or for the account or benefit of any U.S. Person or person within the United States.

Investors are cautioned that, except as disclosed in the filing statement or other disclosure document prepared in connection with the RTO, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Trakopolis should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed RTO and has neither approved nor disapproved the contents of this press release.

Disclaimer for Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the use of proceeds of the Offering and the business and operations of Trakopolis. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

SOURCE: Trakopolis IoT Corp.

ReleaseID: 447912