EastSiberian Plc (TSX NEX: ESB.H) Reports Financial Results for the Year ended May 31, 2014
ST. HELIER, JERSEY, September 23, 2014 – EastSiberian Plc (“EastSiberian” or the “Corporation”) a Jersey company, reports its audited financial results for its year ended May 31, 2014. EastSiberian has filed its Annual Consolidated Financial Statements for the year ended May 31, 2014 and its Management’s Discussion and Analysis (“MD&A”) on www.sedar.com.
SELECTED FINANCIAL INFORMATION
The audited consolidated financial information of EastSiberian includes the Corporation, its subsidiaries and its investments in equity accounted investees.
Selected financial information for the years ended May 31, 2014 and 2013 and as at May 31, 2014 and May 31, 2013 are set out below and should be read in conjunction with EastSiberian’s May 31, 2014 Consolidated Financial Statements and MD&A. All financial information is stated in United States dollars, unless otherwise indicated.
EastSiberian reported a net loss for the year ended May 31, 2014 of $215,013 ($0.04 per share) compared to a net loss of $1,689,295 ($0.34 per share) for the year ended May 31, 2013. The loss for the current period consisted of general and administrative expenses of $635,615, loss on equity accounted investees of $89,166, foreign exchange loss of $21,602, gain on settlement of accrued liabilities of $238,296, gain on foreign exchange differences realized from other comprehensive income of $266,734 and other income of $26,340, whereas the loss for the year ended May 31, 2013 consisted of general and administrative expenses of $1,521,890, loss on equity accounted investees of $199,762, foreign exchange gain of $112,437.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are currently listed on the NEX.
As previously announced, the common shares of EastSiberian are currently halted from trading on the NEX at the request of the Corporation. The common shares will remain halted until the Corporation completes a third-party engineering review of the Nicaraguan oil and gas concessions and releases this to shareholders.
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.
For further information, please contact:
St. Helier, Jersey,
Tel: +44 7733 363 016 or +1 403 630 2367
Advisory Regarding Forward-Looking Statements
This press release together with the audited consolidated financial statements and MD&A referred to therein contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”). Forward-looking statements are based on the EastSiberian’s current beliefs as well as assumptions made by, and information currently available to, EastSiberian concerning business prospects, strategies, regulatory developments, the ability to obtain equipment in a timely manner to carry out development activities, the ability to get oil to market, and the ability to obtain financing on acceptable terms Although management of EastSiberian considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will in fact be realized. Actual results will differ, and the difference may be material and adverse to either EastSiberian and/or its security holders. The forward-looking statements contained in this press release are made as of the date hereof and EastSiberian does not undertakes any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.