VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF) (US:CBMDF) (FRANKFURT:IY2). CBM Asia is pleased to announce that, subject to the acceptance of the TSX Venture Exchange, it has retained the services of Renmark Financial Communications Inc., based in Montreal and Toronto, Canada ("Renmark"), to provide investor relations services including communicating with shareholders and the investment community, roadshow management, timely distribution of corporate information and research/feedback from retail investors.
"We have selected Renmark to reinforce CBM Asia's profile in the financial community and enhance the visibility of our project portfolio. We believe Renmark's standards and methodologies are well suited for the message we wish to communicate to the investing public," noted Alan T. Charuk, President and CEO of CBM Asia.
In consideration for its services, the Company has agreed to pay Renmark a monthly fee of $7,000 for an initial term of 12 months commencing July 1, 2012, subject to the Company's right to terminate the retainer upon 30 days notice at any time after December 31, 2012.
Renmark does not have any interest, direct or indirect, in CBM Asia's securities, or any right or intent to acquire such an interest.
As a separate matter, the Company also announces the granting of stock options to an officer of the Company to purchase up to 152,000 common shares at a price of $0.19 per share exercisable for a period of 5 years.
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company holds various participating interests in four production sharing contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion cubic feet in-place, more than double the country's natural gas reserves (Stevens and Hadiyanto, 2004). Since 2008, a total of 39 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of over US$100 million during the next 3 years. In addition to CBM Asia, other companies active in CBM exploration in Indonesia include BP, Dart Energy, ENI, ExxonMobil, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian government have confirmed that commercial CBM production started in March 2011 from the Sanga-Sanga PSC and is being exported from the Bontang LNG facility. The Company trades on the TSX Venture Exchange under the symbol "TCF".www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our Canadian continuous disclosure filings available on SEDAR at www.sedar.com including our annual MD&A dated April 26, 2012. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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.