|By Marketwired .||
|January 29, 2013 01:15 PM EST||
CENTENNIAL, COLORADO -- (Marketwire) -- 01/29/13 -- Admiral Bay Resources Inc. (TSX VENTURE:ADB.H) ("Admiral Bay" or the "Company") received notice from the TSX Venture Exchange that it has not maintained the requirements for a TSX Venture Tier 2 company and that the Company's listing has been transferred to NEX effective January 28, 2013. The trading symbol for the Company has changed from ADB to ADB.H. There is no change in the CUSIP number. As noted in its press release dated November 28, 2012, the Company continues to be under a cease trade order issued by the TSX Venture Exchange December 6, 2011 when it was unable to file its FYE 2011 financial statements.
The Company provides the following update on activities since the November 28, 2012 press release. The Company has still not been able to find a suitable transaction to allow it to continue as a going concern and does not expect the cease trade order to be lifted in the foreseeable future. It continues to attempt to resolve its outstanding litigation with a former officer of the Company and contest a tax ruling by the State of Kansas while winding up its operations in Pennsylvania and Kansas.
The Company has been successful in winding down its operations at the Revloc Project in Pennsylvania. In December 2012 the Company completed certain reclamation operations required by the State of Pennsylvania in order to release its performance bonds and the Company no longer is an operator in Pennsylvania.
It is continuing its efforts to sell the remaining Pennsylvania and Kansas assets with the proceeds to be used to pay all creditors and settle with the Kansas Department of Revenue. Any monies remaining will be distributed to the shareholders.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
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.
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