VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/13 -- CBM Asia Development Corp. (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) ("CBM Asia" or the "Company") announces that due to a sharp increase in the level of interest from the UK investment community the Company has retained the service of Buchanan Communications Ltd., subject to the acceptance of the TSX Venture Exchange.
Buchanan Communications Ltd., based in London, UK, will provide investor relations services to the Company including communication with shareholders and the investment community, roadshow management, timely distribution of corporate information and research/feedback from investors. In consideration for its services, the Company has agreed to pay Buchanan a fee of GBP1,000 per month commencing January 1, 2013, subject to the Company's right to terminate the retainer upon one month's notice. Buchanan has advised CBM Asia that it does not currently own, directly or indirectly, any of the Company's securities or have the right to acquire any such securities.
"Over the past year we have seen a marked increase in the level of interest in our company by UK investors," comments CBM Asia's President and CEO, Alan Charuk. "To help us facilitate this new demand we have retained Buchanan which has a long history of providing IR related services for natural resources companies. With Buchanan's support we plan to increase our investor base in the UK which itself has a rich history of international investment particularly in Asia."
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 five production sharing contracts (each a "PSC") for CBM in Indonesia and is finalizing a farm-in agreement for additional acreage with ExxonMobil. 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 54 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of well 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".
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 December 31, 2011 year end annual MD&A dated April 26, 2012 and third quarter 2012 interim MD&A dated November 28, 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.
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.
CBM Asia Development Corp.
President & CEO
604-684-2340 or 1-866-504-4755
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