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8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
EXHIBIT 99.1
Pacific Energy Development Announces Termination of
Pending Equity Funding Transaction
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Seeking New Equity Funding Source
October
4, 2017 – PEDEVCO Corp. d/b/a Pacific Energy Development
(NYSE American: PED) (the “Company”), announced today
that the pending equity funding transaction previously announced by
the Company on June 22, 2017 and August 18, 2017 (the
“Transaction”) was terminated due to the failure of the
parties to agree to an extension to
the previously agreed upon outside closing date of September 30,
2017. The investors were unwilling to extend the outside closing
date to accommodate the time required for receipt of approval of
the transaction by the U.S. Department of Treasury Committee
on Foreign Investment in the United States (“CFIUS”),
which approval was jointly sought by the parties on September 17,
2017, due to the investors’ status as a foreign investment
group.
Mr. Michael Peterson, the President and Chief Executive Officer of
the Company, commented, “While we are disappointed in the
investors’ decision not to extend the closing date to
accommodate CFIUS review, we are hopeful that we will be able to
identify an alternative source of equity capital to step into the
investors’ shoes and complete the equity and debt conversion
transaction as originally contemplated. We have worked tirelessly
with our lenders to finalize terms and documentation to convert,
satisfy and/or restructure their outstanding Company debt, and are
confident that with the identification of a new equity financing
partner, our lenders will agree to close on the debt conversion
transaction as originally contemplated. We have redoubled our
efforts to find a suitable equity investment partner and keep
engaged with our lenders to bring this transaction to a timely
close. As always, we will keep the investment community updated
regarding any developments on these fronts.”
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO
Corp, d/b/a Pacific Energy Development (NYSE American: PED), is a
publicly-traded energy company engaged in the acquisition and
development of strategic, high growth energy projects, including
shale oil and gas assets, in the United States. The Company’s
principal asset is its D-J Basin Asset located in the D-J Basin in
Colorado. Pacific Energy Development is headquartered in Danville,
California, with an operations office in Houston,
Texas.
Cautionary Statement Regarding Forward Looking
Statements
All
statements in this press release that are not based on historical
fact are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Acts”). In particular, when used in the preceding
discussion, the words “estimates,”
“believes,” “hopes,” “expects,”
“intends,” “plans,”
“anticipates,” or “may,” and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act, and are subject to the
safe harbor created by the Act. Any statements made in this news
release other than those of historical fact, about an action, event
or development, are forward-looking statements. While management
has based any forward-looking statements contained herein on its
current expectations, the information on which such expectations
were based may change. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of risks, uncertainties, and other factors, many of which
are outside of the Company's control, that could cause actual
results to materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not necessarily
limited to, those set forth under Item 1A “Risk
Factors” in the Company's Annual Report on Form 10-K for the
year ended December 31, 2016 and subsequently filed Quarterly
Reports on Form 10-Q under the heading “Risk Factors”.
The Company operates in a highly competitive and rapidly changing
environment, thus new or unforeseen risks may arise. Accordingly,
investors should not place any reliance on forward-looking
statements as a prediction of actual results. The Company disclaims
any intention to, and undertakes no obligation to, update or revise
any forward-looking statements, except as otherwise required by
law, and also takes no obligation to update or correct information
prepared by third parties that are not paid for by the Company.
Readers are also urged to carefully review and consider the other
various disclosures in the Company's public filings with the
Securities Exchange Commission (SEC).
Contacts
Pacific
Energy Development
1-855-733-3826
PR@pacificenergydevelopment.com