Westbridge to Transition to IFRS Terminates Registration in USWestbridge Energy Corporation
WEB 5/26/2010 6:40:00 PMVANCOUVER, British Columbia, May 26, 2010 (BUSINESS WIRE) --
Westbridge Energy Corporation TSX-V: WEB (OTCBB:WEGYF) http://www.stockhouse.com/News/CanadianReleasesDetail.aspx?n=7753360
Westbridge Energy Corporation ("Company"), as part of its efforts to transition to International Financial Reporting Standards ("IFRS") as required under Canadian policies, intents to voluntarily terminate the registration of its common shares (the "Termination") under the United States Securities Exchange Act of 1934 (the "1934 Act"). The Company intends to file a Form 15F with the United States Securities and Exchange Commission, and its reporting obligations under the 1934 Act, including Form 6-K and Form 20-F (which necessitates reconciliation to US Accounting Standards), will be suspended immediately upon filing. The Termination will become effective 90 days thereafter. Although the Company believes it has obtained substantial benefits through its SEC registration, the current economic environment has caused the Company to review all of its expenditures and the Company will focus its efforts on the changeover to IFRS.
The Company is current with all reporting requirements under the Securities Exchange Act of 1934 and is not currently listed on any U.S. exchange. The Company's common shares will continue to trade in Canada on the TSX Venture Exchange under the symbol "WEB".
The Company continues to review various opportunities to participate in oil & gas exploration and development projects.
ON BEHALF OF THE BOARD Mr. Martin Cotter, President & Director
"Neither 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.
SOURCE: Westbridge Energy Corporation
Westbridge Energy Corporation Corporate Mr. Martin Cotter, 866-939-2555 President & Director
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