Peat signs non-disclosures re switch to technology firm

Peat Resources Ltd (C:PET)
Shares Issued 99,097,236
Last Close 4/7/2016 $0.035
Friday April 8 2016 - News Release

Ms. Patricia Mannard reports

PEAT PROVIDES UPDATE, RELEASES DOCUMENTS REGARDING POTENTIAL TECHNOLOGY INITIATIVES

Peat Resources Ltd. has released updates to its continuing evaluation of new opportunities and the availability of documents regarding the background for a potential technology pivot.

After an expansive survey and preliminary discussions with a number of companies in the gesture recognition space, Peat has signed non-disclosure agreements (NDAs) with multiple selected firms in furtherance of its evaluation of technology-based initiatives in the mobility space, including gesture-recognition, image- and motion-sensing technology.

Dr. Samuel Peralta, who recently joined the board of directors and is leading its evaluation, noted: "The response of the firms we have talked to in detail, regarding our initiatives, has been extremely positive. We hope to be able to provide a more detailed description of these discussions and their outcome in the weeks to come."

With this announcement, two documents are being made available on an ancillary website.

The key document available today is a technical presentation regarding disruption in the gesture-recognition space, authored by Dr. Peralta, outlining the background to opportunities for a potential technology pivot.

Another document provided is an article authored by IBK Capital for the Private Capital Markets Association. IBK has been supportive of Peat's technology evaluation initiatives to date.

The documents on the ancillary website are for general information purposes and have not been adopted by the company at this stage.

Patricia Mannard, chairman and chief executive officer of the company, said: "We are confident that our evaluation is proceeding at a good pace and that we will be able to make a solid recommendation to our shareholders in due course."

It should be noted that, while Peat is investigating these new opportunities, Peat has not entered into this business. An entry into the technology sector will be subject to regulatory compliance, including shareholder approval.

Peat Resources was formed to commercialize peat fuel and bio-carbon derivatives as a sustainable resource. As a consequence of the competitive energy environment, the company is currently re-examining its business focus with intent to deliver an overview at its upcoming annual general meeting on May 4, 2016.

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