CBM Asia Development Corp. Applies for Management Cease Trade Order

CBM Asia Development Corp. Applies for Management Cease Trade Order
  
 

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 17, 2014) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX-VENTURE:TCF), (US:CBMDF) (FRANKFURT:IY2) announces that it has applied for a management cease trade order ("MCTO") to the British Columbia Securities Commission, the Company's principal regulator.

As a result of a delay in obtaining financial information from the Company's subsidiary in Indonesia and a lack of funding, the Company will not be able to meet the filing deadline of April 30th, 2014 for its audited financial statements for the year ended December 31, 2013, as well as the related Management's Discussion & Analysis.

The Company expects to receive the required financial information from its' Indonesian subsidiary by the end of April and is currently raising funds by way of private placement in order to cover the costs of the audit and, accordingly, it anticipates filing the financial documents within two months of the filing deadline of April 30, 2014. The Company confirms that it intends to satisfy the provisions of the alternative information guidelines so long as it remains in default of this filing requirement, being the provision of bi-weekly updates by way of news release.

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. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion feet3 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, 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".www.cbmasia.ca

ON BEHALF OF CBM ASIA DEVELOPMENT CORP.

Charles W. Bloomquist, President & CEO

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.Charles [e-mail] investor relations contact:Micro Cap et al1 877 642 [e-mail]