CALGARY, Alberta | MARKETWIRED —
The Board of Directors of QSolar Limited appointed on April 17, 2015, by order of the Court of Queen’s Bench (Alberta) (“Board”), has determined after review of the sparse financial and operational information left by former management and directors, that in the Board’s view there is no viable go forward business plan for the Corporation.
In the course of its due diligence, the Board was unable to engage with former management and directors although attempts were made, was unable to gain access to reliable and current corporate information other than 3 boxes of historical corporate information deposited by management with the Corporation’s corporate secretary and former legal counsel, and was unable to locate and examine any of the Corporation’s computer equipment (particularly documents and records on hard drives).
The Board was successful in contacting the former Shanghai plant manager, who confirmed his employment he had been terminated by the Corporation and that, in so far as he was aware, all of the Corporation’s property and equipment in China, including solar panel inventory, had been seized by the landlord.
In light of its findings and the absence of any working capital in the Corporation, the Board intends to resign, en masse, on June 18, 2015.