Our New CFO
is at this company also. I guess he isn't any sharper than the guy we let go. Nuts
CANADA ENERGY PARTNERS PROVIDES INFORMATION ON SHORT-TERM INVESTMENT
August 22, 2007
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2007) - Canada Energy Partners Inc. (the "Company") (TSX VENTURE:CE) provides the following information on the impact of the recent events and uncertainty in global credit markets on its cash holdings. Company cash holdings are approximately $2.0 million of which approximately $1.7 million is invested in Canadian asset-backed commercial paper ("ABCP"). This ABCP is rated by Dominion Bond Rating Service ("DBRS") as R1-High, which is the highest possible rating for commercial paper, and consists of "Series A Notes" held with Coventree Capital Group Inc. ("Coventree") sponsored funds.
The notes were purchased on July 20, 2007 on recommendation of the Company's bank, HSBC Bank Canada, and matured on August 17, 2007. However, the notes were not paid out and remain outstanding. The Company will continue to monitor the situation with HSBC Bank Canada and Coventree.
Maybe Canacord will watch out for them now.
best wishes
Soccer