Canada Renewable Bioenergy Corp. Provides Update

Vancouver, British Columbia – April 15, 2015 – Canada Renewable Bioenergy Corp. (“Canada Renewable” or the “Company”) (CSE - XZX) provides an update on the completion of its annual financial statements, management’s discussion and analysis and certifications for the year ended March 31, 2014 (together, the “2014 Annual Filings”) and subsequent required interim filings for the year ended March 31, 2015.
 

The Company was not able to complete its 2014 Annual Filings by February 15, 2015, as stated in its press release dated December 17, 2014, due to delays related to the completion of the audit. These delays have resulted, in part, from administrative delays in the transfer of title in certain assets acquired by the Company in China. The Company is in default of Canadian Securities Exchange (“CSE”) requirements and on February 26, 2015 was suspended from trading pursuant to CSE policies. The suspension is considered a Regulatory Halt as defined in National Instrument 23-101 Trading Rules. The Company is working towards resolving these matters. The Company is responding to a regular continuous disclosure review by the British Columbia Securities Commission (“BCSC”) and implementing certain procedures to resolve any outstanding issues, including the transfer of title of certain Company assets. The Company’s outstanding interim financials are expected to be filed in due course once the 2014 Annual Filings have been filed.
 

On July 31, 2014, the Company incorporated Zhongxing Bio-tech Material and Equipment Co. Ltd. (“Zhongxing Bio-tech”), a wholly owned subsidiary under the People’s Republic of China (“PRC”) law in the Linyi High-Tech Industrial Development Zone, Shandong Province of China, to hold the legal titles of all assets owned by the Company in China, which were previously being held in the trust of Zaozhuang Langjie Bioenergy Development Co. Ltd. in accordance to the Technology Transfer Agreement dated April 1, 2010. With the incorporation of the subsidiary and transfer of assets to Zhongxing Bio-tech, the Company hopes to engage in new business opportunities including producing bio-plastic material and developing related technologies. As a result of administrative steps required in the PRC, the transfer of assets to Zhongxing Bio-tech was delayed but substantially completed as of the date of this press release. As described above, this has affected the timely completion of the Company’s audit for the year ended March 31, 2014, as well as the completion of a regular continuous disclosure review by the BCSC.
 

Management of the Company has been working diligently to complete the audit and all other required filings and will provide further updates on the Company’s status and any business operation developments accordingly.
 

About Canada Renewable Bioenergy Corp.
 

Canada Renewable Bioenergy Corp. is focused on producing renewable bio-based products and providing clean energy from biomass wastes through the use of its proprietary, patented pyrolysis technology. Products produced with its pyrolysis technology include electricity, biochar, wood vinegar & creosote. Already with operations in China, the Company plans to build a facility in British Columbia to capitalize on the growing green energy market in Canada. The Company is listed on the Canadian Stock Exchange under the symbol “XZX”.